Description
The CTA, which went into effect on Jan. 1, 2024, requires certain U.S. and foreign entities defined as "reporting companies" to report certain identifying information about themselves, their beneficial owners, and company applicants to FinCEN (the U.S. Dept. of the Treasury's Financial Crimes Enforcement Network) within a certain prescribed time period.
Failure to comply with the new reporting requirements could result in civil and criminal penalties. The CTA imposes a civil penalty of not more than $500 for each day that there is a willful failure to report complete beneficial ownership information or a willful provision of or willful attempt to provide false or fraudulent beneficial ownership information. Further, a person may face a fine of up to $10,000 and imprisonment.
The CTA includes several exemptions, which may mean some larger healthcare entities will not have to meet the reporting requirements. However, smaller healthcare entities are not likely to be exempt. Therefore, they must understand and comply with the new requirements. Smaller healthcare entities are not alone. MSOs that are owned in part by private equity and some joint venture arrangements may be required to report.
Listen as our authoritative panel of healthcare attorneys examines the implications of the CTA for healthcare. The panel will provide an overview of the CTA and will discuss how the new CTA requirements apply to and/or impact physician groups, physician-hospital joint ventures and other joint venture arrangements as reporting companies, and MSOs co-owned by private equity firms. The panel will discuss who needs to be named as a beneficial owner and offer best practices for meeting CTA requirements.
Presented By
Mr. Greising devotes his practice primarily to general corporate and business, corporate finance, technology, education, healthcare and alternative energy areas. He has participated as lead counsel in many merger and acquisition transactions, represented lenders and borrowers in secured loan transactions, and served as legal advisor in the sale and purchase of numerous publicly and privately-held businesses across a broad spectrum of industries. Mr. Greising has also been the lead on joint ventures and strategic alliances in the financial services industry, technology and software sectors, the healthcare and community mental health sectors, education sector, energy field, distribution and logistics businesses, and on outsourcing projects involving governmental services and information technology.
Mr. Paul focuses his practice on counseling businesses, healthcare concerns and professionals with respect to limited liability company matters, general corporate matters, joint ventures, acquisitions and sales, fiduciary duty issues and financings. His clients include large-scale healthcare providers, technology companies, distributors, service providers and manufacturers of various sizes, as well as individual healthcare professionals and other professionals. Mr. Paul has lectured both locally and nationally regarding limited liability companies and other legal matters.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Thursday, November 7, 2024
- schedule
1:00 p.m. ET./10:00 a.m. PT
- CTA overview
- Application and analysis of the new CTA to healthcare entities, with examples
- Physician groups
- Physician-hospital JVs
- Other JV arrangements
- MSOs co-owned by PE firms
- Naming beneficial owners
- Best practices for meeting CTA requirements
The panel will review these and other important considerations:
- Which healthcare entities will likely be most affected by the CTA's implementation and why?
- What exemptions may apply?
- How will the CTA's reporting requirements affect physician-hospital JVs and other transactions?
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