FinCEN issued an interim final rule on Friday, March 21, removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
The rule revises the definition of “reporting company” to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. state or tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”).
FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.
Additionally, the rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner. Learn more.