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Articles + Publications December 24, 2024
Locke Lord LLP
On December 23, 2024, the United States 5th Circuit Court of Appeals granted the government’s motion for a “stay pending appeal”[1] of the Texas Top Cop Shop, Inc. v. Garland preliminary injunction prohibiting enforcement by FinCEN of the CTA.[2] The Court of Appeals found, among other things, that the CTA “was within [Congress’] commerce power”.[3]
The Court of Appeals decision and order effectively reinstated the beneficial ownership information reporting (BOI) deadlines under the CTA and its regulations, including the January 1, 2025 deadline for filings by non-exempt reporting companies existing prior to January 1, 2024. The 5th Circuit ordered that the appeal be expedited “to the next available oral argument panel.”
Shortly after the 5th Circuits’ decision and order, FinCEN issued an Alert[4] discussing the 5th Circuit’s decision and order and announcing the extension of the January 1, 2025 deadline for filing certain initial CTA Beneficial Ownership Reports to January 13, 2025.
The Alert included a number of other extensions and important deadlines for CTA BOI reporting, including a reminder that as of January 1, 2025, all newly formed entities that are not exempt under the CTA and existing Regulations only have 30 days from the date of formation to make their initial BOI Reports.
—-
[1] Texas Top Cop Shop, Inc. v. Merrick Garland, U.S. Attorney General, et al . 5thCir. No. 24-40792
[2] Texas Top Cop Shop, Inc. v. Merrick Garland, U.S. Attorney General, et al . USDC ED TX, No. 4:24-CV-478.
[3] Texas Top Cop Shop, Inc. v. Merrick Garland, U.S. Attorney General, et al . 5thCir. No. 24-40792., at pg. 4.
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Leading the energy evolution.
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Staying ahead of financial services change.
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Helping you focus on what matters – improving human health.
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100+ years advising insurers and reinsurers. Troutman Pepper Locke delivers regulatory, transactional, litigation, insurtech, and cyber insurance counsel nationwide.
Learn more
Your go-to firm for middle-market private equity.
Learn more
Full-service legal advice from coast to coast.
Learn more
Applying radical applications of common sense
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Our standard-setting client experience program.
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Delivering life-changing help to those most in need.
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Our firm’s greatest asset is our people.
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Market-leading eDiscovery and data management services.
Explore more
The Pepper Center for Public Services
Explore more
Strategies helps businesses and individuals solve the complexities of dealing with the government at every level. Our team of specialists concentrate exclusively on government affairs, representing clients nationwide who need assistance with public policy, advocacy, and government relations strategies.
This unique program provides innovative and affordable opportunities to startups and early-stage emerging companies with a solid technology or scientific foundation. We help companies that have a quality management team in place and do not have other significant legal representation.
eMerge’s lawyers and technologists work together to deliver strategic end-to-end eDiscovery and data management solutions for litigation, investigations, due diligence, and compliance matters. We help clients discover the information necessary to resolve disputes, respond to investigations, conduct due diligence, and comply with legal requirements.
Stay ahead of the curve and in touch with our latest thinking on the issues that are top of mind across our practices and industry sectors.
Change happens fast in today’s turbulent world. Stay on top of the latest with our industry-specific channels.
Take a closer look at how we partner with clients to help them realize their goals.