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        ³   FOREIGN INVESTMENT IN U.S. BUSINESSES --    ³
        ³ REPORTING REQUIREMENTS FOR FOREIGN INVESTORS  ³
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Under the Foreign Direct Investment and International Finan-
cial Data Improvements Act of 1990, foreign individuals own-
ing or acquiring a 10% or more voting interest in U.S.
businesses, including interests in U.S. real estate, must
report certain information, including annual financial and
operating data, to the U.S. Department of Commerce.  Fail-
ure to file can result in civil penalties of $2,500 to
$25,000.  (22 U.S.C. Sec. 3101-3108)

Reporting requirements under this law may be summarized as
follows:

  . Forms BE-13, BE-13C Exemption Claim, and BE-14 -- The
    initial investment reports representing establishment
    or acquisition of a U.S. affiliate.  (A person is
    excused from filing these reports only in the case
    of purchases of U.S. real estate exclusively for
    personal, non-business use.)

  . Forms BE-605 and BE-606B -- Quarterly reporting for
    qualifying reporters.

  . Form BE-15 -- Annual reporting form.

  . Form BE-12 -- Quinquennial (every 5 years) reporting
    in benchmark surveys.


For more information on this new law, write to:

               U.S. Department of Commerce
               Bureau of Economic Analysis
               BE-50 (IN)
               Washington, D.C. 20230
                 (202) 523-0547