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
Client Alert 24 Feb. 2022
EU, UK, Japan and Australia Impose Sanctions on Russia
News 09 Aug. 2021
Curtis, Mallet-Prevost, Colt & Mosle enters into association with Chevalier Law in Singapore.
Publications 26 May. 2022
Marc Hammerson Co-Authors Chapter on Oil & Gas Decommissioning in "Oil and Gas Contracts: Principles and Practice"
Client Alert 23 May. 2022
U.S. President Biden Issues Seventh Tranche of Economic Sanctions
Event 24 May. 2022
Claudia Frutos-Peterson to Moderate Panel at Latin Lawyer and GAR Live: Arbitration Summit 2022
Event 26 Apr. 2022
Claudia Frutos-Peterson Speaks at CAI Costa Rica’s 13th Congress of International Arbitration
Event 23 May. 2022
Marco Blanco & Olga Beloded Taught 3-Day LLM Course on International Taxation, Hosted by the DIFC and University of Paris II - Assas
Partner Antonia Birt to Speak at Equal Representation in Arbitration Event Entitled "Diversity and Inclusion, Arbitral Institutions, and Users"
News 24 May. 2022
Curtis Sponsors New ASIL Prize for Best Article in International Dispute Resolution
Client Alert 21 Apr. 2022
New Laws Targeting Assets of Russian Oligarchs: The U.S. Announces Task Force KleptoCapture and the Kleptocracy Asset Recovery Rewards Program
Client Alert 24 Jun. 2021
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) — U.S. Insight
Client Alert 04 Jan. 2021
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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
Michael S. Schwartz
Robert W. Sheehan
+1 212 696 6000
Partner Charlie Howland speaks on panel at the Green Hydrogen Global Assembly