EU Member States: ECJ ruling ends unlimited public access to UBO Register

On the 22nd of November 2022, the European Court of Justice (‘ECJ’) ruled, in a landmark judgment, that accessibility to data relating to the Ultimate Beneficial Owner (‘UBO’) by the general public, as provided for in the EU’s anti-money laundering directives (“AMLD”), is invalid due to incompatibility with the EU fundamental rights to respect for private life and to the protection of personal data. Per ECJ Ruling: Joined Cases C‑37/20 and C‑601/20, the UBO Register can no longer be accessed by any member of the public, but it does not aim to impact the existing access to UBO information by authorities or obliged entities.  

Key changes and requirements 

As a consequence of this ruling, the EU member states are either reflecting on or have already applied measures to comply with the ruling, with the result that UBO registers have/will become (in varying degrees) inaccessible to the general public. We have already seen that the accessibility of this data is being withdrawn in countries such as the Netherlands, Luxembourg, and Belgium. Comparable measures are expected to follow in more EU Member States. It is worth noting that the European Commission has already indicated that it is thoroughly analysing the implications of the decision and that legislative changes to the AMLD can be expected. 

The ruling is unlikely to affect the obligation to register UBOs in the UBO register. Information on UBO data will still be accessible to obliged entities subject to customer due diligence and to competent authorities.  

How can we help? 

As UBO information will fall out of the public domain, it is more important than ever that our clients are confident that they are aware of what information on UBOs has been filed in relevant EU Member States. Computershare has knowledge in many countries and will be able to assist you with these obligatory filings. UBO registrations are still mandatory, dependant on each country's requirement.  

Computershare will continue to monitor the practical effects of this ECJ ruling across the EU and will keep its clients updated of any future development as they arise.  

Contact: 

Please contact your dedicated Computershare Relationship Manager or send an email to globalentityservices@computershare.com for more information about how Computershare may assist you in responding to these new requirements.

This notice is provided by Computershare for general informational purposes only and is not intended and should not be construed as legal, regulatory, financial or tax advice. Computershare is not licensed or authorized to practice law in any jurisdictions and hence does not provide any legal advice and it does not hold itself out as doing so. Neither Computershare nor any of its affiliates or contributors accept any responsibility or liability for the quality, accuracy or completeness of any information contained in this notice. It is important that you seek independent professional advice relating to the subject matter of this notice before relying on it.