Temporarily no information provided from UBO register after European Court ruling

The European provision that everyone must have access to the UBO register in all cases is invalid. The European Court of Justice ruled this yesterday in a judgment concerning the Luxembourg UBO register. The provision of information from the Dutch register of ultimate beneficial owners (UBOs) has been temporarily halted following this ruling. Notaries will also not receive any information from the UBO register for the time being.

In a letter, Finance Minister Sigrid Kaag informed the House of Representatives of an initial analysis of the ruling and the actions now being taken. Although the Dutch situation is not identical to that of Luxembourg, this ruling prompts a review of the provision of information on UBOs. In light of this, the Chamber of Commerce has been asked to temporarily suspend the provision of information from the UBO register. The Chamber of Commerce will comply with this request until further decision-making is made.

UBO registration remains mandatory and possible
In the coming days, Minister Kaag will further analyze the ruling with all parties involved and consult with the European Commission to determine which information disclosures are permitted. The ruling does not, however, affect the obligation for companies and other legal entities to register UBOs. This remains in effect. Reporting UBOs to the UBO register therefore remains mandatory and possible.

Fundamental rights
In its judgment, the Court of Justice of the European Union declared invalid the provision of the Fifth Anti-Money Laundering Directive , which requires EU Member States to ensure that information on the UBOs of companies and other legal entities incorporated within their territory is accessible to every member of the public in all cases. According to the Court, this access constitutes a serious interference with the fundamental rights to respect for private life and the protection of personal data enshrined in the Charter of Fundamental Rights of the European Union. The Court ruled that this interference is not limited to what is strictly necessary and is disproportionate to the objective pursued. Last year, the Hague Court of Appeal rejected a request to annul Dutch legislation on the registration of UBOs.