The answer is yes, 23 types of entities are exempt from the beneficial ownership information reporting requirements. Here is a summary of the categories of exempt companies:

1. Securities reporting issuer

2. Governmental authority

3. Bank

4. Credit union

5. Depository institution holding company

6. Money services business

7. Broker or dealer in securities

8. Securities exchange or clearing agency

9. Other Exchange Act registered entity

10. Investment company or investment adviser

11. Venture capital fund adviser

12. Insurance company

13. State-licensed insurance producer

14. Commodity Exchange Act registered entity

15. Accounting firm

16. Public utility

17. Financial market utility

18. Pooled investment vehicle

19. Tax-exempt entity

20. Entity assisting a tax-exempt entity

21. Subsidiaryof certain exempt entities

22. Inactive entity

23. Large operating company

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What is a large operating company?

An entity qualifies for the large operating company exemption if all six of the following criteria apply:

1.     The entity employs more than 20 full time employees.  In general, “full-time employee” means, with respect to a calendar month, an employee who is employed an average of at least 30 hours of service per week with an employer.

2.     More than 20 full-time employees of the entity are employed in the “United States.”

3.     The entity has an operating presence at a physical office within the United States. “Operating presence at a physical office within the United States” means that an entity regularly conducts its business at a physical location in the United States that the entity owns or leases and that is physically distinct from the place of business of any other unaffiliated entity.

4.     The entity filed a Federal income tax orinformation return in the United States for the previous year demonstrating more than $5,000,000 in gross receipts or sales.  If the entity is part of an affiliated group of corporations, refer to the consolidated return for such group.

5.     The entity reported this greater-than-$5,000,000 amount as gross receipts or sales (net of returns and allowances) on the entity’s IRS Form 1120, consolidated IRS Form 1120, IRS Form 1120-S, IRS Form 1065, or other applicable IRS form.

6.     When gross receipts or sales from sources outside the United States, as determined under Federal income tax principle,are excluded from the entity’s amount of gross receipts or sales, the amount remains greater than $5,000,000.

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