The Financial Crimes Enforcement Network (FinCEN) notes that the comment period to the December 8, 2021 notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI) (the “Reporting NPRM”) has closed. FinCEN received over 230 comments.
The Reporting NPRM is the first in a series of rulemakings that FinCEN will issue to implement the Corporate Transparency Act (CTA). The next step in the CTA rulemaking series will be FinCEN’s publication of proposed rules on BOI access and disclosure requirements (the “Access NPRM”), which FinCEN anticipates publishing later this year.
Some commenters requested the opportunity to submit, supplement, or amend, their comments on the Reporting NPRM after having the opportunity to review the Access NPRM. FinCEN is considering these requests. FinCEN anticipates that the dates of any reopened comment period would be published in the Federal Register in conjunction with the Access NPRM.
FinCEN appreciates the many comments on the Reporting NPRM that have already been submitted. FinCEN strongly encourages all interested parties, including those that may be affected by the proposed beneficial ownership information reporting rule, to review the Access NPRM once issued and to submit written comments.
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