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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules
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other officer, regardless of official title, who performs a similar function.
As noted previously, proposed 31
CFR 1010.380f9 would define state as any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other commonwealth, territory, or possession of the United States.
Proposed 31 CFR 1010.380f10
would define the term United States person as having the meaning given the term in section 7701a of the Internal Revenue Code of 1986.
H. Effective Date The CTA authorizes FinCEN to determine the effective date of the BOI
reporting rule. FinCEN does not propose an effective date in this proposed regulation, but seeks views on the timing of the effective date and any potential factors to be considered.
FinCEN is committed to identifying the soonest possible effective date after publication of the final rule. FinCEN
recognizes that the collection of beneficial ownership information is critical to protecting U.S. national security and other interests and will advance efforts to counter money laundering, terrorist financing, and other illicit activity. It will also bring the United States into compliance with international AML/CFT standards and support U.S. leadership in combatting corruption and other illicit finance. A
timely effective date will help to achieve national security and law enforcement objectives and support Congress goals in enacting the CTA.
FinCEN also notes that certain practical steps must be completed prior to the effective date and the initiation of the collection of information, and it is undertaking significant work towards achieving a timely effective date. These steps include the design and build of a new IT systemthe Beneficial Ownership Secure System, or BOSSto collect and provide access to BOI. Upon the CTAs enactment, FinCEN began a process for BOSS program initiation and acquisition planning that will lead to the development of a detailed planning and implementation document. Once greater progress is made towards the final reporting rule and a parallel rulemaking effort relating to access to and disclosure of BOI, which will provide concrete guidance on the design and build of the BOSS, FinCEN will move expeditiously to the execution phase of the project, which will include several technology projects that will be executed in parallel.

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The effective date for the final reporting rule will also turn on several additional factors, such as: 1 How long reporting companies, and small businesses in particular, need to comply with the new rules; 2 the time needed for secretaries of state and Tribal authorities to understand the new requirements and to update their websites and other documentation to notify reporting companies of their obligations under the CTA; and 3 the anticipated timeline for revising the CDD Rule, which is triggered by the effective date of the final reporting rule.
Secretaries of state anticipate that they will need to field a high volume of questions and devote significant resources to addressing reporting companies concerns, even with a delayed effective date that provides sufficient time to educate reporting companies about their responsibilities, distribute guidance, and ensure that reporting mechanisms are fully functional and user-friendly. Absent a coordinated effort with stateand Tribelevel authorities, a reporting requirement could create confusion and unintended liability for businesses.
FinCEN intends to conduct ongoing outreach with stakeholders, including secretaries of state and Indian Tribes, trade groups, and others, to ensure coordinated efforts to provide notice and sufficient guidance to all potential reporting companies. However, FinCEN
welcomes comments on how long other stakeholders such as secretaries of state and local authorities will need to provide notice of and guidance on the BOI reporting requirements to reporting companies.
V. Request for Comment FinCEN continues in this NPRM to seek comment on how best to implement the reporting requirements of the CTA, and responsive comments can now focus on the proposed reporting rule that FinCEN has developed. FinCEN seeks comment from all parts of the public and Federal Government, with respect to the proposed rule as a whole and specific provisions discussed above.
FinCEN invites comment on any and all aspects of the proposed rule, and specifically seeks comments on the following questions:
Understanding the Rule 1. How can the organization of the rule text be improved to make it easier to understand and implement?
2. How can the language of the rule text be simplified or streamlined to make it easier to understand and implement?

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Reporting Requirement 3. In general, is the description of the information FinCEN is proposing to require reporting companies to report about a beneficial owner and company applicant sufficiently clear? If not, what additional clarification should FinCEN
provide? Are there other categories of information FinCEN should collect about beneficial owners and company applicants, taking into consideration the statutory language of the CTA? Is there additional information that would be useful for FinCEN to collect, but which would require further authorization by Congress?
4. Is it clear what the requirement to report a beneficial owners residential address for tax residency purposes means? If not, how could the regulatory language be clarified? Are there cases where a respondent could have difficulty providing tax residency information, or where other residence information would be more generally valuable than tax residency information?
5. In general, is the description of the information FinCEN is proposing to require reporting companies to report about themselves sufficiently clear? If not, what additional clarification should FinCEN provide? Is there additional information about a reporting company that FinCEN should collect to ensure that it can identify and distinguish between different reporting companies, and to allow for effective searching of the beneficial ownership database?
6. What value can FinCEN reasonably expect from its proposed voluntary mechanism for collecting TINs of beneficial owners and company applicants? How can such information enhance the overall value of the information collected under this reporting requirement? Are there potentially negative consequences to a voluntary collection of this data? For instance, do businesses have particular concerns about providing or not providing such information?
7. Does FinCEN have the authority under the CTA to require that a person filing a report or application with FinCEN pursuant to proposed 31 CFR
1010.380b certify that the report is accurate and complete?
8. In general, is the term business street address sufficiently clear on its face, or does it require further clarification to avoid the reporting of P.O. boxes or the addresses of formation agents, agents for the service of process, and other third parties as a reporting companys business street address?
Would it improve the clarity of the reporting requirement to substitute the
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