Treasury to Give New Companies More Time on Ownership Info (2)

The Treasury Department has proposed giving newly formed companies more time to report their ownership information, acknowledging that the pending new requirements to do so are “novel” and that companies will need to get up to speed.

Treasury also said it continues to conduct “extensive outreach” and to take other steps to ensure that all companies are ready for the new requirements to report their “beneficial ownership” that take effect Jan. 1.

The proposed rule (RIN 1506-AB62) issued Wednesday would give companies created or registered in 2024 a 90-day period after they’re formed—up from the current 30 days ...