Karen A. Hamlin’s Post

❗HUGE NEWS FOR BUSINESSES❗ The Corporate Transparency Act’s reporting requirements are on hold nationwide, following a Texas court ruling questioning their constitutionality. Businesses have a reprieve, but the legal fight isn’t over. In our latest DE Insight, Michael J. Raposa, Esq. shares what’s next and why staying prepared is crucial. The Corporate Transparency Act’s reporting requirements are on hold nationwide, following a Texas court ruling questioning their constitutionality. Businesses have a reprieve, but the legal fight isn’t over. In our latest DE Insight, Michael Raposa shares what’s next and why staying prepared is crucial. https://lnkd.in/gKDFqSRA

❗Breaking News for Businesses! The Corporate Transparency Act’s reporting requirements are on hold nationwide, following a Texas court ruling questioning their constitutionality. Businesses have a reprieve, but the legal fight isn’t over. In our latest DE Insight, Michael Raposa shares what’s next and why staying prepared is crucial. 🔍

Interesting to see the debate on transparency of business ownership in the USA. It has largely been resolved in Latvia with full disclosure of ultimate beneficial owners as part of the transformation of Latvian financial market that we - the market players - implemented together with Latvijas Banka / Latvijas Banka in English and the Latvian Register of Enterprises. It has lead to a very important conclusion - that transparency of business ownership is the fundamental building block of the compliance process and - that it actually creates operational clarity for banks and other financial institutions. Compliance process in itself is costly, but - transparency brings the benefit of clarity, that outweighs the cost in the long run. #banking #compliance #financialmarkets #finance

🚨 Compliance Alert: A federal court has hit the pause button on the Corporate Transparency Act, temporarily halting the need for businesses to meet the Jan. 1, 2025 compliance deadline. What does this mean for companies and beneficial owners? Michael J. Raposa, Esq. shares the latest in our latest DE Insight. ⚖️

🚨 Compliance Alert for Businesses: 🚨 A federal court has hit the pause button on the Corporate Transparency Act, temporarily halting the need to meet the Jan. 1, 2025 compliance deadline. What does this mean for companies and beneficial owners? Michael J. Raposa, Esq. explains in our latest DE Insight. ⚖️ https://lnkd.in/gekg6Aub

🚨 Compliance Alert: A federal court has hit the pause button on the Corporate Transparency Act, temporarily halting the need for businesses to meet the Jan. 1, 2025 compliance deadline. What does this mean for companies and beneficial owners? Michael Raposa shares the latest in our latest DE Insight. ⚖️   Stay alert and keep up with the latest information on the Corporate Transparency act.

In a long-awaited development, a report from Dr Kevin Lewis, formerly ASX’s chief compliance officer, was quietly tabled in Parliament last week, some three months after it was delivered to the Federal Government. The report discusses the fault elements within the continuous disclosure provisions in the Corporations Act, and the effects of the amending legislation passed by the previous Government. Under the 2021 amendments, disclosing entities could not be sued for civil claims for compensation (including class actions) or civil penalty proceedings by ASIC, unless knowledge, recklessness or negligence on the part of the entity could be established. Dr Lewis did not recommend removal of the fault elements for civil claims but did recommend removal of the fault elements for civil penalty proceedings by ASIC. Dr Lewis also made welcome recommendations to reform the continuous disclosure provisions to “address more fully” how the fault requirements of knowledge, recklessness or negligence should be attributed to a disclosing entity. Partner John Keeves discusses the report in this article: https://lnkd.in/gYkzR2Cr #governance #corporatelaw #auslaw 

A recent court decision declared the Corporate Transparency Act (CTA) unconstitutional, sparking a debate on the transparency of business ownership. Many countries have implemented measures to disclose beneficial ownership, but the US has allowed anonymous business ownership in some states until now. While the court case will continue, let's hope Congress can find a solution to the CTA verbiage in question without reverting to a blackhole of disparate requirements. Read more about this development here: https://lnkd.in/e7_Mw4sM #CorporateTransparency #BusinessOwnership #BeneficialOwnership #Transparency

🚨 Compliance Alert: A federal court has hit the pause button on the Corporate Transparency Act, temporarily halting the need for businesses to meet the Jan. 1, 2025 compliance deadline. What does this mean for companies and beneficial owners? Michael Raposa shares the latest in our latest DE Insight. ⚖️

A federal judge in Texas issued a nationwide preliminary injunction this week, halting enforcement of the Corporate Transparency Act (CTA) and the requirement for reporting companies to file beneficial ownership reports. This significant ruling has immediate implications for businesses across the United States. Understanding the current state of compliance obligations is critical for navigating this evolving landscape.  In our latest client alert, Mitch Karsch, Justin Pollak and Marc Rogers dive into the details of the ruling, its implications and what it means for reporting companies. https://lnkd.in/eGGKBF-Y  #CorporateTransparencyAct #LegalUpdate