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THE FREQUENT FILER

Let’s Talk Beneficial Owners

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THE FREQUENT FILER

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Let’s Talk Beneficial Owners

Under the Corporate Transparency Act (CTA), Beneficial Owners are now required to submit pertinent information to the Finance Crimes Enforcement Network (FinCEN).

FinCEN is a bureau of the U.S. Department of the Treasury. The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.[i]

A Beneficial Owner includes anyone who, directly or indirectly, exercises substantial control over a reporting company. Some examples of Beneficial Owners are senior officers, someone who has authority to appoint or remove certain officers or a majority of directors of a reporting company, and important decision makers. In most cases, the legal and beneficial owners are one and the same, but in some cases, legitimate and sometimes less legitimate, the beneficial owner of a property historically may have wished to remain anonymous.

FinCEN Filing Agents provides a secure and intuitive platform to file Beneficial Ownership Information Reports with FinCEN. Beneficial owners can efficiently and securely upload identifying document images and input their corresponding information to complete the required form fields.

When a user submits a request to the Beneficial Owner, they receive an email from our platform with clear instructions to complete their information making the process intuitive and easy to navigate.

Beneficial Owners may toggle the “Mask My Information” option to maintain their information on the platform in privacy.

FinCEN Filing Agents offers an efficient and effective BOIR filing solution that eases the weight of reporting on Beneficial Owners. Partner with FinCEN Filing Agents and file your Beneficial Ownership Information with confidence!

Learn more here: FinCEN Filing Agents Beneficial Ownership Information Reporting 

About Us

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners. 

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[i] https://www.fincen.gov/about/mission

What is White Labeling?

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THE FREQUENT FILER

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What is White Labeling?

If you have decided to use FinCEN Filing Agents for your company’s Beneficial Ownership Information Reporting needs, white labeling is an option available to you! As a Service Provider, you can extend the FinCEN Filing Agents BOIR software to your clients, but you may not be quite sure where to start. FinCEN Filing Agents offers a white labeling service to increase brand recognition and streamline your company’s focus on marketing and customer acquisition.

White labeling is the process of a company purchasing a product and rebranding it with their own logo to sell to their clients as their own product. This provides a seamless experience for their customers while leveraging the functionality and infrastructure of an established product.

White labeling is cost effective and time efficient; you save time and resources by adopting an existing product, and avoid high costs associated with developing and maintaining your own software, but with the same customer satisfaction rate you’re used to.

FinCEN Filing Agents provides white labeling services for our CTA/BOIR product. We include your brand’s custom logo on the sign-in or referral page, to maintain consistent branding throughout the user journey, which then builds trust and recognition with your customers. We integrate your logo prominently in the product interface, helping to reinforce your company’s identity, potentially leading to better user engagement and loyalty. We provide a custom vanity URL to ensure the user experience is cohesively integrated with your company’s branding.

White labeling empowers businesses to offer a branded, professional solution with minimal investment in development and maintenance. With the white labeling service provided through FinCEN Filing Agents, you can create a cohesive and trustworthy user experience that strengthens your brand and drives customer loyalty. For more information on white labeling options and how to get started, contact our sales team at boi@edgaragents.com.

Learn more here: EdgarAgents Beneficial Ownership Information Reporting

 

 

About Us


The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

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BOIR How should I file

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THE FREQUENT FILER

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BOIR: Self-Registrant vs. Service Provider; How should I file?

It is time for you to report your Beneficial Ownership Information (BOIR) to FinCEN. If you have read our prior blogs, you know what BOIR is, and the requirements outlined by FinCEN. Below, we outline the options of self-filing and filing with the assistance of a Service Provider.

What is a Self-Registrant?

Self-Registrants file their documentation and information on their own behalf, rather than using a Service Provider, such as a tax accountant or legal advisor, to prepare the filing.

What is a Service Provider?

Service Providers, on the other hand, are professionals who provide accounting, tax, legal, and other professional services and solutions to individuals and businesses. Service Providers may file BOIR for registered entities and their respective beneficial owners. For many Service Providers, this advisory and filing service represents an extension of their current services given the new Corporate Transparency Act mandate.

What does this all mean, and how can FinCEN Filing Agents help?

FinCEN Filing Agents offers comprehensive and accessible BOIR filing solutions to both self-registrants and Service Providers. The company behind FinCEN Filing Agents is EdgarAgents – a leading regulatory filing expert with over 16 years of filing experience and more than 500 employees worldwide. The Beneficial Ownership Information Reporting software developed in-house empowers both self-registrants and Service Providers to file with FinCEN confidently!

Our BOIR filing platform is tailored to simplify the complexities of FinCEN reporting, aided by advanced features, intuitive design, and the highest standards of data security.

Connect with us today at boi@edgaragents.com to discover how FinCEN Filing Agents can be your BOIR filing solution! File with confidence when you file with FinCEN Filing Agents!

Learn more here: EdgarAgents Beneficial Ownership Information Reporting

About Us


The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

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CORPORATE TRANSPARENCY ACT - BOIR

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BOIR Explained: FinCEN Filing Agents as Your Solution

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What is BOIR, and how can FinCEN Filing Agents be your filing solution?

Effective as of January 1, 2024, the updated Corporate Transparency Act (CTA) requires many corporations, limited liability companies, and other entities (reporting companies) to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This change enables the government division, FinCEN, to remain vigilant against money laundering, financial terrorism, organized crime, and other financial crimes. There is a filing deadline of January 1, 2025, for companies created before January 1, 2024, and a 90-day deadline if your company was registered on or after January 1, 2024.

With any new requirement, we are expecting that you will have questions about FinCEN, BOIR, and what the best solution is for your filing needs. Below, we hope to answer all these questions and more.

What is BOIR?

Beneficial Ownership Information Reporting (BOIR) is the process of reporting beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN).

Who is a Beneficial Owner?

A beneficial owner includes anyone who, directly or indirectly, exercises substantial control over a reporting company. Examples of beneficial owners are:

Senior officers.
Someone with authority to appoint or remove certain officers or most directors of the reporting company.
Important decision makers.
Anyone else who may have substantial control over a reporting company.

What is FinCEN?

FinCEN stands for Financial Crimes Enforcement Network. FinCEN is a government bureau, under the U.S. Department of Treasury, which maintains a prevention network that works to prevent and punish financial criminals.

Who is FinCEN Filing Agents?

FinCEN Filing Agents is your BOIR filing solution! The Beneficial Ownership Information Reporting software, powered by FinCEN Filing Agents, provides technological solutions that empower Service Providers and self-registrants to meet compliance needs efficiently and effectively. Our BOIR platform is tailored to simplify the complexities of FinCEN reporting, aided by advanced features and intuitive design. Connect with EdgarAgents today at boi@edgaragents.com to discover how FinCEN Filing Agents can be your BOIR filing solution!

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The Modernization of Beneficial Ownership

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The Modernization of Beneficial Ownership

In 1977, George Lucas released a movie that influenced an entire cinematic generation. Other than the release of one of the greatest movies of all time, something else meaningful happened that year. 1977 was also the last time the SEC updated its deadline for filing the initial Schedule 13G.

If that seems like a very long time ago, in a galaxy far, far away, just know that 1968 was the last time the filing deadline for Schedule 13D was updated. For context, that was the same year Apollo 8 flew around the moon for the first time.

The Change

A rule update for these forms was long past due, and the SEC recognized this. As a result, the Securities and Exchange Commission has adopted amendments to modernize the rules governing beneficial ownership reporting.

The main change in the rule is the shortening of the deadlines for the initial and amended Schedule 13D and 13G filings. Previously, if you acquired 5% of a company, you had 10 calendar days to report the transaction. Now, that time has been reduced to 5 business days.

The Reason

The SEC concluded that it shouldn’t take as long as 10 days to inform the public about an attempt to change or influence a public company.

We live in the 21st Century, an era of high-speed internet access, and a higher frequency of trading than what was going on in the 60’s and 70’s. To put it in perspective, the fax machine was considered new technology when these rules were implemented. It is extremely necessary to modernize the requirements to match the modern-day investor. 

This new rule of shortening the deadline allows more transparency for investors, which is the entire reason why the SEC exists — to provide transparency for the public at the appropriate times.

Other Changes

There are a few minor changes that you should be aware of. First,  the “cut-off” time for Regulation S-T for Schedules 13D and 13G has been extended from 5:30 p.m. to 10:00 p.m. Eastern Standard Time.

More time is always great, but please resist the urge to wait until the last minute to file. Trust me, it will save you a lot of headache.

Second, Schedules 13D and 13G will now require a structured, machine-readable data language. That means no more HTML files (except for exhibit filings) and, instead, a specific 13D/G XML file. This is similar to how Form 3’s and Form 4’s are filed.

This will make it easier for investors and markets to access, compile, and analyze disclosed information.

Ensuring the SEC rules are up-to-date is vital to maintaining the fairness and equity of the industry that we all serve. We need modern rules for modern problems.

For more information on the rule update please see the SEC Fact Sheet: 33-11253-fact-sheet (sec.gov)

These changes are set to take place on September 30, 2024, for revised filing deadlines and December 18, 2024, for the structured data requirement.

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David-Jackson

David Jackson

Assistant Manager - Typeset

David Jackson has 5+ years of experience in the Financial Services industry and is currently the Assistant Manager of Typeset at EdgarAgents. He’s a die-hard Knicks fan who thinks a championship is right around the corner. He clearly also believes in miracles.