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The US Corporate Transparency Act when into effect this year and requires disclosure to FinCEN (US Financial Crimes Enforcement Network) of the beneficial owners of a swath of both US entities, and non-US entities that are doing business in the United States. It reaches all manner of SPVs and foreign entities, estimates are 30 million entities worldwide could be subject to registration and disclosure of beneficial ownership information. It will have a big impact on funds, in M&A deals related to the US that use SPVs, and for private clients and family offices that typically hold investments through LPs, LLPs and LLCs.
Although there are court challenges to the law’s constitutionality, it is still in effect.
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