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With so much regulatory activity in the past few years, you might be forgiven if you weren’t intently focused on changes from every regulator. Unfortunately, there is no forgiveness for failing to comply with the Corporate Transparency Act (“CTA”), which poses both civil and criminal penalties. Are you ready for CTA?

The CTA, which came into effect on January 1, 2024, requires certain legal entities formed or registered to do business in the US before Jan. 1, 2024, to make a filing of beneficial ownership information (“BOI”) by January 1, 2025 with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). Certain legal entities formed or registered to do business in the US in 2024 will have 90 days after formation or registration to file a BOI report. Next year, that timeframe is reduced to 30 days after formation or registration.

As often is the case with regulatory filings, the information to include on the BOI report is not necessarily straightforward. Where there is a requirement to file, disclosure on the BOI report includes identifying information about the legal entity making the filing and each individual who directly or indirectly exercises substantial control or owns or controls 25% or more of the ownership interests of the entity. In certain cases, the BOI report also includes information on individuals involved in the entity’s formation or registration to do business in the US.

On October 4, please join AIMA and Schulte Roth & Zabel LLP for a webinar to discuss the impact this law will have on the private fund industry. During this session, we will review both the exemptions and filing obligations required, ensuring that attendees are well informed ahead of the fast-approaching 2025 filing date. Attendee questions are welcomed and encouraged.

Panelists:

Michael Didiuk, Partner, Schulte Roth & Zabel LLP

Melissa G. Goldstein, Partner, Schulte Roth & Zabel LLP

Suzan Rose, Senior Advisor, Government & Regulatory Affairs, AIMA

Sponsored by: