Publications

On September 30, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule (the “Final Rule”) implementing beneficial ownership information reporting requirements of the Corporate Transparency Act (the “CTA”). The Final Rule identifies which legal entities must report beneficial ownership information to the government, what information must be reported and when reports are due, and it is the first of three rulemakings that FinCEN plans to implement the CTA.

The Final Rule exempts from the reporting obligation 23 types of entities that are specifically identified in the CTA, and the preamble to the Final Rule provides some guidance on the rationale for and scope of these exemptions. However, many questions remain, particularly with respect to the implementation of these exemptions and relevant definitions in the private funds context. The following questions represent common queries we are receiving from participants in the private funds industry related to the Final Rule, and the answers to them are the consensus views of the undersigned law firms.