The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) collects information on foreign investment by U.S. persons by issuing surveys that must be completed and returned by certain U.S. persons, which could include hedge fund managers and hedge funds.  One of these surveys, called the Annual Survey of U.S. Direct Investment Abroad (Form BE-11) requires U.S. persons that own, directly or indirectly, 10% or more of the voting securities of a foreign affiliate to complete and file Form BE-11 by May 31 of each year if the foreign affiliate crosses certain financial thresholds.  Form BE-11 has recently garnered significant attention within the hedge fund industry because the BEA has informally indicated that it may take enforcement action against those U.S. persons that fail to file Form BE-11 as required.  As such, as the May 31, 2012 deadline approached, many hedge fund managers petitioned for an extension to the filing deadline, and the BEA indicated that it would provide short extensions (from one month to three months) for filers.  The length of the extension varies depending on the number of Forms BE-11 required to be filed.  Failure to file Form BE-11 as required may lead to civil and criminal penalties.  This article discusses Form BE-11 filing requirements applicable to hedge fund managers.