Need for companies to take action by the end of the year
Now that the transparency register has been in place in Germany and Europe for several years and its reporting obligations have been fully complied with in practice, a transparency register has also been in place in the USA for several months.
An important reporting deadline now expires at the end of the year:
Companies that were founded before January 1, 2024 only have until January 1, 2025 to comply with their reporting obligations.
Following the decision of a U.S. District Court in Texas (U.S. District Court for the Eastern District of Texas) on preliminary injunctive relief, enforcement of the Transparency Act is expected to be stayed nationwide, but as a precautionary measure, we advise compliance with the deadline, as the court's decision could be overturned.
If you have not already done so, you should therefore check now whether your company is subject to a reporting obligation or whether one of the exemptions applies.
Read the full article here.
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