Proposal to Strengthen the Registration of Ultimate Beneficial Owners
Published 13 March 2019
Category: Corporate Regulation
On 13 March 2019, the Danish Government presented a proposal for an amendment of various acts including the Danish Companies Act which implements part of the 5th EU Anti-Money Laundering Directive concerning the registration of ultimate beneficial owners.
Amongst key changes, the proposal makes it mandatory for capital owners and others with direct or indirect control to provide the company with information necessary to identity their ultimate beneficial owners and further makes it mandatory for companies to supply this information to persons and companies which are required to carry out KYC procedures.
Insufficient registrations or lack of documentation for the registrations (or lack of registrations) may be grounds for compulsory dissolution of the company. Further it is proposed to obligate for companies to make a yearly assessment of whether there are any changes of the ultimate beneficial owners, the results of which are to be presented on the meeting where the central management approves of the annual report.
Next Steps: The proposal is expected to be adopted by the Danish Parliament on 2 May 2019 and, if enacted, the changes will enter into force from 10 January 2020.
The proposal is available here.
Tags: Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AML
Also tagged ‘Beneficial Ownership’
Restrictions on Public Access to Beneficial Ownership Information
The Danish Business Authority reannounced that new restrictions on public access to information regarding beneficial owners in the Danish Business Register will be implemented.
Beneficial OwnershipKYC / AMLDanish Parliament Strengthens Registration Requirements of Ultimate Beneficial Owners
On 2 May 2019, the Danish Parliament adopted amendments to the Danish Companies Act, which implements part of the 5th EU Anti-Money Laundering Directive.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLEU Court of Justice Issues Ruling in Danish Beneficial Ownership Cases
The CJEU judgments will likely have a big impact on international group structures and will also contribute to the interpretation of the anti-abuse principles of EU law and the "beneficial owner" concept.
Beneficial OwnershipDanish RegulationOther updates
Revised sustainability standards sent for public consultation
The European Financial Reporting Advisory Group (“EFRAG”), published the draft revised European Sustainability Reporting Standards (“ESRS”).
ComplianceCSRDDisclosure RequirementsESRSSFDRSustainabilityMeasures to simplify the EU Taxonomy adopted
In July, the EU Commission adopted a Delegated Act amending the Taxonomy Disclosures, Climate and Environmental Delegated Acts (the “Delegated Act”).
ComplianceCSRDDisclosure RequirementsESRSSFDRSustainabilitySustainable investments: Requirements and practices
The Danish Financial Supervisory Authority (DFSA) has compiled a report summarizing its recent thematic reviews of sustainable financial products, key legal requirements, and central expectations.
ComplianceCSRDDisclosure RequirementsESRSSFDRSustainabilityProposed amendments to section 7p of the Danish Tax Assessment Act
On 26 August 2025, a draft bill regarding amendments to section 7p of the Danish Tax Assessment Act was submitted for consultation.
Venture CapitalRestrictions on Public Access to Beneficial Ownership Information
The Danish Business Authority reannounced that new restrictions on public access to information regarding beneficial owners in the Danish Business Register will be implemented.
Beneficial OwnershipKYC / AMLESMA Report: Improvements needed in the supervision of sustainability risks and disclosures
The report presents ESMA’s analysis and key findings from the CSA, along with its overall assessment of market participants’ adherence to applicable rules and standards.
ESMASFDRSustainability