(Some) Clarifications Regarding The Register Of BOs

(Some) clarifications regarding the Register of BOs: publication of the Grand-Ducal Regulation of 15 February 2019 on the modalities for registration, payment of the administrative fees and on the access to the information registered with the register of beneficial owners

The law of 13 January 2019 establishing a register of beneficial owners (the "RBE Law") was published on 15 January 2019 and will enter into force on 1 March 2019.

The RBE Law establishes a register of beneficial owners ("BOs") of Luxembourg legal entities (the so-called "RBE") under the authority of the minister in charge of justice. More information regarding the RBE Law can be found here: Newsflash of 19 December 2018.

As anticipated by the RBE Law, the latter has now been supplemented by a Grand-Ducal Regulation of 15 February 2019 on the modalities for registration, payment of the administrative fees and on the access to the information registered with the RBE (the "Grand-Ducal Regulation"). As for the RBE Law, the Grand-Ducal Regulation will enter into force on 1 March 2019.

The present newsflash aims at setting out the main features of the Grand-Ducal Regulation, which provides for additional information on (i) the modalities for registration of the BO related information with the RBE, (ii) the access to such information and (iii) the modalities for the payment of the administrative fees relating to the registration and consultation of the BO related information.

1. Registration of BO related information with the RBE

   1.1.General information on the registration procedure

   Pursuant to Article 3 of the RBE Law, all Luxembourg commercial companies as well as any other legal entities registered with the Luxembourg trade and companies' register (Registre de Commerce et des Sociétés de Luxembourg, the "RCSL") have an obligation to file their BO related information with the RBE.

   The Grand-Ducal Regulation further provides that the request for registration of the BO related information with the RBE shall be made by the applicant electronically via the Internet website of the RBE manager, namely the Luxembourg Business Registers GIE (the "LBR").

   Each request for registration will be dated on the day of its acceptance by the LBR and will be allocated a unique number. In addition, a receipt of acceptance will be issued to the applicant.

   It should be noted that the registration of BO related information with the RBE shall be made either in French, German or Luxembourgish, in a...