The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted an interim final rule to narrow the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act to require only entities previously defined as “foreign reporting companies” to report BOI. More... Under this interim final rule, entities previously defined as “domestic reporting companies” are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN. With limited exceptions, the interim final rule does not change the existing requirement for foreign reporting companies to file BOI reports. However, the interim final rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner. The interim final rule is effective March 26, 2025 (Department of the Treasury, Financial Crimes Enforcement Network), the same day it was published in the Federal Register. FinCEN is accepting written comments on this interim final rule through May 27, 2025. FinCEN will assess the exemptions, as appropriate, in light of those comments and intends to issue a final rule this year.