The Bureau of Economic Analysis has agreed to grant a two-month deadline extension to private equity firms filing Form BE-10A, as requested by the Association for Corporate Growth and its Private Equity Regulatory Task Force on behalf of its members.
ACG members may now file their consolidated BE-10A forms through Oct. 31—rather than through Aug. 31, the date of the previous extension—by filing a new extension request form. Portfolio companies, however, must file their BE-10B, C or D forms by Aug. 31.
The forms are part of the BE-10 benchmark survey, which is conducted every five years to provide the BEA with data on U.S. direct investment abroad. U.S. private equity firms with at least 10 percent control of foreign affiliates during the 2014 fiscal year are required to submit the form.
Responding to uncertainty from its members on the filing process, ACG has communicated with the BEA to seek additional clarity as well as an extension for ACG’s private equity members. Although ACG requested that PE firms be permitted to file deconsolidated BE-10 forms, the agency has not agreed to allow that.
The BEA will host a webinar with ACG on Thursday, July 16 at 2:00 p.m. ET to discuss the BE-10 survey. The webinar will be open to the public, and those interested may register for the broadcast here.
In addition to its communication with the BEA, ACG has met with Congressional staff to relay challenges the BE-10 filing poses to private equity firms. These efforts are ongoing, and a letter from Congress to U.S. Department of Commerce Secretary Penny Pritzker raising concerns about the BE-10 survey is expected.