Luxembourg Register of Beneficial Ownership – Is your fund compliant?

24th July 2019

On 1 March 2019, the Luxembourg law of 13 January 2019 on the register of beneficial owners (the "RBO Law") entered into force.  This law is derived from a requirement in the 4th and 5th EU AML Directives for each EU Member State to establish such a register.

The RBO Law applies to all Luxembourg registered entities, including investment funds and their associated entities.  The law requires each Luxembourg entity to disclose certain information on its "beneficial owner,” or the natural person(s) holding the position of senior manager in the case of entities without a beneficial owner.
 
Luxembourg entities have until 31 August 2019 to comply with the RBO Law.  The register will be maintained by the Luxembourg authorities and all information will be accessible by the general public, except for the beneficial owner's (i) private or professional address; and (ii) national identification number.
 
It is important to note that the service provider may not automatically take care of these filings, and the fine for non-compliance can reach up to EUR 1,250,000 per entity.  For all entities for which Langham Hall acts as service provider, we are offering to prepare and make the necessary filings to manage this obligation on behalf of our clients in advance of the deadline.

If you are unsure how this new law may affect you, please do get in touch to discuss with one of our dedicated investment funds team.  For more industry insights from the Langham Hall team, click here.