December 5, 2021

Volume XI, Number 339


December 03, 2021

Subscribe to Latest Legal News and Analysis

BE-180 Deadline Approaching for Certain Fund Managers


The BE-180 report issued by the U.S. Commerce Department’s Bureau of Economic Analysis (the “BEA”) is a five-year benchmark survey that collects data on transactions between U.S. financial services providers and non-U.S. persons. A U.S. financial services provider, which includes the manager of a hedge fund, private equity fund or other private fund or separate account, is required to file this report if it has transactions covered by the form’s requirements during its 2019 fiscal year, regardless of whether the financial services provider has been contacted by the BEA. There is no de minimis exemption. Paper filings are due by September 30, 2020 while electronic filings are due October 30, 2020.

Who Must Report

All U.S. persons that are “financial services providers” and had sales to, or purchases from, affiliated and unaffiliated foreign persons during the reporting entity’s 2019 fiscal year must file a BE-180 report. A financial services provider includes, without limitation, a party that provides: (i) brokerage services related to equity transactions; (ii) other brokerage services; (iii) underwriting and private placement services; (iv) financial management services; (v) credit-related services; (vi) credit card services; (vii) financial advisory and custody services; (viii) securities lending services; (ix) electronic funds transfer services; and (x) other financial services.

The BEA has stated that investment managers of hedge funds, private equity funds and other private funds and separate accounts are financial services providers for purposes of the requirements. The receipt by U.S. managers and general partners of management fees and performance compensation from non-U.S. funds and the payment by U.S. funds of management fees and performance compensation to foreign persons are covered and reportable on the form by the U.S persons.

Financial services providers also include broker-dealers, including “in-house” limited purpose broker-dealers placing interests in an affiliated manager’s funds, and placement agents participating in secondaries transactions.

Individuals and entities subject to the reporting requirements of BE-180 are required to respond regardless of whether they are contacted by the BEA.


The deadline to file the BE-180 report via mail or fax is September 30, 2020. Those using the BEA’s eFile system have until October 30th to submit the report. Requests for extensions must be submitted to the BEA prior to September 30, 2020.

Further Information

BE-180 Form, instructions and further information can be found here.

Weixiao Sun contributed to this article.

© 2021 Proskauer Rose LLP. National Law Review, Volume X, Number 268

About this Author

Howard Beber, Tax Attorney, Proskauer Rose Law Firm

Howard J. Beber is a partner in the Corporate Department and co-head of the Private Funds Group, which is recognized by Chambers GlobalChambers USA and US Legal 500. His practice focuses on representing private equity funds and institutional investors on a broad range of issues including fund formations, secondary transactions and portfolio investments. 

Howard is actively involved in all stages of fund formation and fund sponsor representation, counseling on terms and marketing strategy, preparing offering documents...

Robert G Leonard, Proskauer Rose Law Firm, Private Investment Attorney

Robert G. Leonard is a Partner in the Hedge Funds Group. For more than 25 years Rob has been structuring, organizing and representing hedge funds, funds of funds and other private investment funds (both domestic and offshore) and investment advisers.

Michael F Mavrides, Proskauer Rose Law Firm, Private Investment Attorney

Michael F. Mavrides is a Partner in the Hedge Funds Group. Mike focuses his practice on representing domestic and offshore hedge funds, funds of funds and other private investment funds, including private equity and real estate investment funds. He regularly advises funds and their managers on a wide variety of issues, including formation and structuring, seed capital, anchor capital and other strategic arrangements, placement agency, solicitation and other marketing arrangements, succession planning, separately managed accounts, and all types of portfolio management, trading and...

Michael R. Suppappola, Proskauer Rose, fund formation lawyer, capital raising process attorney, Finance,

Michael Suppappola is a partner in the Corporate Department and a member of the Private Investment Funds Group. His practice focuses on representing alternative asset managers on a broad range of activities, with a particular emphasis on the representation of private investment funds, funds of funds and investment advisers. Mike counsels U.S. and non-U.S. sponsors on all aspects of the fund formation and capital raising process, including the drafting of offering documents, general partner and management company structuring and day-to-day operational issues, and advises...

Christopher M Wells, Proskauer Rose Law Firm, Private Investment Attorney

Christopher M. Wells is a Partner and head of the Hedge Funds Group. Chris advises hedge funds, funds of funds and other pooled investment vehicles and their managers on all aspects of fund formation, operations and compliance.