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Proposed Legislation Beneficial Owner

Allen Matkins

Beneficial Ownership Reporting May Soon Be Coming To California With A Brobdingnagian Price Tag!

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Beginning January 1, 2024, many companies became subject to the beneficial ownership reporting requirements of the Corporate Transparency Act.   The Financial Crimes Enforcement Network (FinCEN) estimated that the total costs...more

Holland & Knight LLP

CTA Heats Up with New FAQs, Government and Amicus Briefs and New Draft Legislation

Holland & Knight LLP on

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

White & Case LLP

The Delaware General Assembly to the Rescue: Proposed Legislative Fixes to Uncertainty Created by Three Significant Delaware...

White & Case LLP on

Summary - On March 28, 2024 the Council of the Corporation Law Section of the Delaware State Bar Association released a set of proposed amendments to the Delaware General Corporation Law (the "DGCL"). The proposed...more

DarrowEverett LLP

After Corporate Transparency Act Takes Hit in Ruling, What's Next?

DarrowEverett LLP on

The Corporate Transparency Act (“CTA”), a significant legislative effort aimed at curbing financial crimes by increasing corporate accountability, has been declared unconstitutional by the U.S. District Court for the Northern...more

Troutman Pepper

New Amendments and Pending Legislation Impact SEC Beneficial Ownership Reporting: What Foreign Private Issuers Need to Know

Troutman Pepper on

On November 7, the U.S. Securities and Exchange Commission (SEC) published amendments to the beneficial ownership reporting rules under Sections 13D and 13G of the Securities Exchange Act of 1934 (the Exchange Act). These...more

Ballard Spahr LLP

FinCEN Expands CTA FAQs

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On November 16, the Financial Crimes Enforcement Network (“FinCEN”) issued – again –expanded FAQs pertaining to beneficial ownership information (“BOI”) reportable under the Corporate Transparency Act (“CTA”).  These expanded...more

Conyers

The Future of Beneficial Ownership in Bermuda – Transparency v Privacy

Conyers on

Transparency or privacy – which of these priorities prevails? A ruling on 22 November 2022 by the Court of Justice of the European Union (CJEU) might mean privacy prevails when it comes to the question of whether or not a...more

Proskauer - California Employment Law

Put it in Writing: Los Angeles Imposes New Requirements on Employers of Independent Contractors

As readers may know, the Los Angeles Freelance Worker Protections Ordinance took effect on July 1, 2023. The new law imposes additional requirements on businesses in the City of Los Angeles who have contracts with freelance...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands – Jan To April 2023

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We are pleased to welcome you to Conyers' Cayman Islands Regulatory & Risk Advisory Review, keeping you apprised of the latest regulatory news and developments. The past few months have been a particularly active time for...more

Proskauer Rose LLP

UK Corporate Transparency - Sweeping Changes on the Horizon

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In February 2022, the UK Government published the Corporate Transparency and Register Reform White Paper (the “White Paper”), which set out its plans to reform Companies House and increase the transparency of UK corporate...more

White & Case LLP

The INDEX Act: A challenge to the voting influence of institutional investors that may yield unintended consequences

White & Case LLP on

The Act's supporters say it would shift voting power from large investment advisers to individual investors, but the reality could be far more complex - The INDEX Act arrives at a moment of increasing resistance to ESG...more

Dechert LLP

Foreign Land Owners Come into the Light…UK Government introduces new “Register of Overseas Entities”

Dechert LLP on

On 1 March the Home Office introduced the Economic Crime (Transparency and Enforcement) Bill (the "Bill"). The most significant change, introduced in Part 1 of the Bill, is the creation of a new, public "Register of Overseas...more

WilmerHale

The new Economic Crime Bill: can it deliver on its promises?

WilmerHale on

On March 1, 2022, the UK Government put forward the Economic Crime (Enforcement and Transparency) Bill. The stated aim of the legislation is to “crack down on dirty money in the UK and corrupt elites”, and it is designed to...more

BCLP

Government expedites legislation on a register of overseas entities that own UK property in its Economic Crime (Transparency and...

BCLP on

As part of its response to the Russian invasion of Ukraine, HM Government intends to fast-track the long-awaited Economic Crime (Transparency and Enforcement) Bill. The Bill requires overseas entities to register with, and...more

A&O Shearman

Pandora Papers Fallout: Proposed US Legislation Targets “Enablers” of Money Laundering

A&O Shearman on

The release of the Pandora Papers, a leak of approximately 12 million documents, exposed how foreign leaders and private actors use tax havens to conceal their wealth, with the United States a destination of choice. For...more

Society of Corporate Compliance and Ethics...

Gary Kalman on Corruption and Compliance Programs

The playing field for anticorruption never stops changing, with new laws and new risks constantly arising. To help sort things out, and to gain his insight into other compliance challenges, we sat down with Gary Kalman,...more

Sullivan & Worcester

Identify and Report “Control” Investors: The Corporate Transparency Act of 2020

Sullivan & Worcester on

We write to advise you of important legislation just enacted in the United States and proposed legislation in the United Kingdom. The National Defense Authorization Act for Fiscal Year 2021 (NDAA) was recently passed by...more

Ballard Spahr LLP

Using Art to Evade Sanctions and Launder Money: The Senate Report

Ballard Spahr LLP on

Is Art an “Ideal Playing Ground” for Money Laundering? Last week, the Permanent Subcommittee on Investigations for the U.S. Senate released a detailed, 147-page report titled “The Art Industry and U.S. Policies That...more

Ballard Spahr LLP

Shell Company Update: Congress and FATF Target Beneficial Ownership

Ballard Spahr LLP on

U.S. House Passes Corporate Transparency Act; FATF Issues Guidance on Identifying Entities’ Beneficial Owners - First Post in a Two-Post Series on Beneficial Ownership - As we often blog, the issue of the beneficial...more

Foley Hoag LLP - White Collar Law &...

U.S. Senate Considering Update to Federal Anti-Money Laundering System

A bipartisan group of Senators, with the support of the American Bankers Association, recently introduced bill S.2563, known as the ILLICIT Cash Act. The acronym “ILLICIT” stands for “Improving Laundering Laws and Increasing...more

Ballard Spahr LLP

Lawmakers Renew Effort to Overhaul AML Laws, Including Greater Beneficial Ownership Transparency

Ballard Spahr LLP on

The Issue of Who Truly Runs and Owns Entities Contines to Gnaw at Congress and Law Enforcement - First Post in a Two-Post Series on the ILLICIT CASH Act - On June 10, a bipartisan group of lawmakers in the U.S. Senate...more

Ballard Spahr LLP

Corporate Transparency Act of 2019 Broadens Beneficial Ownership Reporting

Ballard Spahr LLP on

In early March, the House Financial Services Committee released three proposed bills to codify many of the suggested reforms discussed during ongoing conversation among financial agencies, law enforcement, financial...more

Ballard Spahr LLP

Filling Gaps: Defending American Security from Kremlin Aggression Act of 2019 Would Expand Use of Geographic Targeting Orders

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“Sanctions Bill from Hell” Targets Real Estate Deals - On February 13, 2019, Sen. Lindsay Graham (R – S.C.) introduced S.482 – the Defending American Security from Kremlin Aggression Act of 2019 (“DASKAA”), a bill intended...more

Ballard Spahr LLP

More on AML Reform: Artificial Intelligence, Beneficial Ownership and Real Estate

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Second Post in a Two-Part Series - In our first post in this series, we described how the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Banking Committee”) met in open session late last week to conduct a...more

Holland & Knight LLP

West Coast Real Estate Update - September 2018

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Title Insurance Firms Paying Close Attention to Latest Measure Imposing Russian Sanctions - The Defending American Security from Kremlin Aggression Act of 2018, a bipartisan bill introduced in the U.S. Senate last month,...more

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