Exemptions from beneficial ownership reporting by U.S. companies in place under a March 2025 interim rule became final as of Friday, Aug. 14, according to a Federal Register notice.
The Aug. 14 notice shows the final rule from the Treasury’s Financial Crimes Enforcement Network (FinCEN):
- Exempts foreign reporting companies from having to report the BOI of any U.S. person who is a beneficial owner or company applicant of the foreign reporting company, and exempts U.S. persons from having to provide such information to a reporting company for which the U.S. person is a beneficial owner or company applicant (“applicant” added following commenters’ feedback).
- Revises the special rule for foreign pooled investment vehicles to exempt any such entity from having to report the BOI of any U.S. person who exercises substantial control over the entity.
- Eliminates the requirement for any U.S. person to update or correct information that the U.S. person provided in order to obtain a FinCEN ID, whether as beneficial owner or company applicant (also in response to commenters’ feedback).
FinCEN also said it will delete previously reported information by U.S. persons – now exempt from the reporting requirements – from the beneficial ownership information database.
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