FINMA issuing regulation implementing FinSA and FinIA The Financial Market Supervisory Authority (FINMA) recently held a consultation with the aim to issue regulation implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. The consultation’s outcome is the following: FINMA will make adjustments to the existing ordinances and circulars; It will issue a...Read More

End of preparatory works for FinIA and FinSA   The Federal Financial Market Supervisory Authority (FINMA) has conferred upon the Swiss Supervisory Limited Company AOOS the authorization as a fifth supervisory organisations (SO), also recognizing it as a self-regulatory organization (SRO) under the Anti Money Laundering Act (AMLA). The set-up phase involving the institutional prerequisites...Read More

Publication of BO information in Luxembourg opens the path to legal claims   After the adoption of the EU Fourth Anti-Money Laundering Directive (4AMLD) in 2017, Luxembourg imposed on all businesses to identify their ultimate beneficial owners and register their data on to the Luxembourg Business Register (LBR), which in turn publishes it on the...Read More

The EU seeks uniform criteria to report beneficial ownership of entities   Following the Panama Papers and LuxLeaks events, the European Union has adopted measures to ensure greater transparency on beneficial ownership of legal entities and legal institutions, including those governed by the law or customs of the Member States, which have a similar structure...Read More

Royal Decree extends obligations for UBOs of Belgian legal entities   On September 23, 2020 a Royal Decree amending 2018 procedures on beneficial ownership (UBO) register of legal entities and introducing new disclosure obligations was published in Belgium. The major changes involve: The percentage of shares or voting rights in Belgian companies, which before had...Read More