Every five years, the US Department of Commerce's Bureau of Economic Analysis (BEA) conducts a survey concerning the extent of investment abroad by US individuals and entities (US persons). In the past, only US persons specifically requested to do so by the BEA were required to respond to the survey by filing a BE-10 report (the report). This year, however, each US person who had a foreign affiliate at any time during its 2014 fiscal year is required to file the report.

For purposes of the report, a "foreign affiliate" is any foreign entity in which the US person owned or controlled, directly or indirectly, at least 10 percent of the voting stock or an equivalent interest if the foreign entity is unincorporated. A US feeder fund that owns 10 percent or more of the voting shares or interests of an offshore master fund would, therefore, need to file the report with respect to the master fund.