As a reminder ICAVs (Irish Collective Asset-management Vehicles) and Unit Trusts in Ireland filing deadline for the central register of beneficial ownership is the 25 December 2020. Under the new Regulations, the CBI is responsible for maintaining a central register of beneficial ownership in respect of Unit Trust and ICAVs. We set out below the requirements for this initial filing and ongoing obligations of the Central Registers that relate to ICAVs and Unit Trusts.
BACKGROUND
Article 30 of the 4th EU Anti-Money Laundering Directive (EU) 2015/849), as amended by the 5th EU Anti-Money Laundering Directive (EU 2018/843), obliges Member States to ensure that details of Beneficial Owners of corporate and legal entities incorporated within each member state are held on a central register.
ICAVs have been required to hold an internal register of beneficial ownership since the introduction of the European Union (Anti-Money Laundering: Beneficial Ownership and Corporate Entities) Regulations 2016 which took effect in Ireland on 15 November, 2016, and Unit Trusts along with their management company and trustee have been under a similar obligation since the introduction of the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) which took effect in Ireland on 29 January, 2019.
The Central Bank of Ireland (CBI) is the repository responsible for the central Beneficial Ownership Register in respect of Irish Collective Asset-management Vehicles (ICAVs) registered under the Irish Collective Asset-management Vehicle Act 2015 and Unit Trust Schemes, registered under the Unit Trust Act, 1990.
WHAT ARE THE FILING REQUIREMENTS OF THE CENTRAL BENEFICIAL OWNERSHIP REGISTER?
The information to be filed includes the following:
- Name of the Certain Financial Vehicle
- Beneficial Owner(s):
- Forename, Surname
- Date of Birth
- Nationality
- Residential Address
- Person’s interest i.e. direct or indirect control
- Nature of interest/control • Extent of interest/control i.e. percentage owned or controlled
- Date on which the person was entered into the entity’s internal register as a beneficial owner
- The pre-approval-controlled function (“PCF”) status of the beneficial owner.
FILING DEADLINE & PENALTIES
ICAVs and Unit Trusts in existence before 25 June 2020 have until 25 December 2020 to submit their beneficial ownership information to the Central Register.
ICAVs and Unit Trusts that were authorised after the 25 June 2020 will have six months to complete and file their beneficial ownership register to the Central Register.
An ICAV must keep an internal register also and its internal beneficial ownership register up to date which should align with the Central Beneficial Owner Register.
The Central Bank and the owner of the Central Register must be notified if there have been any changes to the beneficial ownership within 14 days of becoming aware of the change. An ICAV or a Unit Trust that does not comply with the requirements and obligations will be subject to a fine. An ICAV or a Unit Trust that fails to comply and commits an offence will be liable, on conviction on indictment a fine not exceeding €500,000.
HOW CAN DMS HELP?
If you have any questions, please contact your usual DMS representative or contact us below.
Vanora Madigan
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