S.Amdt. 6239

This amendment, submitted by Mr. Kennedy, aims to change the beneficial ownership information reporting requirements within section 5336 of title 31, United States Code.

The amendment proposes the following changes and additions:

• Updating Definitions: It changes the definition of an applicant to mean an individual filing to register a foreign-formed entity to do business in the United States. It also updates the definition of a reporting company to be an entity formed under foreign law that is registered to do business in the United States via a secretary of state or similar office under State or Indian Tribe laws.

• Adding Exemptions: It states that no reporting company must report beneficial ownership information for any United States person who is a beneficial owner. Additionally, no United States person is required to provide this information for any reporting company where they are a beneficial owner.

• Deleting Information: It requires the Financial Crimes Enforcement Network of the Department of Treasury to delete all beneficial ownership information of any United States person within 90 days after the Act is enacted. The Network may still keep information regarding any person who is not a United States person.