Corporate Transparency Act Reporting Deadline Approaches

The Corporate Transparency Act requires non-exempt entities in the U.S. formed before December 31, 2023, to file Beneficial Ownership Information Reports with FinCEN by January 1, 2025. Newly formed entities in 2024 must file within 90 days, and those formed in 2025 within 30 days. Meanwhile, the Solicitors Regulation Authority (SRA) has updated resources for law firms to comply with transparency rules, responding to over 400 breaches since their introduction. This includes new pricing templates to facilitate transparency and a voluntary code for comparison websites to ensure clear communication of costs. The demand for better data in private markets is also growing, with significant acquisitions and investments aimed at improving access to private fund information, indicating a shift towards greater transparency in that sector. Upcoming discussions, such as a panel by Mayer Brown, will explore the impact of the CTA on loan transactions and necessary compliance steps.