The law of 13 January 2019 establishing this UBO Register (the “Law”) has now been voted and published. It will enter into force on 1st March 2019.
The UBO Register (managed by the Luxembourg Business Registers) will keep information about the identity of the UBOs of Luxembourg registered entities, up to 5 years after their dissolution, among which:
- Full name, date and place of birth;
- Nationality(ies) and country of residence;
- Private or professional address;
- National or foreign identification number; and
- Information on the beneficial interest held in the entity.
As an exception, listed companies must however only disclose the name of the regulated market on which their shares are negociated.
Accurate and up-to-date information will have to be filed with the UBO Register within one month following the moment when the entity has become aware (or should have become aware) of the event requiring the registration or the modification of the information.
Such information will also have to be kept by the entity, together with supporting documents, at its registered office, and to be delivered upon request to Luxembourg professionals (e.g. bank, notary, lawyer) acting in the scope of their obligation to fight money laundering and terrorism financing.
Most of these information will be accessible to the general public. The address and identification number of the UBOs should however only be accessible to the national authorities (i.e.Luxembourg Justice, police, tax authorities, Ministry of foreign and european affairs and Ministry of finance, etc.).
Under the Law, the manager of the UBO Register must ensure that neither the entities nor their UBOs will be informed of any consultations of the data to be carried out.
Upon consultation the UBO Register will deliver the requested information on the UBOs in electronic or paper form.
Any entity failing to comply with its duty under the Law, either by not proceeding in time with the required filings or deliberately registrating wrong, incomplete or outdated information, may be punished by a fine ranging from 1,250 euro to 1,250,000 euro.
The Law provides for a transitional period of 6 months for the entities to comply with their obligations. Therefore, any entity concerned should have proceeded with the mandatory filings with the UBO Register by 31st August 2019 at the latest.
Tiberghien Luxembourg remains committed to monitor the legal and practical implementation of the UBO register within Luxembourg (and within other Member States).
For any questions, please contact your trusted advisor at Tiberghien Luxembourg or contact any of the authors of this publication.
Maxime Grosjean - Senior Associate (email@example.com)
Stephen Lamothe - Associate (firstname.lastname@example.org)