In a press release on March 2, 2025, the U.S. Department of the Treasury announced that it will not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing...more
In a bombshell release issued on Feb. 27, 2025, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that it will not impose any fines or penalties or take any other enforcement...more
Here are the latest developments in the ongoing Corporate Transparency Act (CTA) saga...more
2/18/2025
/ Anti-Money Laundering ,
Appeals ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
FinCEN ,
Pending Legislation ,
Pending Litigation ,
Popular ,
Preliminary Injunctions ,
Regulatory Burden ,
Reporting Requirements ,
SCOTUS ,
Stays
In the Texas Top Cop Shop case, the U.S. District Court for the Eastern District of Texas on Dec. 3, 2024, issued an injunction that deferred all reporting requirements under the Corporate Transparency Act (CTA). (See Holland...more
As reported by Holland & Knight on Dec. 27, 2024, companies and individuals impacted by the Corporate Transparency Act (the CTA) reasonably could have believed there was a respite from the "off again, on again, off again"...more
1/10/2025
/ Appeals ,
Appellate Courts ,
Constitutional Challenges ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
FinCEN ,
Injunctions ,
Petition for Writ of Certiorari ,
Preliminary Injunctions ,
Reporting Requirements ,
SCOTUS ,
Stays
In a continuing series of dizzying judicial actions, the U.S. Court of Appeals for the Fifth Circuit on Dec. 26, 2024, vacated the stay and reinstated the nationwide preliminary injunction enjoining enforcement of the...more
12/30/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reinstatement ,
Reporting Requirements ,
Stays ,
Time Extensions ,
Vacated
The U.S. Department of Justice (DOJ) on Dec. 13, 2024, filed an emergency motion with the U.S. Court of Appeals for the Fifth Circuit to stay the nationwide preliminary injunction that was issued by the U.S. District Court...more
12/17/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Constitutional Challenges ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
FinCEN ,
Pending Litigation ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays
The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...more
4/30/2024
/ Beneficial Owner ,
Constitutional Challenges ,
Corporate Counsel ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Criminal Code ,
Department of Justice (DOJ) ,
Fifth Amendment ,
FinCEN ,
Fourth Amendment ,
Homeowners Association (HOA) ,
Penalties ,
Proposed Legislation ,
Reporting Requirements ,
Small Business ,
Trusts ,
U.S. Treasury
The Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. Under the beneficial ownership information reporting rule of the CTA, certain entities – such as corporations, limited liability companies and other...more
1/17/2024
/ Beneficial Owner ,
Corporate Governance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Deadlines ,
Exemptions ,
Final Rules ,
Financial Crimes ,
FinCEN ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements ,
Subsidiaries
The new Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure rules (Final Rules) adopted by the U.S. Securities and Exchange Commission (SEC) were published in the Federal Register on Aug. 4, 2023, and...more
8/21/2023
/ Corporate Governance ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Final Rules ,
Form 10-K ,
Form 8-K ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The U.S. Securities and Exchange Commission (SEC) has launched a stunning salvo across the bows of public companies with its announcement of civil monetary penalties and a cease-and-desist order against First American...more
6/23/2021
/ Cease and Desist Orders ,
Civil Monetary Penalty ,
Corporate Counsel ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement Actions ,
Form 8-K ,
Internal Controls ,
NYDFS ,
Popular ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Security Risk Assessments ,
Sensitive Personal Information
HIGHLIGHTS:
- The U.S. Securities and Exchange Commission (SEC) issued a 341 page concept release in April requesting market participants to comment on its proposals to update and modernize Regulation S-K.
- The...more