Careers

Diversity

With 17 offices, from New York to Los Angeles and Seattle to Orlando, we live and work in communities all over the U.S., collaborating across locations, disciplines and even borders. Our experienced, highly ranked lawyers serve businesses wherever they are and wherever they want to go.

Offices

About Us

Pages

Professionals

Thought leadership: blogs, podcasts, videos, publications, events and news

Insights

Services

Pro Bono

Am Law 100 firm with practices in Business, Digital Assets and Data Management, Intellectual Property, Labor & Employment, Litigation and Tax.

Home | BakerHostetler

James Sherer Comments on Client Questions Post-Election in Law.com and The Recorder Articles

Peter Roskam and BakerHostetler’s Post-Election Webinar Mentioned in Articles on Trump’s Second Administration

Michael Snarr Comments on Tariffs and Trade Under New Administration

Sarah La Voi, Lauren Bass Pen Article for The Licensing Journal on Morals Clause

The U.S. government’s most comprehensive survey regarding foreign direct investment in the United States is being conducted in 2023. The survey is the BE-12, a five (5) year benchmark survey conducted by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). While the BE-12 survey is conducted every five years, the reporting period only covers fiscal years ending in 2022 (not all five preceding years).

Unlike the Committee on Foreign Investment in the United States (CFIUS), which collects information regarding the impact of foreign investment on U.S. national security, the BE-12, like other BEA surveys, is focused on financial and operating data. The survey responses are to be used by BEA for statistical and analytical purposes only and cannot be shared with other U.S. government agencies. As in the case of filings with CFIUS, responses to BEA surveys are not subject to public release under the Freedom of Information Act (FOIA).

As a general rule, in accordance with <a href="https://www.ecfr.gov/current/title-15/subtitle-B/chapter-VIII/part-801#801.10">15 C.F.R. § 801.10</a>, each U.S. business enterprise (including real estate held for non-personal use) that is owned or controlled 10 percent or more, directly or indirectly, by a foreign person at the end of the U.S. business enterprise's fiscal year ending in calendar year 2022 must complete the survey if they meet certain financial criteria. Survey responses are due to BEA by May 31, 2023, or by June 30, 2023, if submitted electronically. As set forth in <a href="https://www.ecfr.gov/current/title-15/subtitle-B/chapter-VIII/part-801#801.10">15 C.F.R. § 801.10</a>(b), certain private funds are exempt from submitting a BE-12 survey. Also, businesses that would normally file the BE-15 annual foreign direct investment survey should file the BE-12 instead.

All U.S. businesses subject to the reporting requirements must file, irrespective of whether they are contacted by BEA. Failure to file the survey could subject a U.S. business to civil penalties between $5,580 and $55,808, and BEA is authorized to seek injunctive relief compelling a response. Willful violations can carry criminal penalties of up to $10,000 and/or, for individuals, imprisonment of up to one year. The criminal penalties applicable to individuals apply to officers, directors, employees, or agents of corporations who knowingly participate in such violations.

While the BE-12 survey forms are not currently available, they are expected to be available on the BEA website soon, and U.S. businesses should plan well in advance to submit the form prior to the applicable deadline. The BE-12 survey form has several versions, and a fact-specific analysis will be required to determine which form is appropriate for any given U.S. business and whether any filing exemption applies. We are available to assist with interpreting the filing requirements or completing a filing, if required. More information on the BE-12 and other BEA surveys is available on BEA’s website.

Please do not hesitate to reach out to your BakerHostetler relationship partner or one of BakerHostetler’s foreign investment regulatory attorneys (Barbara Linney, Melissa Mannino, Lana Muranovic, Scott Jansen and Orga Cadet) with questions.

core/freeform

Houston

Partner

Lana Muranovic

Washington, D.C.

Barbara D. Linney

Associate

Orga Cadet

Melissa B. Mannino

International Trade and National Security

National Security: Foreign Investment Review and Defense Security

Mandatory US Government Survey Regarding Foreign Direct Investment in the United States

Related Services

Featured Insights