On 20 May 2019, the Dutch Minister of Finance (the Minister) published the Decree implementing the registration of ultimate beneficial owners of companies and other legal entities (Implementatiebesluit registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the Implementation Decree) for public consultation.
The Implementation Decree contains further detail on the ultimate beneficial owner register (the UBO Register) which will need to be in place by January 2020 (view our earlier blog on the UBO Register here).
The Implementation Decree, among other things:
- lists the documents that should be used to determine the economic interest of an ultimate beneficial owner (UBO) (e.g. the shareholders’ register, articles of association, deed of incorporation, organisation chart, registration with the Trade Register of the Dutch Chamber of Commerce, other notarial deeds);
- designates the competent regulatory authorities responsible for ensuring compliance with the obligations relating to the UBO Register; and
- provides for a foreclosure regime in case of exceptional circumstances.
The consultation ends on 1 July 2019.
View the Implementation Decree (Dutch only), 20 May 2019.