In a last minute move predicted here, the Department of Treasury issued a Final Rule indicated is FINCEN agency will NOT require ownership reports from domestic owners.
In the Rule to be published in the Federal Register, the Secretary has directed FinCEN to issue this interim final rule exempting domestic reporting companies and
their beneficial owners from the reporting requirements imposed through the Reporting Rule.
Now, after years of planning, several court cases, and several extensions to the filing deadlines, US companies and citizens are now exempt from reporting. To achieve this outcome, the proposed regulation now limits the definition of a reporting company to entities formed under the laws of a foreign country.
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