Suspension of access to the Beneficial Owners Register for the general public
The Department of Registrar of Companies and Intellectual Property announced yesterday that access to the Register of Beneficial Owners for the general public is suspended. This comes as a result of the landmark Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22 2022.
According to the above-mentioned Judgement of the CJEE, general public access to the information submitted in the UBO Registry is invalid as it constitutes a serious interference with the fundamental rights of respect for private life and to the protection of personal data (Articles 7 and 8, Charter of Fundamental Rights of the European Union).
The relevant information to the competent and supervisory authorities will continue to be provided with the applicable procedure and the obligation of companies and partnerships to submit and update their Beneficial Owners information is not affected and remains valid.