On 18 December, the Luxembourg Parliament adopted the law creating a central register of beneficial owners of companies and legal entities (the “Law”).

 

Creation of a beneficiary register named “RBE”

 

The RBE will be managed by the Luxembourg Trade and Companies Register (“RCSL”) which will be responsible for maintaining information on the beneficial owners (“BO”) of all entities registered in Luxembourg (SA, SCA, SARL, SCS, SCSp, SE, SNC, GIE, SAS, SC, FCP, Luxembourg branches created by foreign entities and associations) (the “Concerned Entities”).

 

Information concerning registration of information via the RCSL will be further detailed by a Grand Ducal Regulation still to be published.

 

Information to be registered with the RBE

 

A BO is to be considered as a natural person who ultimately holds a shareholding, controlling interest or ownership interest of at least 25% plus one share in a Concerned Entity. To the extent no such person exists, the person(s) holding senior managerial positions (Dirigeant Principal) in the Concerned Entities are considered as BO and must be recorded accordingly.

 

The following information will have to be registered for each BO: identity (name, first name, nationality, date and place of birth, country of residence, professional or personal address, official identification number), as well as the nature and extent of beneficial interests held.

 

Listed entities will only need to register the name of the market on which the shares are traded.

 

A Grand Ducal Regulation will provide further details on the supporting documents that must be submitted together with the filing, still to be published.