On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. Specifically, the interim final rule removes entities formed under U.S. law, along with their beneficial owners, from the definition of “Reporting Company,” thus eliminating the requirement to submit initial BOI reports or to update any previously filed reports. The interim final rule also eliminates the requirement to provide the ownership information for any U.S. persons who are beneficial owners of foreign reporting companies.