As previewed by FinCEN and Treasury earlier this month, FinCEN announced major changes to the application of the Corporate Transparency Act. On Friday evening, FinCEN issued an interim final rule that will remove the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the CTA.
Only foreign entities that are registered to do business in the U.S. and meet the definition of reporting company will be required to report their beneficial ownership information for non-U.S. persons. Under the proposed final rule, foreign entities that are registered to do business in the U.S. will have 30 days from the publication of the interim final rule to file, or 30 days from receiving notice their registration is effective. Under the interim rule, Companies created in the U.S. (and their beneficial owners) will not have any CTA reporting requirements.
FinCEN is accepting comments on the interim final rule for sixty days.
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