On March 21, the Financial Crimes Enforcement Network (FinCEN) issued an Interim Final Rule (IFR) significantly narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). 

Under the IFR, FinCEN has removed the requirement for U.S. companies and U.S. persons to report BOI. 

Additionally, the rule updates filing deadlines for foreign entities: 

• Foreign entities registered before the IFR’s publication must file BOI reports within 30 days of that date.  
• Foreign entities registered on or after the IFR’s publication must file within 30 calendar days of receiving notice that their registration is effective. 

More details are available in FinCEN’s announcement, which includes a link to the IFR.  For more information, click here.