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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules 1. What are likely data sources for identifying non-compliance with BOI
reporting requirements? What potential costs may be incurred by third parties, particularly state, local, and Tribal authorities and financial institutions, through this process?
2. Are there data or methods available for estimating potential benefits generated by this rule?
3. Is there is a precise way to estimate the number of small businesses that would meet the definition of reporting company with exemptions considered?
4. Are there additional points to add to FinCENs discussion of possible costs to state, local, and Tribal governments under the proposed rule, including specific estimates of costs if available?
i. In particular, are there specifics FinCEN should add to its discussion of costs to small governmental jurisdictions, pursuant to the Regulatory Flexibility Act? Particularly, what costs might these jurisdictions incur, what types of small governmental jurisdictions could expect to face such costs, whether small governmental jurisdictions may face costs that are different in kind from those which larger jurisdictions may face, and how FinCEN could mitigate the burden on small governmental jurisdictions.
5. Is it feasible for state or Tribal governments that collect BOI to transmit that information to FinCEN by way of existing or revised procedures?
i. In the alternative scenario analysis, is FinCENs estimate of potential costs to states from collecting and transmitting BOI to FinCEN accurate?
6. Would reporting companies prefer to file BOI via state or Tribal governments rather than directly with FinCEN?
7. Are there available data sources to determine the total number of trusts, and to determine what portion of the total are created or registered with a secretary of state or similar office?
8. Do small businesses anticipate requiring professional expertise to comply with the BOI requirements described herein and what could FinCEN do to minimize the need for such expertise or accurately estimate for such a cost?
9. Are there any significant alternatives that would minimize the impact of the proposed rule on small entities while accomplishing the objectives of the CTA?
10. Are there certain regions that would be disproportionately impacted by the proposed rule, due to corporation formation practices or laws, or another reason? Are there likely disproportionate budgetary effects for
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particular segments of the private sector in complying with the proposed rule?
11. Is there a way in which FinCEN
can make the overall BOI burden estimate, or some component of the burden estimate, more accurate? How could burden of complying with the proposed collection of information be minimized, including through the application of automated collection techniques or other forms of information technology?
12. Are there additional data sources or ways to clarify or improve FinCENs estimation of the number of existing entities that qualify for each exemption?
Specifically:
ii. Is the governmental authorities exemption category less likely to scale by population?
iii. FinCEN does not have data on the number of entities assisting a taxexempt entity and instead assumes approximately a quarter of the entities in the preceding exemption i.e., taxexempt entities would have a related entity that falls under this exemption. Is this a reasonable assumption to make to estimate the number of entities assisting a tax-exempt entity?
iv. Is any commenter able to offer an estimation of inactive companies? In light of the lack of data on such entities, is it reasonable for FinCEN to assume that inactive companies are not included in the IACA data used to estimate the number of reporting entities?
13. Is FinCENs approach of not precisely estimating overlapping entity exemptions reasonable? Is there reason to believe that not precisely estimating may result in material inaccuracies?
14. Is FinCENs methodology for estimating the number of new entities eligible for an exemption from the definition of a reporting company, that is, by assuming that number would be proportionate to the share of existing entities that are eligible for an exemption, reasonable and appropriate?
15. Is there data or a better methodology to appropriately estimate the quantity of updates to BOI due to changes in beneficial ownership as a result of managements decision e.g., such as from a sale of an ownership interest or a change in substantial control?
16. Do some states change a drivers license number when a drivers license is renewed? If so, which states?
17. Is FinCENs methodology for calculating the total number of updated reports reasonable and appropriate?
18. Is any commenter able to provide data or information for the estimation of the number of foreign pooled
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investment vehicles that are advised by banks, credit unions, or broker-dealers?
19. Are FinCENs per-report burden estimates reasonable?
20. Does FinCEN need to account in a specific way for the burden of tracking potential changes in beneficial owner or company applicant information? If so, how?
21. What is the appropriate factor that FinCEN should use to estimate the burden of the proposed rule beyond wage costs? Is a factor of 1.42 based on FinCENs analysis of Bureau of Labor Statistics data appropriate? Is a factor of 2 based on the Department of Health and Human Services guidance more appropriate because of its inclusion of overhead? Would a factor of 2 be an accurate estimate of benefits and overhead for the proposed rule or is that overhead factor excessive?
22. Are FinCENs overall cost estimates reasonable and accurate, and if not, what other cost estimates would be?
List of Subjects in 31 CFR Part 1010
Administrative practice and procedure, Aliens, Authority delegations Government agencies, Banks and banking, Brokers, Business and industry, Commodity futures, Currency, Citizenship and naturalization, Electronic filing, Federal savings associations, Federal-States relations, Foreign persons, Holding companies, Indianlaw, Indians, Indianstribal government, Insurance companies, Investment advisers, Investment companies, Investigations, Law enforcement, Penalties, Reporting and recordkeeping requirements, Small businesses, Securities, Terrorism, Time.
Authority and Issuance For the reasons set forth in the preamble, part 1010 of chapter X of title 31 of the Code of Federal Regulations is proposed to be amended as follows:
PART 1010GENERAL PROVISIONS
1. The authority citation for part 1010
is revised to read as follows:

Authority: 12 U.S.C. 1829b and 1951
1959; 31 U.S.C. 53115314, 53165336; title III, sec. 314 Pub. L. 10756, 115 Stat. 307;
sec. 701 Pub. L. 11474, 129 Stat. 599; sec.
6403, Pub. L. 116283, 134 Stat. 3388.

2. Add 1010.380 to read as follows:

1010.380 Reports of beneficial ownership information.

a Reports required1 Initial report. Each reporting company shall file an initial report in the form and manner specified in paragraph b of this section as follows:

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