On March 1, 2024, the U.S. District Court for the Northern District of Alabama held that the Corporate Transparency Act (“CTA”)—which requires most reporting companies to file a beneficial ownership information report with the Financial Crimes Enforcement Network—is unconstitutional as beyond Congress’s authority. While this means that the CTA is currently not in effect, we expect the U.S. government will appeal the District Court’s decision and seek a stay of the decision in the interim.