The WTO gains two new members as Ministers approve Comoros and Timor-Leste’s WTO membership at MC13

Many companies will need to file a report identifying its beneficial owner(s), which is an individual who owns or controls at least 25 percent of a company or has substantial control over the company

FinCEN’s Small Entity Compliance Guide guides companies through the process of determining whether they meet or are exempted from its Beneficial Ownership Information reporting requirements

A company organized under the laws of a foreign country and registered to do business in the U.S. may be required to file a Beneficial Ownership Information report as a “foreign reporting company”

A company created under the laws of a U.S. state, territory, or Indian tribe that does not fall within the 23 exempt categories of the Beneficial Ownership Information Reporting rule should actively explore whether it is required to file a report

The Beneficial Ownership Information Reporting Rule exempts such entities as securities/commodities trading, financial and insurance institutions, public utilities, large operating companies, and tax exempt entities -

Most small domestic and foreign-owned companies operating in the U.S. will likely need to file a Beneficial Ownership Information report

FinCEN finalized the Beneficial Ownership Information Reporting Rule in September 2023 and this post explains its key provisions and how they impact small businesses

The provisions of the new Corporate Transparency Act are part of USG efforts to make it more difficult for “bad actors to hide or to benefit from their ill-gotten gains through shell companies or other opaque ownership structures”

The Corporate Transparency Act (CTA) enacted in 2021 created new reporting requirements to reveal more about the individuals behind the over two million companies being formed in the U.S. each year.

As of January 1, 2024, many domestic and foreign companies operating in the U.S. are required to file a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN) in the US Department of Treasury

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A robust export compliance program is a must in today’s complex landscape.

The US CHIPS and Science Act of 2022 (the “CHIPS Act”) allocates US $280 billion over the next ten (10) years to support the domestic manufacture of semiconductors, but recipients will face limits on their ability to expand manufacturing capacity in China

Despite controls on US exports to China, the Huawei Mate 60 Pro, a Chinese smartphone powered by an advanced chip, was unveiled this year prompting investigations by the U.S.

While the “Five Eyes” countries have expressed concern about China they have not taken joint action on this issue as they did with regards to Russia

Can the US controls on the export of its technology to China be effective without also harming US industry?

Recent US actions also aim to limit the outflow of US capital in key sectors to China.

The US introduced new regulations in October, 2023 which extended controls of exports to China to new advancements, including artificial intelligence (AI)

The focus of new US controls on export to China is to restrict China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors