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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Energy

Date & Time
  • event Date

    Thursday, June 20, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will provide renewable energy counsel, developers, and investors guidance on the compliance and reporting requirements of the Corporate Transparency Act of 2021 (CTA), effective Jan. 1, 2024. The panel will discuss specific CTA reporting challenges for renewable energy industry developers and private equity and infrastructure funds, how the CTA may impact legal agreements, and the impact of the CTA on privacy concerns of both U.S. and foreign persons within the renewable energy industry.

Faculty

Carl A. Valenstein
Partner
Morgan, Lewis & Bockius LLP

Mr. Valenstein focuses his practice on domestic and international corporate and securities matters, mergers and acquisitions, project development, and transactional finance. He works extensively in a variety of industries, including the life sciences, telecom/electronics, renewable energy, and maritime industries, and has worked broadly in Latin America, the Caribbean, Europe, Africa, Asia, and the Middle East. Mr. Valenstein previously served as co-chair of the International Section of the Boston Bar Association and co-chairs the firm’s ESG and sustainability advisory practice and Cuba initiative. He is the former leader of the Boston office corporate and business transactions practice.

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Carson Haddow
Associate
Morgan, Lewis & Bockius LLP

Mr. Haddow represents sponsors, developers, utilities, and financial institutions in the construction, financing, sale, and acquisition of renewable and traditional energy generation projects.

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Description

The CTA requires certain U.S. and foreign entities that are defined as reporting companies to report beneficial owners and company applicants to FinCEN (the Department of the Treasury's Financial Crimes Enforcement Network). FinCEN will establish and maintain a non-public national registry of beneficial owners and company applicants of reporting companies to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.

These federal and new reporting rules will impact renewable energy industry developers, private equity and infrastructure funds, and related companies formed prior to and after the effective date of the CTA. Noncompliance with these reporting rules may result in significant civil and criminal penalties.

Therefore, renewable energy entities that are potentially impacted by these rules should commence to determine: (1) whether a business arrangement or entity is out of scope as a reporting company, a reporting company, or otherwise exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) how trusts are treated under the CTA; (4) the information that is required to be reported by a reporting company, beneficial owner, and company applicant; (5) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (6) when a report is initially due, required to be updated, or required to be corrected; (7) the potential ramifications of noncompliance; and (8) how to establish a workstream to prepare for, collect, maintain, and report information required to be reported under the CTA.

Listen as our panel discusses the CTA's key provisions, determining whether renewable energy industry developers, private equity and infrastructure funds, and related companies are reporting companies or beneficial owners, and avoiding both civil and criminal penalties for noncompliance.

Outline

  1. Overview of Corporate Transparency Act of 2021
  2. Reporting requirements and disclosure of information
  3. Potential challenges for renewable energy related companies
  4. Exemptions
  5. Penalties
  6. Best practices for counsel

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • What is the impact on domestic and foreign companies?
  • What are the reporting requirements under the CTA rules?
  • How do you determine which companies are considered reporting companies under the CTA?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the compliance challenges unique to the renewable energy industry and related companies?
  • What are the potential ramifications for noncompliance?