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Legal Authority and Confidentiality
October 2006

These reporting requirements were enacted pursuant to the International Investment and Trade In Services Survey Act. The Act states that whoever fails to report shall be subject to a civil penalty of not less than $2,500 and not more than $25,000, and to injunctive relief commanding such person to comply, or both. Whoever willfully fails to report shall be fined not more than $10,000 and, if an individual, may be imprisoned for not more than one year, or both. Any officer, director, employee, or agent of any corporation who knowingly participates in such violations, upon conviction, may be punished by a like fine, imprisonment or both.

The Act further provides that all reports submitted are confidential and may be used only for analytical or statistical purposes. Without the prior written permission of the respondent, the information filed cannot be presented in a manner that allows it to be individually identified. The information provided cannot be used for purposes of taxation, investigation, or regulation. Copies of reports retained by the respondent are immune from legal process.

The international law attorneys at Parr Waddoups would be happy to assist you in filing the required reports. Please contact Craig Parry for more information.