New legislation concerning the immobilisation of bearer shares and units

A new Luxembourg act dated 28 July 2014 on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014. The act will enter into force on 18 August 2014.

The Act intends to adapt Luxembourg legislation to the recommendations of the Financial Action Task Force (FATF) and the global forum on transparency and exchange of information for tax purposes in terms of the identification of holders of bearer shares and units.

To achieve this, the act sets up a mechanism of immobilisation for bearer shares and units with a depositary. The new mechanism, which will be set out in the Luxembourg Companies Act of 10 August 1915, as amended, will ensure, at any time, the availability of information regarding the identity of bearer shareholders or unit holders, while preserving the confidentiality of such information towards third parties and other shareholders or unit holders…

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