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Nov 6, 2024 | 
mondaq.com | Andrew Bettwy |Elanit Snow |Robert Sutton |Jeffrey Horwitz
The Corporate Transparency Act (the "CTA") requires a
range of entities, primarily smaller, otherwise unregulated
companies, to file a report with the U.S. Department of the
Treasury's Financial Crimes Enforcement Network
("FinCEN") identifying the entities' beneficial
owners—the persons who ultimately own or control the
company—and provide similar identifying information about the
persons who formed the entity.
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Jul 16, 2024 | 
mondaq.com | Jeffrey Horwitz |Elanit Snow |Yuval Tal |Andrew Bettwy
On July 8, 2024, the U.S. Treasury Department's Financial
Crimes Enforcement Network ("FinCEN") released additional
FAQs1 with respect to the beneficial ownership reporting
requirements of dissolved entities. The Corporate Transparency Act
requires reporting companies to report to FinCEN information about
their beneficial owners and company applicants (a "BOI
Report") and is intended to help prevent and combat money
laundering, terrorist financing, tax fraud and other illicit
activity.
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Jul 9, 2024 | 
jdsupra.com | Andrew Bettwy |Jeffrey Horwitz |Elanit Snow
On July 8, 2024, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released additional FAQs[1] with respect to the beneficial ownership reporting requirements of dissolved entities. The Corporate Transparency Act requires reporting companies to report to FinCEN information about their beneficial owners and company applicants (a “BOI Report”) and is intended to help prevent and combat money laundering, terrorist financing, tax fraud and other illicit activity.
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Mar 14, 2024 | 
mondaq.com | Andrew Bettwy |Elanit Snow |Jeffrey Horwitz |Robert Sutton
On March 1, 2024, Judge Liles C. Burke of the U.S. District
Court for the Northern District of Alabama ruled that the Corporate
Transparency Act (the "CTA") is
unconstitutional1, leaving its future uncertain. The CTA
requires reporting companies to report to FinCEN information about
their beneficial owners and company applicants and is intended to
help prevent and combat money laundering, terrorist financing, tax
fraud and other illicit activity.
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Mar 6, 2024 | 
lexology.com | Andrew Bettwy |Stephanie Heilborn |Jeffrey Horwitz |Seetha Ramachandran |Robert Sutton |Yuval Tal | +1 more
On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (the “CTA”) is unconstitutional[1], leaving its future uncertain. The CTA requires reporting companies to report to FinCEN information about their beneficial owners and company applicants and is intended to help prevent and combat money laundering, terrorist financing, tax fraud and other illicit activity.
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Jan 22, 2024 | 
mondaq.com | Frank Zarb |Elanit Snow
The SEC has been sued again in the U.S. Court of Appeals for the
Fifth Circuit, on the heels of that Court's recent invalidation
of the SEC's newly-minted corporate buy-back rules. The new
legal action asks the Court to invalidate the newly-adopted short
sales and securities lending disclosure rules (see our client alert
here on the short sale rule, and here on the securities lending rule).
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Jan 3, 2024 | 
natlawreview.com | Elanit Snow
On December 13, 2023, the Securities and Exchange Commission (“SEC”) adopted new rules that will have the effect of requiring central clearing of a broad range of cash transactions and repurchase transactions in U.S. treasury securities (“U.S. Treasuries”).[1] The new rules will require covered clearing agencies (“CCAs”)[2] to adopt policies and procedures requiring their direct participants to clear all “eligible secondary market transactions” in U.S. Treasuries.
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Dec 28, 2023 | 
lexology.com | Andrew Bettwy |Ryan Blaney |Richard Corn |Martin Hamilton |Stephanie Heilborn |Jeffrey Horwitz | +5 more
In 2021, the Corporate Transparency Act (the “CTA”) was enacted into U.S. federal law as part of a multi‑national effort to rein in the use of entities to mask illegal activity. The CTA directs the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) to propose rules requiring certain types of entities to file a report identifying each entity’s beneficial owners as well as the natural persons who formed the entity, unless an exemption applies.
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Dec 15, 2023 | 
natlawreview.com | Elanit Snow
On October 13, 2023, the Securities and Exchange Commission (the “SEC”) adopted new Rule 10c-1a (the “Securities Lending Rule”), requiring the reporting of certain securities lending transactions. Certain material terms of securities lending transactions relating to “reportable securities” are required to be reported to a registered national securities association (“RNSA”) by the end of the day on which the loan is agreed or modified.
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Dec 15, 2023 | 
jdsupra.com | Elanit Snow |Frank Zarb
The SEC has been sued again in the U.S. Court of Appeals for the Fifth Circuit, on the heels of that Court’s recent invalidation of the SEC’s newly-minted corporate buy-back rules. The new legal action asks the Court to invalidate the newly-adopted short sales and securities lending disclosure rules (see our client alert here on the short sale rule, and here on the securities lending rule).
