Beneficial Ownership Information Reporting Requirements

Forms and Documents

Document Name	Status
CTA BOI Reporting Final Rule Supporting Statement_FINAL 09292022.docx Supporting Statement A	2022-09-30

IC Document Collections

IC ID	Document Title	Status
250728	Foreign Pooled Investment Vehicle Reports - Updated Reports	Removed
250727	Foreign Pooled Investment Vehicle Reports- Initial Reports	Removed
250726	Individual FinCEN Identifier - Updated Reports	Modified
250725	Individual FinCEN Identifier - Initial Reports	Modified
250724	Beneficial Ownership Reports- Updated Reports	Modified
250722	Beneficial Ownership Reports- Initial Reports	Modified

ICR Details

OMB Control No: 1506-0076	ICR Reference No: 202209-1506-002
Status: Received in OIRA	Previous ICR Reference No: 202112-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Beneficial Ownership Information Reporting Requirements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/04/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	23,519,866	0
Time Burden (Hours)	53,319,713	0
Cost Burden (Dollars)	0	0

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Abstract: The final rule applies to certain domestic and foreign legal entities that the final rule, like the CTA, calls “reporting companies.” 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. “Reporting companies” 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 entity’s ownership interests (each a “beneficial owner”); 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 “company applicant”). The reported information is collectively referred to in the final rule and here as “beneficial ownership information,” 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.

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Authorizing Statute(s): PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1506-AB49	Final or interim final rulemaking	87 FR 59498	09/30/2022

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Beneficial Ownership Reports- Initial Reports
Beneficial Ownership Reports- Updated Reports
Foreign Pooled Investment Vehicle Reports - Updated Reports
Foreign Pooled Investment Vehicle Reports- Initial Reports
Individual FinCEN Identifier - Initial Reports
Individual FinCEN Identifier - Updated Reports

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	23,519,866	0	18,030,923	0	5,488,943	0
Annual Time Burden (Hours)	53,319,713	0	14,166,500	0	39,153,213	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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 NPRM’s PRA section and the final rule’s PRA section for details on the previous and updated estimates.

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Annual Cost to Federal Government: $44,880,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 10/04/2022

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