The Corporate Transparency Act (the “Act”) imposes a wide-ranging requirement for many business entities to file personal information about their respective owners and control persons with a federal regulatory agency and to keep the information updated over time. Many closely held or small companies, which may otherwise not be regulated or licensed by any federal agency, must also comply with the Act. Indeed, many of the exemptions that would excuse a business entity from making a filing are reserved for bigger and more established businesses that are already heavily regulated.