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In a move aimed at promoting greater transparency and accountability among corporations operating in New York, Governor Jessica Reynolds signed into law a new corporate law amendment on May 29, 2026.The amendment, which was passed by the state legislature earlier this month, requires corporations operating in New York to disclose more detailed information about their ownership structure and financial dealings. Under the new law, corporations will be required to provide a list of all individuals who own or control more than 10% of the company's shares, as well as information about any individuals who exercise significant control over the company through other means.In addition to increased disclosure requirements, the new law also imposes stricter penalties for corporations that fail to comply with these new reporting requirements. Corporations that fail to provide accurate and up-to-date information about their ownership structure could face fines of up to $1 million, as well as other sanctions imposed by the state attorney general.Governor Reynolds hailed the new law as a major step forward in improving corporate governance and ensuring that corporations operating in New York are held accountable for their actions. She emphasized the importance of transparency in corporate affairs, stating that "the public has a right to know who is behind the decisions that shape our economy and society."The new law has been met with mixed reactions from the business community, with some industry groups expressing concerns about the potential impact on corporate competitiveness. However, supporters of the law argue that it will help to level the playing field and prevent the misuse of corporate structures for illicit activities such as money laundering and tax evasion.Overall, the new corporate law amendment represents a significant change in the regulatory landscape for corporations operating in New York. By promoting greater transparency and accountability, the law aims to create a more fair and ethical business environment in the state.