On January 1, 2024, a new beneficial ownership reporting rule (Rule) issued by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) took effect. The Rule affects a broad range of businesses, from startups to established entities, and creates particular challenges for investment management firms, noted Seward & Kissel partner Patricia A. Poglinco in a recent program devoted to the Rule. Poglinco, who moderated the discussion with fellow partners Sophia A. Agathis, Noelle Indelicato and Danielle Lemberg, discussed the key components of the Rule, including which entities are subject to it, who is a “beneficial owner,” what information companies are required to report and the practical implications of the Rule for fund managers. This article synthesizes the key takeaways from the program. See our two-part series on anti-money laundering rules proposed by FinCEN: “Parameters of the Rules and the Types of Managers Affected” (Apr. 18, 2024); and “Difficult Provisions, Potential SEC Examinations and Likelihood of Adoption” (May 2, 2024).