In line with the U.S. Department of the Treasury's recent announcement, the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that significantly changes the reporting requirements for beneficial ownership information (BOI) under the Corporate Transparency Act.

Key Changes:

• U.S. Entities Exempt: US companies and persons are no longer required to report BOI to FinCEN.
• Revised Definition: The term "reporting company" now only includes foreign entities registered to do business in the U.S.
• Exemptions: Entities previously classified as "domestic reporting companies" are exempt from BOI reporting.

Foreign Entities:

• Must report BOI if they meet the new "reporting company" definition.
• Not required to report U.S. persons as beneficial owners.

Deadlines:

• Foreign entities registered before the rule's publication must file BOI reports within 30 days.
• Those registered after the publication have 30 days post-registration to file.

FinCEN is currently accepting comments on this interim final rule and plans to finalize it within the year. To read the official document from the Department of the Treasury, click here.