SEC Registered Investment Advisers: The investment adviser entity and private fund entities are exempt from reporting beneficial ownership to FinCEN. Wholly owned subsidiaries are exempt as well. General Partner (or similar) entities are generally not exempt unless they are a relying adviser.
Venture Capital Advisers (registered or exempt). The investment adviser entity and private fund entities are exempt from reporting beneficial ownership to FinCEN. Wholly owned subsidiaries are exempt as well. General Partner (or similar) entities are generally not exempt unless they are a relying adviser.
Broker-Dealers: The broker-dealer entity and wholly owned subsidiary entities are generally exempt. Parent companies or other affiliates may not be exempt.
State Registered Investment Advisers: Currently, there is no exemption for the investment adviser entity or related entities (funds, GPs, etc.). We hope to receive further clarification from FinCEN on a potential exemption for state registered investment advisers given that they also file an ADV including beneficial ownership information. However, in the absence of further guidance, reporting is required.
Exempt Reporting Advisers (Other Than Venture Capital Advisers): Currently, there is no exemption for the investment adviser entity or related entities (funds, GPs, etc.). We hope to receive further clarification from FinCEN on a potential exemption for state-filed exempt reporting advisers given that they also file an ADV including beneficial ownership information. However, in the absence of further guidance, reporting is required.
Who is this information reported to? FinCEN via BOI E-FILING (fincen.gov). The filing is not publicly available after submission.
What is required to be reported?
Reporting Entity:
- Full legal name of entity
- EIN
- Address
- Legal Name
- Date of Birth
- Address
- Upload of ID (passport/driver’s license)
- Legal Name
- Date of Birth
- Address
- Upload of ID (passport/driver’s license)
Timeline to Report
Material changes to previously reported entities is required within 30 calendar days.
Contact Aspect Advisors if you have any questions, would like assistance in filing, or discussing your Firm’s obligations related to reporting beneficial ownership information to FinCEN.
The above analysis is meant to be a high-level overview of the Beneficial Ownership rule and may not be detailed enough or directly applicable in every instance. Whether an entity is required to report beneficial ownership information to FinCEN depends on the specific facts and circumstances related to that entity.