New bill regarding changes to access to information on beneficial owners submitted for consultation
Published 28 January 2025
Category: Corporate Regulation
On 23 January 2025, a draft bill regarding amendments to the Danish Act on the Central Business Register, the Danish Companies Act, and various other laws was submitted for consultation.
The aim of the draft bill is to ensure that information on beneficial ownership is no longer publicly accessible in order to safeguard the protection of personal data and the right to privacy.
Key points of the bill:
- It is proposed that access to the register of beneficial owners be restricted to competent authorities, obliged entities (i.e. individuals and companies who are obligated to conduct KYC procedures), and persons with a legitimate interest. The Danish Business Authority will be authorized to determine detailed rules defining who falls within these three categories.
- The beneficial owners shall be entitled to receive, upon request to the Danish Business Authority, a list of persons with a legitimate interest who have access to information about them as beneficial owners.
- Persons who intentionally or by gross negligence disclose information on beneficial owners to others who are not competent authorities, obliged entities, or persons with legitimate interest, or who publish the information, be subject to a fine.
The bill is expected to be presented in April 2025. If the bill is adopted by the Danish parliament, the amendments are expected to take effect as soon as the Danish Business Authority’s IT solution is updated accordingly.
Further details of the draft bill can be found here.
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