control and transparency
Beneficial ownership
Beneficial ownership identifies who ultimately controls or receives a relevant economic benefit when the law requires it — without turning transparency into unrestricted publication of personal data.
“When required” by the constitutional proposalPurpose and proportionalityNo invented public register
Who is behind the structure?
The ADCT requires company law to be capable of addressing beneficial ownership when necessary. This does not mean that every person connected to a company must have all of their data made public. Legislation must distinguish registry information, information accessible to competent authorities and disclosure necessary for the market.
Substance over form
Interposed persons, holding companies, nominees or layered structures must not conceal the ultimate controller when the law requires identification.
Conflicts and fraud
Beneficial ownership may be relevant to conflicts, public procurement, financial integrity and prevention of sham structures.
Not everything is public
Collection and access require a legal basis, purpose, minimisation, security and retention rules.
Control changes
The regime must provide for updating and correction without erasing the history necessary for accountability.