Every five years, the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce conducts a benchmarking survey of financial services transactions between U.S. and foreign persons.  A U.S. “financial services provider” – a term that encompasses hedge funds and their managers – that purchased more than $3 million of specified financial services from, or sold more than $3 million of such services to, foreign persons in fiscal 2014, is required to file BEA Form BE-180.  A firm notified of the survey by the BEA is also required to complete and file portions of the form even if it is not otherwise obligated to do so.  This article summarizes the filing requirements, the information required to be provided and the fund-specific guidance provided by the BEA.  Hedge fund managers may also be subject to reporting on BEA Forms BE-10, BE-11 and BE-13, which track direct investments in U.S. and foreign businesses.  See “Swiss Hedge Fund Marketing Regulations, BEA Forms and Form ADV Updates: An Interview with Proskauer Partner Robert Leonard,” Hedge Fund Law Report, Vol. 8, No. 9 (Mar. 5, 2015); and “Certain Hedge Fund Managers and Funds That Engage in Foreign Transactions Will Need to File Form BE-11 Imminently,” Hedge Fund Law Report, Vol. 5, No. 26 (Jun. 28, 2012).