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OMB Control No: 1506-0076	ICR Reference No: 202209-1506-002
Status: Historical Active	Previous ICR Reference No: 202112-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Beneficial Ownership Information Reporting Requirements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/09/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/04/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2026	36 Months From Approved
Responses	23,519,866	0	0
Time Burden (Hours)	53,319,713	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The final rule applies to certain domestic and foreign legal entities that the final rule, like the CTA, calls “reporting companies.” Under the final rule, reporting companies include all corporations, limited liability companies, and other similar entities created by the filing of a document with a secretary of state or similar office of a state, territory, or Indian Tribe, subject to certain specific exemptions. “Reporting companies” also include all corporations, limited liability companies, and other similar entities formed under the law of a foreign country that are registered to do business in the United States by the filing of a document with a secretary of state or similar office, subject to the same exemptions. The final rule will require reporting companies to report to FinCEN information identifying themselves and specific individuals, namely: any individual who directly or indirectly exercises substantial control over the reporting company, or who owns or controls 25 percent or more of the entity’s ownership interests (each a “beneficial owner”); and the individual who filed the documents necessary to form or register the reporting company with a secretary of state or similar office, as well as the individual (if more than one individual is involved in the filing) who is primarily responsible for directing or controlling the filing (each a “company applicant”). The reported information is collectively referred to in the final rule and here as “beneficial ownership information,” or BOI. Under the final rule, reporting companies created or registered on or after the effective date of the final rule will need to report BOI to FinCEN within 30 days of formation. Reporting companies already in existence before the effective date of the final rule will have one year after the effective date of the final rule to report information about beneficial owners; they are not required to report information about their company applicants. Both existing and newly created or registered reporting companies will have to report corrected or updated BOI to FinCEN if previously reported BOI was or becomes inaccurate or out of date, or when an entity that was a reporting company becomes exempt. Reporting companies will not be required to update BOI related to company applicants.

Authorizing Statute(s): PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act

Citations for New Statutory Requirements: PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1506-AB49	Final or interim final rulemaking	87 FR 59498	09/30/2022

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Change Due to New Statute	Change Due to Adjustment in Estimate
Annual Number of Responses	23,519,866	18,030,923	5,488,943
Annual Time Burden (Hours)	53,319,713	14,166,500	39,153,213
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The burden estimate has changed from the NPRM in response to comments and due to changes made in the final rule. Additionally, burden estimates have changed because of ongoing technological development. The NPRM included separate PRA burden estimates for the BOI reports submitted by foreign pooled investment vehicles; however, such reports are now included in the burden estimates for all BOI reports because these entities will use the same form as reporting companies to report BOI to FinCEN. Please see the NPRM’s PRA section and the final rule’s PRA section for details on the previous and updated estimates.

Annual Cost to Federal Government: $44,880,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: FinCEN Resource Center 800 767-2825 frc@fincen.gov

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