The Luxembourg Law of 13 January 2019 (RBE Law) provides for the setting-up of a register of beneficial owners of Luxembourg legal entities (Registre des bénéficiaires effectifs or RBE).
All Luxembourg legal entities registered with the Luxembourg Trade and Companies Register, including common funds (FCPs) and Luxembourg branches of foreign companies are required to provide up to date information on their beneficial owners. While listed companies are also covered, they will only be required to provide information regarding the stock exchange on which they are listed.
The RBE law entered into force on 1 March 2019 with a six month transitional period provided to the entities concerned to comply with the requirements of the RBE Law.
The registration of the beneficial owners must be carried out online through the RBE portal with all current beneficial owners to be registered by 31 August 2019 in order to avoid criminal fines resulting from a breach of the RBE Law and to benefit from a free-of-charge filing.
For more information on the Luxembourg register of beneficial owners read Harneys' guide here.
If you have any questions, please contact Andrew Knight, Massimiliano Della Zonca, Evi Koutsioumpa or your usual Harneys contact.