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The next frontier: Offshore wind development in Asia
In the face of significant global headwinds in the sector, green shoots are emerging in 2025 for offshore wind in Asia after a turbulent 24 months.
United States | Publication | March 2025
On February 27, 2025, FinCEN announced that no fines, penalties or any other enforcement actions will be taken based on reporting companies’ failure to file BOI reports by the current deadlines (previously extended to March 21, 2025) until a forthcoming interim final rule becomes effective.
However, on March 2, 2025, the Treasury Department went further and indicated it is unlikely to impose reporting obligations and associated penalties or fines on US citizens, domestic reporting companies or their beneficial owners even after the forthcoming interim final rule changes take effect. Instead, when the Treasury Department issues a new interim final rule, it appears reporting obligations under the CTA will only apply to foreign reporting companies, which is a concept that remains to be defined.
For more information on the zig-zagging of the previous court orders, see our prior analysis:
For more information on the reporting requirements and common pitfalls of the CTA, see:
Publication
In the face of significant global headwinds in the sector, green shoots are emerging in 2025 for offshore wind in Asia after a turbulent 24 months.
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Charlotte Hillyard, Senior Innovation Lawyer in the Innovation Design and Technology team and one of Norton Rose Fulbright's Generative AI leads, will be sharing her insight at several prominent legal technology events in the coming week.
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We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
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