US| Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act. The rule redefines “reporting company” to include only foreign entities registered to do business in the United States, exempting all U.S.-created entities and their beneficial owners from BOI reporting. Foreign entities that qualify as reporting companies must now file BOI reports within 30 days of either the rule’s publication or, for new registrants, after their registration becomes effective. U.S. persons are no longer required to report BOI for any entity, and FinCEN is currently accepting comments on this interim rule, which it plans to finalize later this year.
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