Beneficial Owner Information Reporting Transparency Initiatives: The U.S. and Mexican Models

Transparency initiatives are becoming ubiquitous. The United States and Mexico have adopted their own versions of beneficial owner information reporting transparency initiatives.

In our webinar, we will explore how the two countries have designed their reporting models and how entities and individuals are impacted by these initiatives.

In the United States, the Corporate Transparency Act (CTA) is imminent, coming into force on January 1, 2024. The CTA is the first federal law that establishes a national registry not subject to public access to collect and maintain beneficial ownership information (BOI) of individuals, both U.S. and non-U.S., who own or control a company within the scope of the new legislation.

The CTA will impact more than 32 million preexisting entities and about 5 million entities formed in 2024 and thereafter. Although the purpose of the reporting of beneficial owners is to combat the proliferation of anonymous shell companies in the United States, the CTA will impose significant administrative burdens on legitimate, privately owned, non-regulated small businesses.

In Mexico, effective as of January 1, 2022, the Federal Tax Code was amended requiring legal entities, trusts and legal vehicles organized under the laws of Mexico and registered with the Mexican Tax Administration Service (SAT) to maintain and update information about their beneficial owners and share that information with the SAT upon request.

Please join Holland & Knight attorneys from the United States and Mexico for a webinar that will familiarize you with the components of the transparency laws of both countries and provide insights as to how entities, their owners and advisors in both countries should deal with these initiatives. There will be ample opportunity for Q&A.

U.S. transparency topics:

• an overview of the reporting requirements of the CTA
• a detailed workstream on how to comply with the CTA's reporting requirements for currently existing and newly formed domestic reporting companies and foreign reporting companies
• how organizational and transactional documents may need to be modified to comply with the application of the CTA
• can Mexico and other foreign countries obtain access to beneficial ownership information?

Mexican transparency topics:

• an overview of the provisions of the Federal Tax Code concerning BOI
• the non-obvious consequences of failure to provide BOI
• the difficulties of obtaining BOI in cases of publicly traded companies in Mexico
• issues in obtaining BOI where a Mexican company is a subsidiary of a non-Mexican group, whether privately or publicly held

We hope you can join us for this highly informative presentation.

Speakers:

Alan Winston Granwell  |  Of Counsel, Washington, D.C.
Larry Kemm  |  Partner, Tampa
Mario Barrera  |  Partner, Mexico City
Miguel Angel Rosas Ortiz  |  Associate, Mexico City

Continuing Education Credits

Please note: Certificates of attendance will be provided upon request for attendees to self-apply for CPA credit.

Continuing Legal Education (CLE)

Holland & Knight will apply for CLE credit based on attendee requests. Some programs may not be awarded CLE credits because of content or jurisdictional restrictions. CLE accreditation is sought after the completion of the program, and the approval process can be lengthy in some jurisdictions. Holland & Knight is an approved CLE provider in several jurisdictions, including California, Georgia, Illinois, New York, Pennsylvania and Texas. For New York attorneys, this program's format qualifies for CLE for transitional (newly admitted) and experienced attorneys.