Is Your Company Exempt From Filing A Beneficial Ownership Information Report to FinCEN?

1. Securities Reporting Issuer

Any issuer of securities that is (A) an issuer of a class of securities registered under section 12 of the Securities Exchange Act of 1934, or (B) required to file supplementary and periodic information under Section 15(d) of the Securities Exchange Act of 1934.

2. Governmental Authority

Any entity that (A) is established under the laws of the United States, an Indian tribe, a State, or a political subdivision of a State, or under an interstate compact between two or more States, and (B) exercises governmental authority on behalf of the United States or any such Indian tribe, State, or political subdivision.

3. Bank

Any bank as defined in (A) section 3 of the Federal Deposit Insurance Act. (B) section 2(a) of the Investment Company Act of 1940. (C) section 202(a) of the Investment Advisers Act of 1940.

4. Credit Union

The entity is a (A) “Federal credit union” as defined in section 101 of the Federal Credit Union Act, (B) State credit union” as defined in section 101 of the Federal Credit Union Act.

5. Depository Institution Holding Company

The entity is a (A) “bank holding company” as defined in section 2 of the Bank Holding Company Act of 1956, or (B) “savings and loan holding company” as defined in section 10(a) of the Home Owners’ Loan Act.

6. Money Transmitter Business

The entity is a money (A) transmitting business registered with FinCEN under 31 U.S.C. 5330, and (B) services business registered with FinCEN under 31 C.F.R. 1022 380.

7. Broker or Dealer in Securities

The entity is (A) a “broker” or “dealer,” as those terms are defined in section 3 of the Securities Exchange Act of 1934, and (B) registered under section 15 of the Securities Exchange Act of 1934.

8. Securities Exchange or Clearing Agency

The entity is (A) an “exchange” or “clearing agency,” as those terms are defined in section 3 of the Securities Exchange Act of 1934, and (B) registered under sections 6 or 17A of the Securities Exchange Act of 1934.

9. Other Exchange Act Registered Entity

The entity (A) is not a securities reporting issuer as defined in Exemption #1, broker or dealer in securities as defined in Exemption #7, or securities exchange or clearing agency as defined in Exemption #8, and (B) is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934.

10. Investment Company or Investment Adviser

The entity is (A) an “investment company” or “investment adviser” defined as either:

• An investment company in section 3 of the Investment Company Act of 1940; or

• An investment adviser in section 202 of the Investment Advisers Act of 1940, and

(B) registered with the Securities and Exchange Commission under either of these authorities:

• The Investment Company Act of 1940; or

• The Investment Advisers Act of 1940.

11. Venture Capital Fund Adviser

The entity (A) is an investment adviser that is described in section 203(l) of the Investment Advisers Act of 1940, and (B) has filed Item 10, Schedule A, and Schedule B of Part 1A of Form ADV, or any successor thereto, with the Securities and Exchange Commission.

12. Insurance Company

The entity is an “insurance company” as defined in section 2 of the Investment Company Act of 1940.

13. State-Licensed Insurance Producer

The entity (A) is an insurance producer that is authorized by a State and subject to supervision by the insurance commissioner or a similar official or agency of a State, and (B) has an operating presence at a physical office within the United States. The term “operating presence at a physical office within the United States” means that an entity regularly conducts its business at a physical location in the United States that the entity owns or leases and that is physically distinct from the place of business of any other unaffiliated entity.

14. Commodity Exchange Act Registered Entity

The entity is (A) a “registered entity” as defined in section 1a of the Commodity Exchange Act, and (B) one of these entities registered with the Commodity Futures Trading Commission under the Commodity Exchange Act:

• “Futures commission merchant” as defined in section 1a of the Commodity Exchange Act;

• “Introducing broker” as defined in section 1a of the Commodity Exchange Act;

• “Swap dealer” as defined in section 1a of the Commodity Exchange Act;

• “Major swap participant” as defined in section 1a of the Commodity Exchange Act;

• “Commodity pool operator” as defined in section 1a of the Commodity Exchange Act;

• “Commodity trading advisor” as defined in section 1a of the Commodity Exchange Act; or

• “Retail foreign exchange dealer” as described in section 2(c)(2)(B) of the Commodity Exchange Act.

15. Public Accounting Firm

The entity is a public accounting firm registered in accordance with section 102 of the Sarbanes-Oxley Act of 2002.

16. Public Utility

The entity (A) is a “regulated public utility” as defined in 26 US 7701, and (B) provides telecommunications services, electrical power, natural gas, or water and sewer services within the United States.

17. Financial Market Utility

The entity is a financial market utility designated by the Financial Stability Oversight Council under section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010.

18. Pooled Investment Vehicle

The entity is (A) a pooled investment vehicle if either of these statements apply to the entity:

• Is an investment company, as defined in section 3(a) of the Investment Company Act of 1940; or

• Is a company that would be an investment company under that section but for the exclusion provided from that definition by paragraph (1) or (7) of section 3(c) of that Act; and is identified by its legal name by the applicable investment adviser in its Form ADV, (or successor form) filed with the Securities and Exchange Commission or will be so identified in the next annual updating amendment to Form ADV required to be filed by the applicable investment adviser pursuant to rule 204-1 under the Investment Advisers Act of 1940.

(B) operated or advised by any of these types of exempt entities:

• Bank, as defined in Exemption #3;

• Credit union, as defined in Exemption #4;

• Broker or dealer in securities, as defined in Exemption #7;

• Investment company or investment adviser, as defined in Exemption #10; or

• Venture capital fund adviser, as defined in Exemption #11.

19. Tax-Exempt Entity

The entity is (A) an organization that is described in section 501(c) of the Internal Revenue Code of 1986 (Code) (determined without regard to section 508(a) of the Code) and exempt from tax under section 501(a) of the Code, (B) an organization that is described in section 501(c) of the Code, and was exempt from tax under section 501(a) of the Code, but lost its tax-exempt status less than 180 days ago, (C) a political organization, as defined in section 527(e)(1) of the Code, that is exempt from tax under section 527(a) of the Code, or (D) trust described in paragraph (1) or (2) of section 4947(a) of the Code.

20. Entity Assisting a Tax-Exempt Entity

The entity (A) operates exclusively to provide financial assistance to, or hold governance rights over, any tax-exempt entity described by Exemption #19, (B) is a United States person as defined in section 7701(a)(30) of the Internal Revenue Code of 1986, (C) is beneficially owned or controlled exclusively by one or more United States persons that are United States citizens or lawfully admitted for permanent residence. “Lawfully admitted for permanent residence” is defined in section 101(a) of the Immigration and Nationality Act, and (D) derives at least a majority of its funding or revenue from one or more United States persons that are United States citizens or lawfully admitted for permanent residence.

21. Large Operating Company

(A) The entity employs more than 20 full time employees, “full-time employee” means, with respect to a calendar month, an employee who is employed an average of at least 30 hours of service per week with an employer, and (B) More than 20 full-time employees of the entity are employed in the United States, and (C) The entity has an operating presence at a physical office within the United States. “Operating presence at a physical office within the United States” means that an entity regularly conducts its business at a physical location in the United States that the entity owns or leases and that is physically distinct from the place of business of any other unaffiliated entity, and (D) The entity filed a Federal income tax or information return in the United States for the previous year demonstrating more than $5,000,000 in gross receipts or sales. If the entity is part of an affiliated group of corporations within the meaning of 26 U.S.C. 1504, refer to the consolidated return for such group, and (E) The entity reported this greater-than-$5,000,000 amount as gross receipts or sales (net of returns and allowances) on the entity’s IRS Form 1120, consolidated IRS Form 1120, IRS Form 1120-S, IRS Form 1065, or other applicable IRS form, and (F) When gross receipts or sales from sources outside the United States, as determined under Federal income tax principle, are excluded from the entity’s amount of gross receipts or sales, the amount remains greater than $5,000,000.

22. Subsidiary of Certain Exempt Entities

The entity’s ownership interests are controlled or wholly owned, directly or indirectly, by one or more entities described in exemptions
1, 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 19 or 21 set forth above. Note that this exemption applies to only some, and not all, of the above exemptions. While the “wholly owned” test is likely to be straightforward to apply, the control test for this exemption may require a more detailed analysis.

23. Inactive Entity

The entity (A) was in existence on or before January 1, 2020, (B) is not engaged in active business, (C) is not owned by a foreign person, whether directly or indirectly, wholly or partially. “Foreign person” means a person who is not a United States person. A United States person is defined in section 7701(a)(30) of the Internal Revenue Code of 1986 as a citizen or resident of the United States, domestic partnership and corporation, and other estates and trusts, (D) has not experienced any change in ownership in the preceding twelve-month period, (E) has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelve-month period, and (F) does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity.