Form BE- 180 Benchmark Survey

[Nassau]

One of my clients received a Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons (Form BE-180). The survey must be completed by 10/1/2010. Do you know if this form should be completed by the financial institution (i.e., Recordkeeper & Trustee) or the client.

[Guest Matthew Gouaux]

The short answer is that the client must complete the form; however, many plans are not required to complete Schedule A or B, which report fees paid by or received from foreign persons because (a) the plan does not exceed the $3 million thresshold or (b) any transactions subject to reporting were handled by an intermediary (e.g., a U.S. broker, investment manager or custodian bank). Take a look at Section III.B. of the instructions (page 10). If you are not certain about a particular transaction, you might try calling the Commerce Department (phone number is on first page of the form).