News 24 Jun. 2021
Curtis successfully defends foreign states' procedural privileges in the UK Supreme Court
News 23 Jun. 2021
Ibrahim Elsadig joins Curtis as Partner in Dubai
News 09 Aug. 2021
Curtis, Mallet-Prevost, Colt & Mosle enters into association with Chevalier Law in Singapore.
Event 23 Apr. 2021
Partner Borzu Sabahi to speak on Damages, Enforcement and Annulment of Arbitral Awards at Executive Training Program hosted by the Government of India and the Indian Institute of Foreign Trade
Event 07 Sep. 2021
Simon Batifort and Andrew Larkin Speak at the European Society of International Law’s 2021 Annual Conference
Client Alert 06 Sep. 2021
Disclosure of Beneficial Ownership in 2021 – Luxembourg Perspectives – Alert 5 of the Series
Partner Elisa Botero Speaks on Panel within Framework of Colombia's 4th National Arbitration Competition
News 30 Aug. 2021
Curtis Returns to SCOTUS in Historic Sequel on the Rights of Citizens in Puerto Rico
News 16 Aug. 2021
Curtis Establishes Presence in Saudi Arabia
News 26 Jul. 2021
Curtis' Private Client Group and Attorneys Recognized in the 2021 Chambers High-Net-Worth Guide.
Client Alert 24 Jun. 2021
U.S. Insight: Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
U.S. Insight: Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
Client Alert 04 Jan. 2021
To download the full alert, please click here.
In an effort to combat transactions or activities conducted through corporate structures designed to evade detection across various jurisdictions, on December 11, 2020, Congress passed the Corporate Transparency Act (the “Act”) as part of the National Defense Authorization Act for Fiscal Year 2021 (H.R. 6395 or the “Bill”). While the President vetoed the Bill, the House and the Senate have both voted to override the veto. The Act requires “reporting companies” to report their beneficial ownership to FinCEN.
The Act generally requires corporations, limited liabilities companies, or other entities (1) formed under the laws of a State in the United States or (2) formed under the laws of a foreign country that are registered to do business in a State in the United States to report the name, business or residential address and identifying number from an acceptable identifying source, of their beneficial owners as well as individuals registering the entity. For these purposes, beneficial owners include individuals who, directly or indirectly, own or control not less than 25 percent of the ownership interests of the entity or exercise substantial control over the entity. Beneficial owners generally do not include minors, individuals acting as agents, employees, or those whose only interest in the entity is through a right of inheritance.
Importantly, there are numerous and various significant exclusions from the definition of a “reporting company” including, but not limited to, the following:
Additionally, pooled investment vehicles operated or advised by registered investment advisers that are formed under the laws of a foreign country are required to report information of any individual who exercises substantial control over such pooled investment entity.
For entities formed after the effective date of the Act, the information has to be submitted to FinCEN at the time of formation (registration). For entities formed prior to the effective date, the information must be submitted within two years of such effective date. In addition, any changes of beneficial ownership are required to be submitted within one year of such change.
Please contact the individuals linked to this alert if you have any questions about the application of these rules.
Attorney advertising. The material contained in this Client Alert is only a general review of the subjects covered and does not constitute legal advice. No legal or business decision should be based on its contents.
Trusts and Estates
Marco A. Blanco
Olga R. Beloded
Eduardo A. Cukier
Michael S. Schwartz
Robert W. Sheehan
+1 212 696 6000