Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (“FinCEN”), as of March 21, 2025, has issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to continuously report certain “beneficial ownership information” (“BOI”) to FinCEN under the Corporate Transparency Act (the “CTA”). In that interim final rule, FinCEN revises the definition …
FinCEN BOI Reporting Again Reinstated
Although a preliminary injunction had previously paused requirements under the Corporate Transparency Act (the “CTA”), a February 18, 2025 decision by the United States District Court for the Eastern District of Texas has reinstated the requirement for certain companies (each, a “Reporting Company”) mandated to continuously report certain “beneficial ownership information” (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”). Subject to certain exemptions, private fund advisers and …