In our Transparency-is-in-Your-Future series, we have covered the timing and information required in beneficial owner information reports (“BOI reports”), what determines a beneficial owner of a reporting company, and the 23 exemptions to a reporting company under the Corporate Transparency Act (“CTA”). As a reminder, for those entities existing before January 1, 2024, initial BOI reports must be filed on or prior to January 1, 2025.

On September 23, 2024, FinCEN released the below bulletin announcing it is hosting a virtual information session on BOI reports on September 25, 2024 at 2pm ET:

September 25: FinCEN Virtual Info Session on Beneficial Ownership Reporting

The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information (BOI) reporting requirements and how to comply with the law.

WHAT: Info session on beneficial ownership reporting

WHEN: Wednesday, Sept. 25, 2024, at 2 p.m. ET

WHERE: www.youtube.com/@fincentreasury

Filing BOI is simple, secure, and free of charge. For more information on the reporting process, visit https://www.fincen.gov/boi .

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Additionally, FinCEN has prepared Frequently Asked Questions (FAQs available here) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

Each entity that is a reporting company should collect the necessary information for itself and its beneficial owners. To ensure compliance with these regulations, all entities should review their internal procedures and organizational documents. Ideally, an entity’s corporate governance documents (e.g. shareholders’ agreement, operating agreement, partnership agreement, etc.) will (1) require its owners to timely disclose the information required to be provided under the CTA (or other applicable federal or state laws, such as the newly enacted NY LLC Transparency Act), (2) provide for consequences for failing to do so, and (3) provide that the entity can disclose the information to FinCEN or as otherwise required by applicable law.

For further information or guidance on revising your policies, procedures, and corporate governance agreements, please contact David Paseltiner or Rose Egan. You can follow our blog for more information as it becomes available.