HomeWebcastMandatory Reporting Requirements for Certain New Foreign Direct Investments in the US in 2016 Explored!
New Foreign Direct Investments in the US in 2016 CLE CLE

Mandatory Reporting Requirements for Certain New Foreign Direct Investments in the US in 2016 Explored!

Live Webcast Date: Wednesday, October 19, 2016 from 12:00 pm to 2:00 pm (ET)
Business and Corporation CLE & CPECLE Administrative LawRecording

New Foreign Direct Investments in the US in 2016 CLE

Join us for this Knowledge Group New Foreign Direct Investments in the US in 2016 CLE Webinar. U.S. law requires all U.S. individuals and legal entities who own 10 percent or more of a foreign business or private portfolio fund and all foreign individuals and legal entities who own 10 percent or more of a U.S. business or private fund portfolio to file mandatory surveys with the U.S. government department of Bureau of Economic Analysis (“BEA”).

Mandatory filings of BEA surveys have been required for over forty years on a quarterly, annual and five-year basis.

Potential penalties for non-compliance with BEA reporting obligations include financial penalties of up to $25,000 per reporter and form unfiled, subject to inflationary adjustments and potential jail time for officers, directors, employees or agents engaging in willful non-compliance.

In 2014, a new survey was introduced by the BEA (Form BE-13)  to aid the BEA in broadening its power to collect data from all U.S. entities who are owned or controlled 10% or more by a foreign person with such mandatory surveys required 45 days following specific business trigger points.  Additional changes to BEA mandatory survey reporting have been recently announced for Private Funds reporters with such changes to be implemented in the first quarter of 2017.

Reporting burdens for BEA surveys, including the burdens associated with the newest BEA survey form (BE-13), are onerous and a technological solution to ease these burdens will be presented and discussed by Porzio Compliance Services, LLC (PorzioCS).

Separate from the mandatory requirements imposed the surveys required by BEA, the Committee on Foreign Investment in the United States (CFIUS or the Committee) review process represents a technically voluntary process that can effectively become mandatory when the Committee requests a submission before or after a transaction closes. Because CFIUS can obtain information from BEA regarding various aspects of foreign direct investment in an industry, the data collected by BEA surveys can influence CFIUS decisions of which transactions to investigate.

U.S. companies should be aware of their potential BEA mandatory reporting obligations and be mindful of the possibility that their transactions might be appropriate for a CFIUS national security review. In order to effectively ease business burden and noncompliance risks, corporate counsel should be well-versed with these varying regulatory requirements. They should be able to recognize whether a transaction triggers BEA reporting and CFIUS scrutiny and, eventually, establish and ensure structured compliance strategies.

In this two-hour Webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will provide the audience with an overview and in-depth discussion of the Mandatory Reporting Requirements for Certain New Foreign Direct Investments. Speakers will also offer best practices in developing and implementing compliance policies and procedures.

Key topics include:

  • U.S. Foreign Direct Investment – An Overview
  • Mandatory Reporting Process
  • Potential BEA Reporting Obligations
  • Introduction of Compliance Solution for BEA Reporters - Porzio Compliance Services, LLC (PorzioCS)
  • CFIUS Review
  • Compliance Risks and Pitfalls
  • Penalties
  • Regulatory Outlook
  • Best Compliance Practices

Agenda

SEGMENT 1:
Amy E. D'Agostino, Counsel
Chadbourne & Parke LLP

AND

Robert M. Schechter, Principal
Porzio, Bromberg & Newman P.C.

  • BEA Compliance - The history of BEA compliance and its connection to GDP data (discussion will include the unprecedented shift in GDP data in 2016 which likely was the result of the benchmark (BE-10) surveys required for all filers in 2015)
  •  BEA Compliance - Statutory Rules and recent trends in changes to such rules
  • Summary of BEA compliance obligations as of the date of the conference for all reporters
  • 2017 Changes to BEA Reporting for Private Funds
  • TIC Reporting Changes
  • An unknown burden - BEA Reporting for CIFIUS Filers (There is a connection between BEA reporting and CFIUS - in the sense that the Commerce Department has a role in both CFIUS reviews and BEA compliance. CFIUS governs foreign investment in the US from a national security perspective, so in circumstances where a CFIUS notice filing is made, the acquiring company should make a note of its future obligations to file the requisite BEA reporting. Likewise, where foreign companies are obliged to file BEA disclosures, they should consider whether a CFIUS notice would also be advisable.)

SEGMENT 2:
Kenneth J. Nunnenkamp, Partner
Dentons

  • CFIUS background:  historical and reasons for its existence
  • Voluntary nature of the process
  • When voluntary is not necessarily voluntary -- CFIUS authority to request a submission, investigate without a submission and subpoena records and information
  • Proposals to make CFIUS Mandatory
  • Evaluation of mandatory CFIUS notices

Who Should Attend

  • Foreign Direct Investment Lawyers
  • Foreign Direct Investors
  • Compliance Officers
  • Foreign Investment Advisers
  • Business Owners
  • Corporate Executives
  • Corporate Lawyers
  • Multinational Companies
  • Private and Public Companies
  • Other Related/Interested Professionals and Organizations

New Foreign Direct Investments in the US in 2016 CLE

SEGMENT 1:
Amy E. D'Agostino, Counsel
Chadbourne & Parke LLP

AND

Robert M. Schechter, Principal
Porzio, Bromberg & Newman P.C.

  • BEA Compliance - The history of BEA compliance and its connection to GDP data (discussion will include the unprecedented shift in GDP data in 2016 which likely was the result of the benchmark (BE-10) surveys required for all filers in 2015)
  •  BEA Compliance - Statutory Rules and recent trends in changes to such rules
  • Summary of BEA compliance obligations as of the date of the conference for all reporters
  • 2017 Changes to BEA Reporting for Private Funds
  • TIC Reporting Changes
  • An unknown burden - BEA Reporting for CIFIUS Filers (There is a connection between BEA reporting and CFIUS - in the sense that the Commerce Department has a role in both CFIUS reviews and BEA compliance. CFIUS governs foreign investment in the US from a national security perspective, so in circumstances where a CFIUS notice filing is made, the acquiring company should make a note of its future obligations to file the requisite BEA reporting. Likewise, where foreign companies are obliged to file BEA disclosures, they should consider whether a CFIUS notice would also be advisable.)

SEGMENT 2:
Kenneth J. Nunnenkamp, Partner
Dentons

  • CFIUS background:  historical and reasons for its existence
  • Voluntary nature of the process
  • When voluntary is not necessarily voluntary -- CFIUS authority to request a submission, investigate without a submission and subpoena records and information
  • Proposals to make CFIUS Mandatory
  • Evaluation of mandatory CFIUS notices

New Foreign Direct Investments in the US in 2016 CLE

New Foreign Direct Investments in the US in 2016 CLE

Amy E. D'AgostinoCounselChadbourne & Parke LLP

Amy E. D’Agostino’s diverse corporate practice focuses on areas such as corporate governance, antitrust compliance, compliance with the FCPA/UK Bribery Act, compliance with the International Investment and Trade in Services Survey Act (Bureau of Economic Analysis), transactional matters, licensing transactions, securities, strategic alliances, corporate partnering, tax planning and working with high-net-worth individuals in connection with their closely held domestic and international organizations. 

Amy handles corporate structuring, financing and tax planning for the entertainment industry and provides a broad range of corporate advice to media and entertainment companies.

Amy also has experience in advising tax-exempt organizations (including private foundations and trade associations), start-up ventures, due diligence matters, employment matters, intellectual property and negotiation.

Amy serves on the Firm’s recruiting committee. 

New Foreign Direct Investments in the US in 2016 CLE

Kenneth J. NunnenkampPartnerDentons

Ken Nunnenkamp is a Partner in Dentons' National Security and Export Controls practice who represents and assists clients in international trade, national security and related matters before US government agencies, including the US Departments of State, Commerce, Homeland Security, Defense and Treasury, and in federal courts.  His practice encompasses internal investigations and disclosures (voluntary disclosures and responding to government demands); federal court defense against government actions; compliance counseling and training; transactional due diligence (including both domestic and cross-border transactions) and statutory submissions to US government agencies.

As an industry leader, Ken lectures regularly on CFIUS, export investigations and export control and compliance issues. He is an author of numerous articles and book chapters, and serves as a resource for general and industry publications regarding export, economic, and national security issues.

New Foreign Direct Investments in the US in 2016 CLE

Robert M. SchechterPrincipalPorzio, Bromberg & Newman P.C.

Robert Schechter is a principal of Porzio, Bromberg & Newman, PC and a member of the firm’s Corporate, Commercial and Business Law Department, with a concentration in compliance and restructuring matters. His practice primarily involves the representation of parties with cross-border interests and investments, and stakeholders in both in-court and out-of-court business finance, corporate compliance and bankruptcy matters, including representation of secured and unsecured creditors, creditors' committees, debtors, landlords, tenants, and sellers and purchasers of assets.  Mr. Schechter is also Vice President of Porzio Compliance Services, LLC, and in that role Mr. Schechter oversees the design and application of software tools used to maximize efficiencies in the regulatory compliance assessment and reporting process.

New Foreign Direct Investments in the US in 2016 CLE

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   145624

NASBA Field of Study:
   Finance

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
    2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Chadbourne & Parke LLP is an international law firm with 8 of our 11 offices outside of the United States. Chadbourne is dedicated to providing practical business solutions to a diverse range of clients in virtually all areas of law. Our core practices include M&A, corporate/corporate finance, US and international tax, bankruptcy and financial restructuring, energy/renewable energy, project finance, insurance/reinsurance, intellectual property, private equity/fund formation, commercial and product liability litigation, international arbitration, securities litigation and regulatory enforcement and executive compensation and employment. In addition to the US and North America, major geographical areas of concentration include Latin America, Western Europe, Central and Eastern Europe, Russia, the Middle East and Africa.

Founded in 1902, Chadbourne is deeply committed to the success of our clients. We help them navigate the complexities of the global marketplace through collaborative cross-border practices. This multidisciplinary approach enables us to achieve optimal results for our clients in all areas of the world.

Website: https://www.chadbourne.com/

Dentons is the world's largest law firm with more than 7,000 lawyers and professionals across the globe.  The Firm serves the local, regional and global needs of private and public clients of all sizes, including local, regional, national and global entities and governments.

Website: https://www.dentons.com/

Founded in 1962, Porzio, Bromberg & Newman, P.C. is a cutting-edge law firm representing a wide variety of industry sectors.  With over 80 lawyers throughout offices in New York City, Washington, DC, Morristown and Princeton, NJ and Westborough, MA, the firm is committed to serving clients, providing high quality work and achieving results.  Porzio provides a broad array of litigation, corporate, transactional and counseling services to clients ranging from Fortune 500 corporations to individuals to public entities.

Website: https://www.pbnlaw.com/

Amy E. D’Agostino’s diverse corporate practice focuses on areas such as corporate governance, antitrust compliance, compliance with the FCPA/UK Bribery Act, compliance with the International Investment and Trade in Services Survey Act (Bureau of Economic Analysis), transactional matters, licensing transactions, securities, strategic alliances, corporate partnering, tax planning and working with high-net-worth individuals in connection with their closely held domestic and international organizations. 

Amy handles corporate structuring, financing and tax planning for the entertainment industry and provides a broad range of corporate advice to media and entertainment companies.

Amy also has experience in advising tax-exempt organizations (including private foundations and trade associations), start-up ventures, due diligence matters, employment matters, intellectual property and negotiation.

Amy serves on the Firm’s recruiting committee. 

Ken Nunnenkamp is a Partner in Dentons' National Security and Export Controls practice who represents and assists clients in international trade, national security and related matters before US government agencies, including the US Departments of State, Commerce, Homeland Security, Defense and Treasury, and in federal courts.  His practice encompasses internal investigations and disclosures (voluntary disclosures and responding to government demands); federal court defense against government actions; compliance counseling and training; transactional due diligence (including both domestic and cross-border transactions) and statutory submissions to US government agencies.

As an industry leader, Ken lectures regularly on CFIUS, export investigations and export control and compliance issues. He is an author of numerous articles and book chapters, and serves as a resource for general and industry publications regarding export, economic, and national security issues.

Robert Schechter is a principal of Porzio, Bromberg & Newman, PC and a member of the firm’s Corporate, Commercial and Business Law Department, with a concentration in compliance and restructuring matters. His practice primarily involves the representation of parties with cross-border interests and investments, and stakeholders in both in-court and out-of-court business finance, corporate compliance and bankruptcy matters, including representation of secured and unsecured creditors, creditors' committees, debtors, landlords, tenants, and sellers and purchasers of assets.  Mr. Schechter is also Vice President of Porzio Compliance Services, LLC, and in that role Mr. Schechter oversees the design and application of software tools used to maximize efficiencies in the regulatory compliance assessment and reporting process.

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