On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Treasury, released final rules (the “Final Rules”) implementing Section 6403 of the Corporate Transparency Act (“CTA”). The CTA was enacted to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.
The Financial Crimes Enforcement Network released final reporting rules last year under the Corporate Transparency Act. At present, any Reporting Company formed on or after Jan. 1, 2024, will have 30 days to submit an initial report, while one in existence before Jan. 1, 2024, will have until Jan. 1, 2025, to submit an initial report.
Drones are revolutionizing an array of industries worldwide. With their versatile use-applications and advanced air mobility, opportunities associated with drones are sky-high.
GableGotwals acted as local counsel to Oklahoma Gas and Electric Co., a utility generation, transmission and distribution company, in the issuance of $450 million in aggregate principal amount of 5.4% Senior Notes, Series due January 15, 2033.
The GableGotwals team was led by Jeff Haughey with assistance from Shareholders Jordan B. Edwards, Thomas J. Hutchison, and associate Bailey S. Barnes.
What should companies be doing now?
The Corporate Transparency Act becomes effective on January 1, 2024.
Set to go into effect on October 11, 2022, new Item 402(v) requires companies to make these disclosures in proxy statements and information statements for fiscal years ending on or after December 16, 2022, thus greatly impacting the 2023 proxy season.
