CTA Quick Links
- Executive Summary
- What Should You do about Compliance?
- Is Your Company Required to Report?
- What is Your Company Required to Report?
- Beneficial Ownership – Ownership Interests
- Beneficial Ownership – Substantial Control
- What is a FinCEN ID?
- What Should You do if Your Company is Exempt?
- What Might Trigger a Reporting Requirement?
- What Updates To Documents Should You Consider?
- Can You Backdate Agreements under CTA?
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Part 11
How will the CTA Impact Backdating Agreements?
It has long been a common practice to backdate agreements for clean dates or other reasons. Setting aside the many other considerations that go into whether or not it is legal or appropriate to backdate an agreement, for companies that have a direct or indirect CTA reporting obligation, backdating becomes very complicated due to the filing requirements and deadlines under the CTA. For example, backdating an ownership related agreement could make compliance with a filing deadline effectively impossible.
Beyond the initial reporting deadline issues, backdating can also cause headaches with regard to obligations the company may have to a third party– for example with respect to subsidiaries and other related parties. Backdating of any kind should be done with great care, particularly in consideration of the CTA.
These resources are provided for general informational purposes only, and are not legal advice. These resources do not form an attorney-client relationship.