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Espresso briefing: Update on a challenge to new transparency and disclosure laws

Published: 16 March 2021

On 11 January 2021, we wrote about a legal challenge in Luxembourg to new EU transparency laws, which may have implications in Jersey.  The Luxembourg courts have been looking at the compatibility of public registers of beneficial ownership and how they impact individuals’ fundamental rights. Open and indiscriminate access to personal information raises serious legal issues for company owners and their families.

The Luxembourg courts have now asked the Court of Justice of the European Union a number of questions relating to the validity of public registers of beneficial ownership following an application lodged by Mishcon de Reya LLP.

The request for a ruling on these matters has direct implications for Jersey, which introduced on 6 January 2021 new laws to comply with the EU requirement under the 5th anti-money laundering directive.  The European Court of Justice referral is welcome news regarding a sensitive area around privacy and safety concerns of public registers.

We will provide updates in respect of the Court of Justice’s decision in due course.

We remain on hand to assist with any legal queries your business may have. If you need any advice regarding corporate, fund, banking, insolvencies or contractual queries, please do not hesitate to contact oliver.hughes@viberts.com.

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