What Israeli Investors and Their Counsel Need to Know About Recent U.S. Transparency Developments

The Beneficial Ownership Information (BOI) Reporting Rule of the Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the CTA was unconstitutional. Learn what that case means to you in terms of reporting.

In addition, the Financial Crimes Enforcement Network (FinCEN) on Feb. 16, 2024, proposed a new transparency initiative focused on "all cash" acquisitions of U.S. residential real estate and transfers to entities and trusts, and the requirement for the real estate professional involved in the transaction to report the individual Beneficial Owners and other information to FinCEN within 30 days of the closing of the transaction. Learn what this latest proposal means if you acquire U.S. real estate through an entity or a trust.

Holland & Knight's Israel Practice and Corporate Transparency Act Team will address the above key developments, as well as a number of other important issues under the CTA, including:

• How to navigate the BOI Reporting Rule
• Useful exemptions from reporting and issues in their application
• FinCEN Identifiers, what they are and when should they be used
• What to do when a Beneficial Owner is unreachable or recalcitrant
• When a Senior Officer is liable for penalties
• What you should know about privacy laws when a Beneficial Owner’s information is reported to FinCEN
• Updating organizational and transactional documents to make them CTA compliant
• How to keep track of changes for Updated Reports
• When to use an outside vendor to file reports

There will be sufficient time for questions from attendees.

Information continues to be released, so please join us to stay up to date.