Beneficial Ownership Information Reporting Requirements
New collection (Request for a new OMB Control Number)
No
Regular
10/04/2022
table that charts list comparision
Requested
Previously Approved
36 Months From Approved
23,519,866
0
53,319,713
0
0
0
The final rule applies to certain domestic and foreign legal entities that the final rule, like the CTA, calls âreporting companies.â Under the final rule, reporting companies include all corporations, limited liability companies, and other similar entities created by the filing of a document with a secretary of state or similar office of a state, territory, or Indian Tribe, subject to certain specific exemptions. âReporting companiesâ also include all corporations, limited liability companies, and other similar entities formed under the law of a foreign country that are registered to do business in the United States by the filing of a document with a secretary of state or similar office, subject to the same exemptions.
The final rule will require reporting companies to report to FinCEN information identifying themselves and specific individuals, namely: any individual who directly or indirectly exercises substantial control over the reporting company, or who owns or controls 25 percent or more of the entityâs ownership interests (each a âbeneficial ownerâ); and the individual who filed the documents necessary to form or register the reporting company with a secretary of state or similar office, as well as the individual (if more than one individual is involved in the filing) who is primarily responsible for directing or controlling the filing (each a âcompany applicantâ). The reported information is collectively referred to in the final rule and here as âbeneficial ownership information,â or BOI. Under the final rule, reporting companies created or registered on or after the effective date of the final rule will need to report BOI to FinCEN within 30 days of formation. Reporting companies already in existence before the effective date of the final rule will have one year after the effective date of the final rule to report information about beneficial owners; they are not required to report information about their company applicants. Both existing and newly created or registered reporting companies will have to report corrected or updated BOI to FinCEN if previously reported BOI was or becomes inaccurate or out of date, or when an entity that was a reporting company becomes exempt. Reporting companies will not be required to update BOI related to company applicants.
The burden estimate has changed from the NPRM in response to comments and due to changes made in the final rule. Additionally, burden estimates have changed because of ongoing technological development. The NPRM included separate PRA burden estimates for the BOI reports submitted by foreign pooled investment vehicles; however, such reports are now included in the burden estimates for all BOI reports because these entities will use the same form as reporting companies to report BOI to FinCEN. Please see the NPRMâs PRA section and the final ruleâs PRA section for details on the previous and updated estimates.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
CTA BOI Reporting Final Rule Supporting Statement_FINAL 09292022.docx
Foreign Pooled Investment Vehicle Reports - Updated Reports