The focus is on where the minority‐held entity has operations, just as it would be for a controlled entity in Item
5a. Because you don’t control it, you would use the miscellaneous intermediation or portfolio management NAICS code
rather than a wholesaling code, for example.
Question
From: Berg, Karen E.
Sent: Monday, April 15, 2019 12:30:02 PM (UTC-05:00) Eastern Time (US & Canada)
To: [Redacted]
Cc: [Redacted]
Subject: RE: Quick (I hope) question regarding US natural person revenues item 5(a)
The focus is on where the minority-held entity has operations, just as it would be for a controlled entity in Item 5a. Because you don’t control it, you would use the miscellaneous intermediation or portfolio management NAICS code rather than a wholesaling code, for example.
From: [Redacted]
Sent: Monday, April 15, 2019 10:27 AM
To: Berg, Karen E. <KBERG@ftc.gov>
Cc: [Redacted]
Subject: RE: Quick (I hope) question regarding US natural person revenues item 5(a)
Many thanks Karen. Just to be sure I understand it the focus is on the location of the entity in which a person holds a minority interest. So, if a person holds a minority interest in a US company and receives a dividend payment in its X-US account that is US revenue for item 5 and if a person holds a minority interest in a X-US company and receives a dividend payment in its US account that is not US revenue for item 5, right?
From: Berg, Karen E. <KBERG@ftc.gov>
Sent: Monday, April 15, 2019 10:20 AM
To: [Redacted]
Cc: [Redacted]
Subject: RE: Quick (I hope) question regarding US natural person revenues item 5(a)
The interest/dividend income should be derived from US operations; the location of account(s) they sit in after being earned is irrelevant.
From: [Redacted]
Sent: Wednesday, April 10, 2019 10:13 AM
To: [Redacted]
Subject: Quick (I hope) question regarding US natural person revenues item 5(a)
Hi all,
Hope everyone is enjoying the Spring weather! I am retired but consulting so not gone yet and continue with questions (one of the great things about HSR is there always something more to learn)… This is sort of a weird question but we have a natural US person UPE and the question is which dividend/interest income must be included in item 5(a):
1. All revenues in UPE’s US bank accounts regardless of source?
2. All revenues from US companies regardless of location of account?
3. All revenues from X-US companies with over $90 million of US revenues/assets (tied into 802.51) regardless of whether they are paid into a US or X-US account?
Many thanks as always!