FinCEN Considering Additional Comment Period On Beneficial Ownership Reporting Proposal

In a statement at the close of the comment period for FinCEN's proposed rulemaking ("NPRM") requiring the reporting of beneficial ownership information, FinCEN noted the number of comments received (over 230), and said it will consider further opportunity for supplemental comment in conjunction with the publication of a second proposed rulemaking on access to that information.

As previously covered, the proposed rules specify who must file a beneficial ownership report, what information must be reported, and when a report is due. In particular, the proposed rules require reporting companies to identify (i) the beneficial owners of the company and (ii) the individual who filed with governmental or tribal authorities the application to establish the company or register it for operation.