Josh Prince, who is an attorney familiar with this area of law, has a summary of the 41P rule released last night.Â He notes that it has not yet been published in the Federal Register, so the clock is not currently ticking toward implementation. He also notes that there’s vagueness issues when it comes to “responsible persons”:
Throughout the final rule, ATF seemingly proposes several different interpretations of what constitutes a Responsible Person based on the entity type. This results in serious questions, such as whether the language is overly vague. Are now all employees who can possess a firearm of an LLC/Corp RPs? And also, whether ATF is treating different fictitious entities differently in violation of the law. Are trustees who can possess firearms of the trust RPs, but employees who possess firearms of LLC/Corps not? Moreover, what is the basis for treating non-licensees and licensees differently? The exact language for an RP can be found on page 238-239, which declares
Read the whole thing.