ANALYSIS: Four Definitions Are Key in FinCEN’s New CTA Notice

FinCEN’s just-released advance notice of proposed rulemaking (ANPRM) to implement the beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) provides an insight into the most important questions the agency will be addressing in its upcoming rulemaking. In-house counsel, corporate lawyers, and other professionals regularly involved in new entity formation and corporate upkeep have until May 5 to influence the direction the Treasury unit will take in its regulations.

Of the 48 specific areas of the CTA on which the Financial Crimes Enforcement Network invited comments, some of the most important for practitioners are definitional interpretations. How these interpretations ...