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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules for individual beneficial owners to apply for a FinCEN identifier are likely data security an individual may desire not to send personal information to a reporting company but rather prefer to file that data with FinCEN directly;
administrative efficiency where an individual is likely to be identified as a beneficial owner of numerous reporting companies; and anonymity from reporting companies that are not directly owned, but are indirectly owned through another entity, by the individual. FinCEN assesses that there may be less incentive for individuals who only directly own reporting companies to obtain FinCEN identifiers because their identity is already known to the reporting company. Company applicants that are responsible for registering many reporting companies may have incentive to request a FinCEN
identifier in order to limit the number of companies with access to their personal information. This reasoning assumes that there is a one-to-many relationship between the company applicant and reporting companies.
Estimated Number of Respondents:
Given the cases described above, which are based on FinCENs speculation of possible incentives for individuals to obtain a FinCEN identifier, FinCEN
estimates the number of individuals that would apply for a FinCEN identifier may be relatively low. FinCEN is estimating that number to be approximately 1 percent of the reporting company estimates above. FinCEN
assumes that, similar to reporting companies initial filings, there would be an initial influx of applications for a FinCEN identifier primarily by those beneficial owners with complex corporate structures that would then decrease to a smaller annual rate of requests. Therefore, FinCEN estimates that 258,737 individuals would apply for a FinCEN identifier during Year 1 284
and 32,266 individuals would apply for on a FinCEN identifier annually moving forward.285 To estimate the number of updated reports for individuals FinCEN

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284 Assuming that individuals applying for FinCEN identifiers would generally request the identifier around the time when the company files its initial BOI report, one percent of the estimated initial BOI reports in Year 1 25,873,739 is 258,737.
285 One percent of the estimated new reporting companies annually 3,226,613 is 32,266.

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identifier information per year, FinCEN
used the same methodology explained in the BOI report estimate section to calculate, and then total, monthly updates. However, FinCEN only applied the monthly probability of 0.0074854
8.9824695 percent, the annual likelihood of a change in address, divided by 12 to find a monthly rate, as this was the sole probability of those previously estimated that would result in a change to individual identifying information.286 This analysis estimated 10,652 updates in Year 1 and 23,241 in Year 2 and beyond.
Estimated Time per Respondent:
FinCEN anticipates that initial FinCEN
identifier applications would require approximately 20 minutes 10 minutes to read the form and understand the information required and 10 minutes to fill out and file the request, including attaching a scanned copy of an acceptable identification document, given that the information to be submitted to FinCEN would be readily available to the person requesting the FinCEN identifier. FinCEN estimates that updates would require 10 minutes 10 minutes to fill out and file the update.
Estimated Total Reporting Burden Hours: FinCEN estimates the total burden hours of individuals initially applying for a FinCEN identifier during Year 1 to be 86,246.287 In years after this period, FinCEN estimates that individuals applying for a FinCEN
identifier would result in 10,755 burden hours annually.288 FinCEN estimates that the burden hours of individuals updating FinCEN identifier related information would be 1,775 in Year 1 289
and 3,874 in Year 2 and beyond.290
Estimated Total Reporting Cost: To estimate the average cost, FinCEN used the May 2020 fully loaded wage rate of $38.44 per hour for all employees.
FinCEN estimates the total cost of individuals initially applying for a FinCEN identifier during Year 1 to be 286 FinCEN understands that other circumstances may cause an update to be submitted for an individuals identifying information linked to a FinCEN identifier, but is using this probability as a rough estimate.
287 258,737 20/60.
288 32,266 20/60.
289 10,652 10/60.
290 23,241 10/60.

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$3,315,236.73.291 In Year 2 and beyond, FinCEN estimates that individuals initially applying for a FinCEN
identifier would result in an annual cost of $413,430.17.292 FinCEN estimates that the cost of updating individual FinCEN identifier information would be $68,243.57 in Year 1 293 and $148,895.06 in Year 2 and beyond.294
iii. Foreign Pooled Investment Vehicle Reports Reporting Requirements: The proposed rule requires that any entity that would be a reporting company but for the pooled investment vehicle exemption and is formed under the laws of a foreign country shall file with FinCEN a written certification that provides identification information of an individual that exercises substantial control over the pooled investment vehicle. This requirement is being implemented in accordance with the CTA.295 FinCEN would maintain this information in its BOI database for access by authorized users.
OMB Control Number: 1506XXXX.
Frequency: As required.
Description of Affected Public: Any entity that would be a reporting company but for the pooled investment vehicle exemption 296 and is formed under the laws of a foreign country.
291 86,246 $38.44. While this calculation equals $3,315,296.24, FinCENs model includes decimal points that result in the total of $3,315,236.73.
292 10,755 $38.44. While this calculation equals $413,422.20, FinCENs model includes decimal points that result in the total of $413,430.17.
293 1,775 $38.44. While this calculation equals $68,231.00, FinCENs model includes decimal points that result in the total of $68,243.57.
294 3,874 $38.44. While this calculation equals $148,916.56, FinCENs model includes decimal points that result in the total of $148,895.06.
295 31 U.S.C. 5336b2C and proposed 31 CFR
1010.380b3iii.
296 This applies to any pooled investment vehicle that is operated or advised by a person that is an exempt bank, credit union, broker or dealer, registered investment company or adviser, or venture capital fund adviser. A pooled investment vehicle is defined in the CTA as any investment company as defined in section 3a of the Investment Company Act of 1940 15 U.S.C. 80a a; or any company that would be an investment company under that section but for the exclusion provided from that definition by paragraph 1 or 7 of section 3c of that Act; and is identified by its legal name by the applicable investment adviser in its Form ADV or successor form filed with the SEC. 31 U.S.C. 5336a10.

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