LexGo

Some Answers to Questions Raised by the Law on the Register of Beneficial Owners
14/03/2019

The law dated 13 January 2019, on the Register of Beneficial Owners (the “Law”), entered into force on 1 March 2019. The Luxembourg regulation of 15 February 2019 and the circular LBR (Luxembourg Business Registers) 19/01 of 25 February 2019 bring some answers to the questions the implementation of the Law raised.

The Register of Beneficial Owners, or the Registre des Bénéficiaires Effectifs (“RBE”), will centralise the information of all beneficial owners of entities registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés), with the exception of individual retailers. The term “beneficial owner” is defined by reference to the Law of 12 November 2004, as amended, regarding the fight against money laundering and the use of the financial sector for such purposes (“Beneficial Owner(s)”).

Luxembourg Business Registers, an economic interest group that is also in charge of the Luxembourg Trade and Companies Register, manages the RBE. The RBE will contain the following information on each Beneficial Owner: name, surname, nationality, date and place of birth, country of residence, private or professional address, national or foreign registry’s identification number and nature and extent of the effective interests. Listed companies are subject to lighter requirements.

The request for the publication of information and its modifications should come from the registered entity or through its agent. Such requests shall be completed through electronic means on the RBE’s website within one month of the moment that the entity acknowledged or should have acknowledged the event requiring a registration or a modification. Each submission or request for modification will be charged EUR 15 to cover the administrative cost. The request for registration shall be supported by an official identity document, translated into one of the official languages of Luxembourg (French, German or Luxembourgish) if such document does not use Latin characters. If a Beneficial Owner has a Luxembourg national identification number, no identity document will be required. A listed entity must provide a document attesting that its shares are listed on a regulated market.

Fines ranging from EUR 1,250 to EUR 1,250,000 might apply to entities and/or Beneficial Owners that fail to declare.

National authorities will have access to all information within the scope of their missions, with no exceptions. Any person will have access to all information published on the RBE, with the exception of private or professional addresses and identification numbers. An excerpt in electronic form (EUR 5) or on paper (EUR 10) will be available. It should be noted that the RBE’s manager will have the power to deny users access to its website in the case of excessive or fraudulent use of the RBE.

A registered entity or a Beneficial Owner will be able to, in very exceptional circumstances, limit access to certain information. Registered entities will still have to register the required information and submit the supporting documents together with a request for limitation (+EUR 200).

The Law provides for a transition period allowing registered entities to adapt to the new requirements. This transition period began on 1 March 2019 and will last until 31 August 2019. During such period, information published on the RBE will not be accessible to the public, and submissions or requests for modification will be free of charge. Public access to the RBE will begin 1 September 2019.

Further information can be found by clicking on the below summary table:

 

Related : Wildgen SA ( Mrs. Isabelle Charlier ,  Mr. Alexis Kunitani )

[+ http://www.wildgen.lu]

Mrs. Isabelle Charlier Mrs. Isabelle Charlier
Partner
isabelle.charlier@wildgen.lu
Mr. Alexis Kunitani Mr. Alexis Kunitani
Associate
alexis.kunitani@wildgen.lu

All articles Corporate law

Lastest articles Corporate law

Entry into force of the RBE Regulation and update
14/03/2019

The Grand-Ducal Regulation of 15 February 2019 on the registration, payment of administrative fees and access to informati...

Read more

CJEU decides in Danish cases relating to beneficial ownership
04/03/2019

On 26 February 2019, the Court of Justice of the European Union (“CJEU”) issued its decisions in six cases whi...

Read more

Les clauses portant sur le droit de vote dans les pactes d’actionnaires
03/01/2019

Dans nos précédents cahiers de MNKS (qui deviennent désormais les cahiers de PwC Legal) consacr&eacut...

Read more

Luxembourg to Set Up Central Register of Beneficial Owners
26/12/2018

On December 18, 2018 the Luxembourg Parliament adopted Draft Bill of Law n° 7217 providing for the establishment of a ...

Read more

Lastest articles by Mrs. Isabelle Charlier

Law of 13 January 2019 Establishing the Register of Beneficial Owners
17/01/2019

The law dated 13 January 2019 on the register of beneficial owners has been published on 15 January 2019 in the Luxembourg...

Read more

Business Licence Reform in Luxembourg: What's New?
05/11/2018

On 30 July 2018, the law of 18 July 2018 (the “Law of 2018”) amending the law of 2 September 2011 regulating a...

Read more

The Simplified S.À R.L.: A New Tool To Support The Booming Luxembourg Startup Industry
27/07/2016

Luxembourg once again strengthens its position as a leading European hub for startups and innovation with the adoption on ...

Read more

Be Ready For The New Luxembourg Company Law
22/07/2016

On July 13, 2016 – after almost 10 years of steady maturation – the Luxembourg parliament adopted the bill of ...

Read more

Lastest articles by Mr. Alexis Kunitani

Law of 13 January 2019 Establishing the Register of Beneficial Owners
17/01/2019

The law dated 13 January 2019 on the register of beneficial owners has been published on 15 January 2019 in the Luxembourg...

Read more

LexGO Network