BE-577) or foreign direct investment in the United States (BE-15 and BE-605). A U.S. private fund that is acquired or established by a foreign entity after January 1, 2017 and meets the exemption criteria will not be required to file a Form BE-13 Claim for Exemption if the BEA does not contact it. Further information is available on the BEA’s website.
1 These include both surveys of foreign direct investment in the United States such as BE-13, BE-605, BE-12 and BE-15, and surveys of U.S. direct investment abroad such as BE-577, BE-10 and BE-11.
2 The BEA defines a “holding company” as a business enterprise that is classified under ISI Code 5512 “non-bank holding companies” which is a business primarily engaged (50 percent or more of its total income) in holding the securities or financial assets of companies and enterprises (except for banking) for the purpose of owning a controlling interest in them or influencing their management decisions, but that does not manage the day-to-day operations of the companies or enterprises it holds. The BEA states on its website that it defines “private funds” in the same manner as the Securities and Exchange Commission - “any issuer that would be an investment company as defined in section 3 of the Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of . . [that] Act.”
If you have any questions regarding this Sidley Update, please contact the Sidley lawyer with whom you usually work, or
|Laurin Blumenthal Kleiman
+1 212 839 5525
|Jonathan B. Miller
+1 212 839 5385
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