On 1 October 2024, the Act on Register of Beneficial Ownership of 2019 takes effect in Norway. Transition phase will end on 31 July 2025 when all relevant entities must comply Purpose of the registry is to fight against corruption, terrorist financing, and other financial crime. Full press release is here.
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U.S. – SEC Fines for 13G Reporting Failure
On 20 July 2023, SEC fined Monroe Capital Management failure to file 13G disclosing beneficial ownership . SEC reported that it charged Monroe Capital Management Advisors, LLC for failing to disclose special purpose acquisition company (SPAC)-related conflicts of interest. Failed to disclose SPAC conflicts regarding its personnel’s ownership of SPAC sponsors. Allegations Monroe Capital Management…
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Stepping Closer to a SEC Decision on 13D/G
On 22 June 2023, the SEC’s Investor Advisory Committee (IAC) held a public meeting (13D/G ~3:09 mark) which included a discussion on the proposed amendments Read the full article.
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Australia – GVT Beneficial Ownership Register
On 7 November 2022, AST GVT proposed a public beneficial ownership register. AST GVT issued consultation paper multinational tax integrity: public beneficial ownership register; said it is seeking comments on the design features for the register. Said proposed register is part of AST GVT's multinational tax integrity package. Follows AST PRL March 2022 issued report…
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Mexico – DP Beneficial Owners Disclosure
On 25 October 2022, MEX DP published beneficial owner data requirements. MEX DP published agreement through which the minimum essential information on beneficial owners was approved, which will serve as criteria for its disclosure. Background In June 2018, reforms to the General Law of Commercial Companies were published. Requiring corporations and limited liability companies submit…
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Netherlands – Govt Beneficial Owner Register
On 1 November 2022, NLD GVT said administrators of trusts, mutual funds, similar structures must register ultimate beneficial owners (UBOs) in register as of 1 November. UBO register for trusts and similar legal structures provides more transparency. Only the trustee of a trust, or person with comparable position in a similar legal construction as a…
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