The Financial Crimes Enforcement Network’s (FinCEN) interim final rule on “Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension” formally published in the Federal Register. The rule removes the beneficial ownership reporting requirement under the Corporate Transparency Act for U.S. companies and persons. Specifically, FinCEN is revising its regulations to exempt “domestic reporting companies” and revising the definition of “reporting company” to “mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as ‘foreign reporting companies’).”
The rule is effective as of March 26, 2025. Written comments are due by May 27, 2025 and can be submitted here. In a statement, Treasury Secretary Scott Bessent said this rulemaking is part of the Administration’s effort to “re-leverage the private sector and de-leverage the government” by ensuring that all regulations are “fit-for-purpose, in furtherance of our ambitious economic growth agenda on behalf of the American people.”