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Corporate Transparency Act Reporting for Renewable Energy Developers, Private Equity Funds, and Investors

Beneficial Ownership Reporting, Filing Requirements and Exceptions

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, June 20, 2024 (in 5 days)

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

(Alert: Event date has changed from 3/7/2024!)

or call 1-800-926-7926

This CLE webinar will provide renewable energy counsel, developers, and investors guidance on the compliance and reporting requirements of the Corporate Transparency Act of 2021 (CTA), effective Jan. 1, 2024. The panel will discuss specific CTA reporting challenges for renewable energy industry developers and private equity and infrastructure funds, how the CTA may impact legal agreements, and the impact of the CTA on privacy concerns of both U.S. and foreign persons within the renewable energy industry.

Description

The CTA requires certain U.S. and foreign entities that are defined as reporting companies to report beneficial owners and company applicants to FinCEN (the Department of the Treasury's Financial Crimes Enforcement Network). FinCEN will establish and maintain a non-public national registry of beneficial owners and company applicants of reporting companies to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.

These federal and new reporting rules will impact renewable energy industry developers, private equity and infrastructure funds, and related companies formed prior to and after the effective date of the CTA. Noncompliance with these reporting rules may result in significant civil and criminal penalties.

Therefore, renewable energy entities that are potentially impacted by these rules should commence to determine: (1) whether a business arrangement or entity is out of scope as a reporting company, a reporting company, or otherwise exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) how trusts are treated under the CTA; (4) the information that is required to be reported by a reporting company, beneficial owner, and company applicant; (5) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (6) when a report is initially due, required to be updated, or required to be corrected; (7) the potential ramifications of noncompliance; and (8) how to establish a workstream to prepare for, collect, maintain, and report information required to be reported under the CTA.

Listen as our panel discusses the CTA's key provisions, determining whether renewable energy industry developers, private equity and infrastructure funds, and related companies are reporting companies or beneficial owners, and avoiding both civil and criminal penalties for noncompliance.

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Outline

  1. Overview of Corporate Transparency Act of 2021
  2. Reporting requirements and disclosure of information
  3. Potential challenges for renewable energy related companies
  4. Exemptions
  5. Penalties
  6. Best practices for counsel

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • What is the impact on domestic and foreign companies?
  • What are the reporting requirements under the CTA rules?
  • How do you determine which companies are considered reporting companies under the CTA?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the compliance challenges unique to the renewable energy industry and related companies?
  • What are the potential ramifications for noncompliance?

Faculty

Haddow, Carson
Carson Haddow

Associate
Morgan, Lewis & Bockius

Mr. Haddow represents sponsors, developers, utilities, and financial institutions in the construction, financing, sale,...  |  Read More

Valenstein, Carl
Carl A. Valenstein

Partner
Morgan, Lewis & Bockius

Mr. Valenstein focuses his practice on domestic and international corporate and securities matters, mergers and...  |  Read More

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