Complying with new Luxembourg legislation relating to UBOs
The new Luxembourg law of 13 January 2019, and related grand ducal regulation of 15 February, established a register of ultimate beneficial owners (UBOs), known as the RBE.
Among other legal obligations, this new law expressly requires any Luxembourg entity registered with the Luxembourg Business Registers (LBR) to request certain information (along with the relevant supporting documentation), including but not limited to the nature and extent of the interest held by each UBO in the relevant Luxembourg entity, to be recorded in the LBR before the 1 September 2019.
Any such information recorded in the RBE will be publicly available and severe criminal fines might be imposed to any Luxembourg entity or UBO that fails to comply with the new law.
Fieldfisher Luxembourg partner Richard Ledain Santiago with assistance from senior associate Benjamin Devouassoux have compiled a set of guidelines on how to comply with the new legislation.
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