Public Access to UBO Registers Suspended after Judgement of the European Court

The European Court of Justice issued a judgement on November 22nd,2022 on the suspension of access for the general public to the Register of Beneficial Owners, effective immediately.

The aforementioned ruling concludes that granting public access to UBO Registers of European companies is no longer valid, since it constitutes a serious intervention regarding fundamental rights of respect for privacy and the protection of personal data ( see Articles 7 and 8, Charter of Fundamental Rights of the European Union).

The relevant information shall be provided to the competent and supervisory authorities as well as to the obliged entities via the applicable procedure. It is imperative that obliged entities submit a solemn declaration to confirm that such information is requested for the purpose of due diligence.

Companies and partnerships are still obligated to submit updated Beneficial Owners information.

Our team of experts is always at your disposal for further assistance with the subject matter.