22. Department of the Treasury · Notable
Withdraw FinCEN's beneficial ownership reporting rule
Printed page 707 22. Department of the Treasury
“Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule.”
What has happened
- Partially done
FinCEN adopted the interim rule as final and widened the exemptions again — company applicants who are United States persons are exempt, and all United States persons are exempt from updating information already provided in connection with a FinCEN identifier — but the rule was not withdrawn. Foreign reporting companies still report beneficial ownership to FinCEN under 31 CFR 1010.380.
- Partially done
FinCEN issued an interim final rule narrowing the reporting requirement rather than withdrawing it: reporting companies were exempted from reporting the beneficial ownership information of United States persons, and United States person beneficial owners from providing it, effective on publication. The rule itself stayed in force for foreign reporting companies.
- Attempted
Treasury announced that FinCEN would not enforce the beneficial ownership reporting rule against United States citizens or domestic reporting companies and would propose narrowing it to foreign companies. An enforcement policy with the rule still on the books.
Research log
What was searched, and what didn’t count as evidence
Research notes
This is the FinCEN half of #1991’s two-object Quote, tracked separately because the Mandate states it as its own ask. The leveling is the same and for the same reason: the rule was narrowed to near-nothing for United States companies and remains in force for foreign ones, so partial rather than done.
What would make it done is a rule withdrawing 31 CFR 1010.380 outright, or repeal of the Corporate Transparency Act (#1991, partial).
- Action
- withdraw
- Object
- FinCEN beneficial ownership reporting rule
- ID
- 1992