On 2/8/2022, the FinCEN announced that the comment period to the notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI), tagged as Reporting NPRM, has closed. FinCEN received at least 230 comments.
According to the release, the FinCEN will issue a series of rulesmaking to implement the Corporation Transparency Act (CTA) starting with the Reporting NPRM which was issued last December 8, 2021. The next step in the CTA rulemaking series will be the publication of proposed rules on BOI access and disclosure requirements, which will be known as the “Access NPRM”, and which the FinCEN plans to publish later this year.
FinCEN also added that the agency is considering requests from some commenters for the opportunity to submit, supplement, or amend, their comments on the Reporting NPRM after having the opportunity to review the Access NPRM. The agency’s update concludes with a statement appreciating the many comments that have already been submitted and encourages all interested parties to review the Access NPRM once issued and to submit written comments.
The full press release can be found here.