News 08 Jan. 2021
Curtis Adds Africa Insider and Corporate Partner Kalidou Gadio in the U.S.
News 18 Nov. 2020
Libya Obtains Historic Victory in Setting Aside of EUR452 Million Arbitral Award
News 15 Dec. 2020
Kazakhstan Secures US$1.9 Billion in Settlement of Arbitral Dispute
News 26 Feb. 2020
Curtis Secures Comprehensive Victory for the Republic of Kazakhstan’s Committee of Roads
Event 05 Jan. 2021
Partner Robert Honeywell participates in Fundación Fide panel on U.S. and Spanish Insolvency Systems
News 20 Dec. 2020
Curtis Counsel Fuad Zarbiyev Nominated for Membership in International Law Commission
News 17 Dec. 2020
Partner Antonio Prida and Associate Irene Cuellar Publish Article on Mexico Potentially Incorporating The UNCITRAL Model Law and The Singapore Convention into National Legislation
Article 11 Dec. 2020
Partners Rodrigo Valverde and Santiago Corcuera, and Associate Irene Cuellar, Author Mexico Chapter in INSOL International’s “Treatment of Secured Claims in Insolvency and Pre-Insolvency Proceedings II”
Client Alert 13 Jan. 2021
The U.S. Court of Appeals for the Ninth Circuit Upholds Qatar’s Sovereign Immunity in Cyberespionage Case
Event 09 Jan. 2021
Partner Charles Howland Serves as Judge for the Stetson International Environmental Moot Court Competition
Client Alert 30 Dec. 2020
U.S. Insight: Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: December 30, 2020)
U.S. Insight: Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: December 30, 2020)
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
Eduardo A. Cukier
Michael S. Schwartz
Robert W. Sheehan
+1 212 696 6000