On 6 December 2017, the Luxembourg government has submitted the long awaited draft bill on the implementation of the register of ultimate beneficial owners in Luxembourg.
The bill has still to pass the legislative process in Luxembourg, however no major changes are expected.
Contrary to some European neighbors, Luxembourg decided to take a limited approach so that the information contained in the REBECO should not be public and any access will be restricted. The new GSK Update outlines the rules under which the REBECO will be implemented in Luxembourg.
For further details please see our GSK Update which can be downloaded here.