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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules
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TABLE 2EXEMPTION ESTIMATES TO BE SUBTRACTED
Exemption description
1
5
6
7
8
9
10
11
13
14
15
16
17
18
19
20
21
22

SEC reporting issuers
Depository institution holding companies
Money transmitting businesses
Brokers or dealers in securities
Securities exchanges and clearing agencies
Other Exchange Act registered entities
Investment companies or investment advisers
Venture capital fund advisers
State-licensed insurance producers
Commodity Exchange Act registered entities
Accounting firms
Public utilities
Financial market utilities
Pooled investment vehicle
Tax-exempt entities
Entities assisting a tax-exempt entity
Large operating companies
Subsidiaries of certain exempt entities

Given this analysis, FinCEN estimates that the total number of exempt entities is approximately 4,416,847. Subtracting this number from the first estimate of entities that could be reporting companies, FinCEN estimates that there are 25,873,739 entities that would meet the definition of a reporting company with exemptions considered. To estimate new exempt companies annually, FinCEN multiplied the estimate of total exempt companies, 4,416,847, by the overall ratio of new entities to total entities from the per capita calculations based on IACA data 3,771,993.58/30,247,071.10. The resulting estimate of new exempt entities is approximately 550,807.7.
Therefore, FinCEN estimates that there would be 3,226,613 new entities per year that meet the definition of reporting company with exemptions considered. FinCEN welcomes comment on whether the method it has used to estimate the number of new entities that are eligible for an exemption from the definition of reporting companythat is, by assuming that number would be proportionate to the share of existing entities that are eligible for an exemptionis sound.
FinCEN assumes that each reporting company would make one initial BOI
report; FinCEN does not separately 248 This
table includes the scaled for 2021
estimate for those with historical data sources.
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Final estimate 248

Exemption No.

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calculate the burden of the need to issue a corrected report where mistaken information was initially reported, but that can be considered as part of the estimate of the cost per initial report.
Given the proposed implementation period of one year to comply with the rule for entities that were formed or registered prior to the effective date of the final rule, FinCEN assumes that all of the entities that meet the definition of reporting company would submit their initial BOI reports in Year 1, totaling 25,873,739 reports. While new reporting companies may be created during this year as well, FinCEN
assumes that companies are created and dissolved at roughly the same rate;
therefore, FinCEN assumes as many new companies would file as old companies would dissolve and not file within the first year. In Year 2 and beyond, FinCEN
estimates that the number of initial BOI
reports would be 3,226,613, which is the same estimate as the number of new entities per year that meet the definition of reporting company.
c. Number of BOI Updated Reports FinCEN considered multiple data sources in order to estimate the number of BOI reports that may be updated on an annual basis. These updates would require additional burden and cost to filers. FinCEN first considered whether it may be able to apply data from the District of Columbia DC, which
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4,294.89
3,649
24,124
3,532
38
915
17,154
1,498
236,000
4,306
851
6,100.17
8 109,094
2,826,260.79
706,565.20
232,564.47
239,892

recently imposed beneficial ownership reporting requirements in January 2020
on owners with more than 10 percent ownership and certain control persons.249 FinCEN received information from the DC Department of Consumer and Regulatory Affairs DCRA during outreach related to the NPRM regarding the number of updates to this reporting. DCRA reported that since the effective date of their beneficial ownership requirement, there have been 24,865 new entity filings and 69,019 biennial reports from existing entities received. There were 567
amendments filed by the new entities in this timeframe, approximately 2
percent, and approximately 55,200
biennial corrections filed, about 80
percent. FinCEN understands that the biennial corrections could account for existing entities that are reporting their beneficial ownership for the first time since the effective date, rather than solely counting updates or corrections to previously reported information.
Thus, given the differences in how DC
defines beneficial owner and uncertainties as to whether the data on biennial reports reflects updated or initial reports, FinCEN reviewed other sources in order to estimate BOI
updated reports.
249 The Background section in this preamble includes more information on DCs requirements.
See DC Code sec. 29102.01.

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