A new law of 13 January 2019 establishing a Register of Beneficial Owners (RBE) for Luxembourg registered entities was published on 15 January 2019 in the Luxembourg Official Gazette (Mémorial A) (RBE Law). The RBE Law entered into force on 1 March 2019. However, registered entities are granted a six-month transition period from when the RBE Law came into force to comply with its provisions. The RBE will be available for consultation at the end of this six-month period.
The Regulations require all entities registered with the Trade and Companies Register (RCS),including, but not limited to General Partners, UCITS, SIFs, FCPs, SCSPs, SLP, Soparfis to comply with the RBE Law (“relevant entities”). Responsibility for complying with the RBE Law rests with the Board of the relevant entity. Failure to comply with the RBE law may result in criminal fines of up to €1,250,000 being
Read our Beneficial Ownership – Meeting Your New Obligations Flyer to find out more about your new obligations and Carne’s Beneficial Ownership Solutions. As the deadline is fast approaching we recommend that affected parties commence preparations by 20 July 2019.