New Rules on Beneficial Ownership Register: Implications for Fund Companies/Service Providers
What do new Regulations, effective 15 November 2016, requiring companies to hold adequate, accurate and current information on their beneficial ownership on an internal register mean for fund companies and fund service providers?
On 15 November 2016, the Department of Finance published the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the "Regulations").
The Regulations require companies and other legal entities incorporated in Ireland to take all reasonable steps to hold adequate, accurate and current information on their beneficial ownership on an internal register of the entity as and from 15 November 2016. The Regulations affect Irish incorporated companies (including UCITS investment companies and most AIF investment companies, special purpose vehicles (SPVs) UCITS management companies, AIFMs, fund administration and depositary companies) and ICAVs, which have "beneficial owners".
For further information on the Regulations and their requirements please view our full briefing.