What does a Beneficial Ownership search entail?
Since the transposition of European Anti-Money Laundering legislation into Irish law from 2015 onwards, it has become a requirement for companies, industrial and provident societies, and Certain Financial Vehicles (CFVs) to (a) maintain an internal register of their beneficial owners and (b) to file this information with a central register.
In Article 3(6), 4AMLD, a Beneficial Owner is defined as any natural person(s) who either directly or indirectly ultimately (a) owns more than 25% of the company/society’s shares, (b) controls more than 25% of the company/society’s voting rights or (c) exercises control via other means such as a shareholders’ agreement, dominant influence, or the power to appoint senior management.
In Ireland, there are two such registers on which beneficial ownership can be registered.
The ‘Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) is self-explanatory in its title and is administered by the registrar of the Companies Registration Office.
The Beneficial Ownership Register for Certain Financial Vehicles (CFV) falls under the remit of the Central Bank of Ireland as registrar and includes Irish Collective Asset Management Vehicles (ICAVs), unit trusts and credit unions, investment limited partnerships (ILPs) and common contractual funds (CCFs).
It is against these (access restricted) registers that Ellis & Ellis conduct beneficial ownership searches.
What will the Ellis & Ellis Beneficial Ownership search result show me?
A search result against the ‘Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) will return a limited number of details (to designated persons who access the registers) under the following headers: –
Number, Name, and type of the Company/ Industrial provident Society. The current beneficial owners details, i.e., name; year / month born; nationality; country of residence; nature of interest / control; extent of interest / control (%); extent of interest / control and that ownership if either direct, indirect or both:
With the Beneficial Ownership Register for Certain Financial Vehicles (CFV). there are also restrictions on the information from the register that can be made available to the general public and/ or designated persons. That is, the name of the Certain Financial Vehicles (CFV), the beneficial owner(s), name; nationality; country of residence; month and year of birth; along with the nature of beneficial ownership held.
Choose a reliable Law Search provider:
Considering the significant implications of conducting inadequate or erroneous Beneficial Ownership register searches, it is essential to select a trusted law search provider like Ellis & Ellis.
With our convenient and user-friendly ordering platform at www.ellis.ie, backed by over 130 years of professional expertise, and a commitment to providing a quality after-sales experience, we offer clients a superior searching service.
Additionally, Ellis & Ellis provide Professional Indemnity Cover of €10 million, offering added peace of mind.
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