Corporate Transparency Act Blog Series (Part 3) – Exemptions from “Beneficial Ownership” Reporting under the Corporate Transparency Act
As discussed in Part 1 of this blog series titled, “The Corporate Transparency Act’s Implications,” there are various exemptions as to which types of businesses do not have to report to FinCEN under the Corporate Transparency Act (CTA). The following twenty-three business types are exempt from being considered “reporting entities” under the CTA, and therefore, exempt from reporting to FinCEN:
- Securities Reporting Issuers;
- Governmental Authorities;
- Banks;
- Credit Unions;
- Depository Institution Holding Companies;
- Money Service Businesses;
- Broker or Dealer in Securities;
- Securities Exchange or Clearing Agencies;
- Other Exchange Act Registered Entities;
- Investment Companies or Investment Advisers;
- Venture Capital Fund Advisers;
- Insurance Companies;
- State-Licensed Insurance Producers;
- Commodity Exchange Act Registered Entities;
- Public Accounting Firms;
- Public Utilities;
- Financial Market Utilities;
- Pooled Investment Vehicles;
- Tax-Exempt Entities;
- Entities Assisting a Tax-Exempt Entity;
- Large Operating Companies;
- Subsidiaries of Certain Exempt Entities; and
- Inactive Entities.
If you are unsure whether your business qualifies for one of the twenty-three exemptions under the Corporate Transparency Act, contact Williams Parker today for guidance.