Commerce Department Issues Mandatory Survey on US-Foreign IP Transactions
The Department of Commerce is gathering data from U.S. companies on intellectual property transactions, in a mandatory survey. The “BE-120 Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons” survey requires all U.S. companies with combined…
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inbound transactions of $1 million or outbound transactions of $2 million for FY 2017 to report type, amount and country involved in the IP transaction. Responses are due June 29-30, depending on format. The department’s Bureau of Economic Analysis is authorized to do the survey through the International Investment and Trade in Services Surveys Act. Companies failing to respond face fines up to $45,000, plus potential criminal penalties. Wiley Rein suggested the survey may “be used to support the goals of the Trump Administration’s ‘America First’ policies,” which emphasized IP protection.