Danish Parliament Strengthens Registration Requirements of Ultimate Beneficial Owners
Published 2 May 2019
Category: Corporate Regulation
On 2 May 2019, the Danish Parliament adopted amendments to the Danish Companies Act, which implements part of the 5th EU Anti-Money Laundering Directive concerning the registration of ultimate beneficial owners.
The new rules make it mandatory for capital owners, and others with direct or indirect control, to provide the company with information necessary to identity their ultimate beneficial owners and further makes it mandatory for companies to supply this information to persons and companies which are required to carry out KYC procedures. Insufficient registrations or lack of documentation for the registrations (or lack of registrations) may be grounds for compulsory dissolution of the company. Further, companies are obligated to make a yearly assessment of whether there are any changes of the ultimate beneficial owners, the results of which are to be presented on the meeting where the central management approves of the annual report.
Next Steps: The new rules enter into force on 10 January 2020.
See the adopted act (in Danish) here.
Tags: Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AML
Also tagged ‘Beneficial Ownership’
Proposal to Strengthen the Registration of Ultimate Beneficial Owners
On 13 March 2019, the Danish Government presented a proposal for an amendment of various acts including the Danish Companies Act which implements part of the 5th EU Anti-Money Laundering Directive concerning the registration of ultimate beneficial owners.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLEU Court of Justice Issues Ruling in Danish Beneficial Ownership Cases
The CJEU judgments will likely have a big impact on international group structures and will also contribute to the interpretation of the anti-abuse principles of EU law and the "beneficial owner" concept.
Beneficial OwnershipDanish RegulationOther updates
ESMA consults on proposals to digitalise sustainability and financial disclosures
The European Securities and Markets Authority has published a consultation paper seeking stakeholders’ view on how the European Single Electronic Format can be applied to sustainability reporting for the purpose of easing the burden associated with financial reporting.
ESMARegulatory Technical StandardsSustainabilityNew Q&As on application of Guidelines on funds’ names
ESMA has published Q&As for Guidelines on funds’ names using ESG or sustainability-related terms.
ESMASustainabilityReport on investing for transition benchmarks
The Platform on Sustainable Finance has published a report on Investing for Transition Benchmarks proposing two voluntary benchmark labels.
SustainabilityProposal for categorisation of products under the SFDR
The EU Platform on Sustainable Finance has published a briefing note for the EU Commission outlining how a categorisation system for sustainable finance products could be set up and calibrated.
SFDRSustainabilityRepeal of rules regarding shareholder loans and other amendments to the Danish Companies Act
On 19 December 2024, the Danish Parliament has adopted the amendment acts L71 and L72 regarding amendments to the Danish Companies Act and other Danish laws.
Venture CapitalAbolition of the ‘entrepreneur tax’ and other changes to Danish tax legislation adopted
On 19 December 2024, amendments to the Danish Corporation Tax Act, the Danish Capital Gains Tax Act and the Danish Personal Tax Act, as well as other Danish tax laws, were adopted by the Danish Parliament.
Venture Capital