Corporate Transparency Act: Impact on Non-U.S. Entities and U.S. Entities with Foreign Beneficial Owners
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will examine the Corporate Transparency Act (CTA) and its impact on foreign entities, including who is considered a "foreign reporting company" subject to new beneficial ownership information reporting requirements and whether an exemption applies. The panel will also discuss certain state laws that may impose similar reporting requirements as the CTA. Finally, the panel will describe best practices for counsel to assist their international clients with preparing for the CTA's implementation and ongoing compliance.
Outline
- Corporate Transparency Act overview
- Covered entities and exemptions
- Domestic
- Foreign
- Beneficial ownership and exceptions
- Company applicants
- When to use a FinCEN identifier
- Reporting data
- Relevant data
- Completing the reporting form
- Initial, updated, and corrected reports
- Foreign personal data: example Switzerland
- Penalties
- State tax developments relating to CTA-like initiatives
- Considerations unique to foreign companies and investment
- Best practices
- Developing privacy policies relating to the CTA
- Other compliance and planning considerations
Benefits
The panel will cover the operational rules and steps to take to comply with the CTA's beneficial owner information reporting rules:
- Whether a foreign or domestic entity is (1) out of scope, (2) eligible for an exemption, or (3) a reporting company
- How to determine who is a beneficial owner and exceptions thereto
- How to determine who is a company applicant
- When to use a FinCEN Identifier
- What information has to be gathered and updated for purposes of reporting
- How to fill in the reporting form
- What needs to be considered when reporting foreign (by way of example Swiss) personal data
- Explain what is an initial, updated, and corrected report and when these reports are due
- The penalties that may apply if reports are not accurately, completely, and timely filed
- The importance of a reporting company to adopt privacy policies relating to the CTA
- Other compliance and planning matters that need to be considered
- State tax developments relating to CTA-like initiatives
Faculty
Lawrence Brown
Partner
Simmons & Simmons
Mr. Brown practices in the firm’s UK Digital Business group. He advises clients on complex (and frequently... | Read More
Mr. Brown practices in the firm’s UK Digital Business group. He advises clients on complex (and frequently regulated) technology transactions and on cross-border data protection matters. Mr. Brown has particular experience in advising on large-scale cloud services and other technology transactions. Regularly acting both for customers and suppliers, he helps the parties get to the point quickly in negotiations. As co-lead of the firm’s Data Protection Cross-Border Group, Mr. Brown is responsible for driving forward collaboration in this area. He has a particular focus on issue-spotting and developing user-friendly processes and products to help clients to tackle complex data-related matters.
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Daniel L. Bühr
Partner
LALIVE
Mr. Bühr’s main areas of practice are regulatory and banking law and white-collar crime and compliance,... | Read More
Mr. Bühr’s main areas of practice are regulatory and banking law and white-collar crime and compliance, principally focusing on investigations, litigation, ESG reporting, governance, and risk and compliance management. He also manages complex cross-border legal and compliance projects and monitors corporate compliance remediation projects. Mr. Bühr is a founding member of the International Academy of Financial Crime Litigators (IAFCL) and a member of the European Board of the International Association of Independent Corporate Monitors (IAICM). He is also a member of the Swiss Association for Standardization and a member of the Expert Committees on Compliance management systems and on Governance of organizations of the International Organization for Standardization (ISO). He is an accredited ISO Compliance Management System Auditor, Honorary Chair and Immediate Former Chairman of Ethics and Compliance Switzerland (ECS) and Co-Chair of the working group CMS/ISO. Before joining the firm, Mr. Bühr was Regional Counsel for a Swiss multinational, responsible for all legal matters in Europe, Russia, the Near East and Africa (2006-2011).
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Alan Winston Granwell
Of Counsel
Holland & Knight
Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the... | Read More
Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the Treasury Department’s Office of International Tax Affairs.
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Nicole Lamanna
Attorney
Holland & Knight
Ms. Lamanna is a corporate law attorney in the firm’s New York office. Ms. Lamanna focuses her practice on... | Read More
Ms. Lamanna is a corporate law attorney in the firm’s New York office. Ms. Lamanna focuses her practice on mergers and acquisitions (M&A) and private equity transactions.
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Eric Le Quellenec
Partner
Simmons & Simmons
Mr. Le Quellenec practices in the firm’s Corporate and Commercial practice group in Paris, with a focus on... | Read More
Mr. Le Quellenec practices in the firm’s Corporate and Commercial practice group in Paris, with a focus on digital business. He thrives on developing innovative legal solutions for this rapidly evolving area, informed by his first-hand knowledge of the TMT sector and its commercial challenges. He knows advanced technologies inside out, which means that Mr. Le Quellenec’s legal advice is as forward-thinking as the sector itself. As well as being the firm’s go-to expert on cloud computing, Mr. Le Quellenec advises on all types of commercial contracts in the IT sector. He’s well-versed in data protection, cyber security, software licensing, procurement and regulatory matters.
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Bruce Zagaris
Partner
Berliner, Corcoran & Rowe
Mr. Zagaris has advised individuals, entities and governments on international business, especially the regulatory and... | Read More
Mr. Zagaris has advised individuals, entities and governments on international business, especially the regulatory and enforcement aspects. He has worked on tax controversy matters, including representing individuals on voluntary disclosures, audits, and litigation, as well as consulting and serving as an expert witness in criminal trials for defendants and the U.S. government. Since 1981, he has also represented foreign governments in international tax and financial services, including advising and helping negotiate income tax, tax information exchange agreements, and bilateral investment treaties. Mr. Zagaris’ practice has included a substantial amount of money movement issues, especially international ones. His work includes advising businesses on developing and implementing anti-money laundering due diligence plans. He has trained prosecutors, regulatory, and law enforcement officials on prosecuting money laundering and recovery of assets. Mr. Zagaris’ practice includes counseling on a wide variety of criminal, especially white collar, work. He has handled evidence gathering and extradition cases and cases involving prisoner transfer applications. His criminal work has included counseling on extradition and international evidence gathering cases, testifying as an expert in international criminal cases involving money laundering and tax crimes, and counseling of witnesses for grand jury investigations.
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