Entry into force of the Implementation Act on registration of ultimate beneficial owners

The Implementation Act on the Registration of ultimate beneficial owners of companies and other legal entities (the "Implementation Act") introducing the UBO-register in the Netherlands, was adopted by the Upper House of Dutch Parliament on 23 June 2020.

As of 8 July 2020, the Implementation Act has already partially entered into force, namely with regard to (i) the obligation for legal entities to keep records of their ultimate beneficial owners ("UBOs") and (ii) the obligation for foundations to keep records of distributions of 25% or less of the total distributed amount within a financial year.

The obligation for legal entities to register information concerning their UBOs in the UBO-register and obligations related thereto, will enter into force on 27 September 2020.

For more information regarding the UBO register, please refer to the article by Thijs Butter earlier this year