Changes to the Luxembourg bearer shares regime
Bill of law no. 6625, which will substantially change the legal regime applicable to bearer shares issued by a Luxembourg company, was adopted by the Luxembourg Parliament on 16 July 2014.
The bill was adopted in accordance with the Financial Action Task Force recommendations and in particular recommendation 24 dated 16 February 2012, which provides that ‘countries should take measures to prevent the misuse of legal persons for money laundering or terrorist financing. Countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities. In particular, countries that have legal persons that are able to issue bearer shares or bearer share warrants, or which allow nominee shareholders or nominee directors, should take effective measures to ensure that they are not misused for money laundering or terrorist financing. Countries should consider measures to facilitate access to beneficial ownership and control information by financial institutions and DNFBPs undertaking the requirements set out in recommendations 10 and 22’.
The aim of the bill is to implement measures ensuring the transparency of bearer shareholding in Luxembourg companies by way of a specific deposit requirement…
Click on the link below to read the rest of the Arendt & Medernach briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Arendt & Medernach
Briefings from Arendt & Medernach
Luxembourg has now fully implemented the AIFMD. This will reinforce the country’s position as a global investment fund hub.
The CSSF has no objections to UCITS investing in China A-Shares using the Hong Kong-Shanghai Stock Connect platform.