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Three securities industry associations are asking the U.S. Treasury Department to revamp guidance to financial institutions on when to obtain beneficial ownership data from corporations, trusts and private investment companies. The Futures Industry Association (FIA), Securities Industry and Financial Markets Association (SIFMA) and the Investment Company Institute (ICI) said in a 10-page letter sent to the department's Financial Crimes Enforcement Network (FinCEN) that collecting the data would be "practically impossible" because entities are not required to disclose the information under U.S. law. The June 9 letter comes in response to March 5 interagency guidance by FinCEN, the U.S. Securities and...