ComplianceFebruary 26, 2024

Wolters Kluwer expert to speak on Corporate Transparency Act panel at SFVegas

David Spencer will highlight key compliance considerations regarding the new beneficial ownership reporting rule

David Spencer, Director, Compliance and Government Operations, Wolters Kluwer CT Corporation, will be speaking this month at the largest capital market conference in the world, SFVegas. He will be participating in the panel, “Policy Watch: Corporate Transparency Act,” on February 27, 2024.

The panel will feature experts discussing the new beneficial ownership rule that went into effect at the beginning of this year. As part of the U.S. Corporate Transparency Act (CTA), the rule will impact approximately 32.6 million reporting companies in 2024, with an additional five million new reporting companies moving forward. As there are significant consequences for non-compliance, awareness as to whether a business entity is subject to the new rules will be critical.

“While there has been progress towards fostering increased awareness of the new beneficial ownership rule, we still have a way to go to help ensure that business entities subject to the new rule are aware of these CTA reporting obligations,” said Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. “David Spencer will be sharing valuable information about the initial and ongoing reporting requirements to help business entities and their advisors determine eligibility—and key considerations when determining how to best navigate those requirements in a compliant manner.”

A recent Wolters Kluwer survey of more than 5,100 attendees who participated in the latest of a series of educational webinars since the new regulation took effect showed that 43% of respondents viewed their organizations as “between 25% to 50%” prepared to comply. Virtually one-third of respondents (31%) indicated they were “not at all prepared” to comply with the initial and ongoing compliance requirements.

Presented by the Structured Finance Association (SFA), the conference features industry leaders representing the full spectrum of market participants including investors, issuers, financial intermediaries, regulators, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.

Wolters Kluwer continues to share insights around the new beneficial ownership rule to promote the sharing of best practices among all industry participants. The company provides a range of helpful resources—such as an easy-to-use self-guided eligibility quiz—along with educational webinars and web-based content—to help ensure that impacted entities and the advisors they rely on can effectively prepare for and navigate the new requirements. More information is available on the dedicated Wolters Kluwer resource page, “Beneficial Ownership Information Compliance from CT Corporation.”

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

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