In what amounts to a significant departure from centuries of precedent, many private companies will soon be required to file both initial and episodic disclosure reports regarding beneficial ownership and control to the U.S. Department of the Treasury.

Introduction

Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal 2021 (NDAA), directs the Treasury to promulgate rules that require certain “regulated entities” to file information concerning beneficial owners and company applicants with the Financial Crimes Enforcement Network (FinCEN) so that the data can be aggregated in a confidential database available to law enforcement, the IRS, certain other agencies and select financial services companies.

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