Corporate Transparency Act Rules Rollback Issued by Treasury (1)

The Treasury Department issued interim final regulations that limit the companies that must report information about their ownership to foreign reporting companies only.

The regulations (RIN 1506-AB49), released late Friday, scale back the companies responsible for reporting their beneficial ownership information under the Corporate Transparency Act and set new deadlines for reporting.

Treasury’s Financial Crimes Enforcement Network announced in early March that it planned to limit the scope of the beneficial-ownership requirements to foreign companies, and that it wouldn’t enforce any penalties or fines for not reporting the information against US citizens or domestic reporting companies.

Under FinCEN’s ...