DWT Insights’ Post

Recent SEC enforcement actions on improper recordkeeping can give us a lot of insight into what the SEC expects from financial services firms. Read this blog that examines how the SEC interprets or defines communication records based on the latest penalties: https://ow.ly/GerX30sI1Tg

Find out what's hot in the regulatory compliance world with the latest 𝗥𝗖𝗪 𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗶𝗲𝗳𝗶𝗻𝗴: ▪️ Legal action could give you more time to comply with the DOL's new fiduciary duty rule ▪️ Tips for combatting elder financial fraud ▪️ Be sure to get ready for T+1 ▪️ and, much more... #RCW #RegulatoryCompliance #DOLRule #Fraud #SEC #Compliance #ArtificialIntelligence

Under the Corporate Transparency Act, most small businesses must file information disclosing information and identities of owners of those small businesses with the Financial Crimes Enforcement Network (FinCEN). But what type of information must be disclosed? And how do owners and investors protect their privacy? Read more⤵️ 🔗https://lnkd.in/gVSn5MK8 . . . #NationalSmallBusinessWeek #NSBW #smallbusinesses #smallbusiness #corporatetransparency #financialcrimes #protectprivacy #businesspassion #CorporateTransparencyAct #FinCEN #SmallBusinessOwners #BusinessPrivacy #FinancialRegulations #BusinessCompliance #PrivacyProtection #BusinessTransparency #AntiMoneyLaundering #pittsburghbusiness #businesslawyers #businesslawyer #businesslaw #FiffikLaw #FiffikLawGroup

The Corporate Transparency Act requires companies to report “Beneficial Ownership Information” to the Financial Crimes Enforcement Network, US Treasury. Those formed prior to 01/01/24 have until the end of this year to file, but those created/registered after 01/01/24 & before 01/01/25 have only 90 calendar days. The window will be even tighter after the first of the year, when companies will have just 30 calendar days to file. The process is straightforward, secure and free -- and some entities are exempt -- but noncompliance can result in civil and criminal penalties. Learn more here: https://lnkd.in/eXJFFSZS #businesslaw #corporatetransparencyact

The Corporate Transparency Act took effect January 1, 2024. This new law particularly affects small to mid-size businesses, as they will be required to file with FinCEN (the Financial Crimes Enforcement Network). Curious about the impact on your organization or clients? Our latest blog has got you covered, breaking down all the essential details to stay compliant and meet the filing deadline. #CorporateTransparency #Compliance #LHH Blog link: https://lnkd.in/gFcQ9mwC

Your business may need to comply with new reporting rules effective since January 1, 2024. Learn about the Corporate Transparency Act (CTA), requiring companies to disclose "beneficial owners" to the Financial Crimes Enforcement Network (FinCEN). Non-compliance may incur penalties. Learn More → https://lnkd.in/giYBuCmg

Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their "beneficial owners" that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties or both. https://buff.ly/4aNgv9X

Enacted as part of the 2021 National Defense Authorization Act, the Corporate Transparency Act (CTA) is the United States Government's latest step to improve business transparency and stymie companies, entities, or people engaging in tax fraud, money laundering, and other types of business fraud. Who Should Be Aware? Learn more ➡️ https://hubs.ly/Q02mmxpq0 #corporatetransparencyact #MRPR

New Supreme Court Ruling Impacting SEC Enforcement The U.S. Supreme Court has recently issued a ruling that limits the SEC’s power to unilaterally enforce financial fraud regulations, mandating more cases to be brought to federal courts. This decision is set to significantly shift the SEC’s enforcement strategy. 🔍 Key Takeaways: 1. Prioritization of Larger Cases: The SEC is likely to focus on larger, more straightforward cases for federal court, potentially reducing actions against smaller businesses. 2. Increased Severity: When small businesses are targeted, the cases may involve more serious allegations and significant penalties. 3. Regulatory Uncertainty: The transition may bring about uncertainty, complicating compliance efforts for small businesses. Small businesses must remain vigilant and ensure strict compliance with financial regulations to navigate this new regulatory environment effectively. Read more about the potential impacts and prepare your business accordingly: https://lnkd.in/giaCJFpq #SupremeCourt #SEC #RegulatoryCompliance #SmallBusiness #FinancialRegulations #LegalUpdate

Update, FINCen's press statement addressed the ruling as applied to the plaintiff rather than the law as unconstitutional. The government filed an appeal this week. It will be interesting to see whether there is a stay of the lower court's ruling or a stay of the law during the pendency of the appeal. In the lower court's ruling, the Judge did provide suggestions on how to cure the defect in the law, relying on Congress' enumerated power under the Commerce Clause. So it seems like the CTA is not gone forever; it will likely re-emerge in some iteration. Next, for entities created before 1/1/24, there is less confusion; however, for entities formed after this date, that 90-day deadline to file BOI might be rapidly approaching. Attorneys should pay careful attention to this case. Finally, some states such as Nevada, Wyoming, and New Mexico, allow an LLC to be formed within a trust to maintain anonymity. The CTA BOI filings might throw a wrench into those state schemes. Another interesting way the CTA will play out in the next year!