US Corporate Transparency Act

The final rules implementing the Corporate Transparency Act are effective January 1, 2024, and establish uniform beneficial ownership information (BOI) reporting requirements for certain businesses—estimated to be more than 32 million—operating in the United States, with the goal of developing a central registry of legal entity beneficial owners in order to combat money laundering and illicit financial activities.

Our lawyers are on the leading edge of this issue, which has broad application across a wide range of business types and industry sectors. We routinely assist companies in evaluating their potential BOI reporting requirements and navigating guidance issued by the Financial Crimes Enforcement Network (FinCEN).

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12/6/2023 - Corporate Transparency Act: Beneficial Ownership Reporting Requirements for Small, Medium Businesses Effective Jan 1
The Financial Crimes Enforcement Network’s final rule implementing the Corporate Transparency Act’s beneficial ownership information reporting requirements will become effective on January 1, 2024. Small and medium businesses should prepare for compliance with the requirements.

9/25/2023 - Corporate Transparency Act: What Family Offices and LLCs Need to Know
With the effective date of the Corporate Transparency Act (CTA) approaching at the start of 2024, affected entities should be aware of and begin preparing for new requirements, including for beneficial ownership information (BOI) reporting. In this LawFlash, we give an overview of the CTA and its specific impact on family offices, as well as its impact on individuals with interests in LLCs and other unregulated entities.

9/20/2023 - US Corporate Transparency Act: Impact on Private Funds and Venture Capital Funds
The final rule of the Financial Crimes Enforcement Network (FinCEN) implementing the Corporate Transparency Act’s (CTA’s) beneficial ownership requirements will become effective on January 1, 2024. The final rule may apply to some of the entities within a private fund structure unless such entities are restricted to come within applicable exemptions before reporting dates become effective.

9/19/2023 - How US Regulatory Changes Are Impacting the Way Sovereign Wealth Funds Invest
Several US regulatory agencies have proposed or enacted new rules in 2023 aimed at making the investment process more transparent. Many of those changes, including amendments to the Investment Advisers Act of 1940 by the US Securities and Exchange Commission (SEC), new beneficial owner requirements under the Financial Crimes Enforcement Network’s (FinCEN’s) Corporate Transparency Act, sweeping new Hart­Scott-Rodino Act (HSR) rules by the US Federal Trade Commission (FTC), and Internal Revenue Service (IRS) regulations regarding the exemption for “qualified foreign pension funds” from taxation under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), are directly affecting how sovereign wealth funds (SWFs) are structuring their investments.