Regulatory Alerts2024-10-17
Update to the Public Utility Exemption Under the Beneficial Ownership Information Reporting Rule
The Financial Crimes Enforcement Network issued a final rule to clarify the public utility exemption within the beneficial ownership information reporting rule. This amendment corrects an inadvertent omission in the original regulation by adding a cross-reference to 26 U.S.C. 7701(a)(33)(D), thereby ensuring that telecommunications service providers are properly included in the exemption. The rule takes effect immediately upon publication to align the regulatory language with the scope of the Corporate Transparency Act without altering existing compliance obligations.
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