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Register of Ultimate Beneficial Owners, Nominators and Appointors Regulations 2017

The Register of Ultimate Beneficial Owners, Nominators and Appointors Regulations 2017 is a legal regulation implemented in Gibraltar. This regulation aims to provide transparency and clarity on the ownership structure of companies operating within the jurisdiction.

Purpose of the Regulation

The primary purpose of this regulation is to:

  • Establish a register of ultimate beneficial owners, nominators, and appointors of Gibraltar entities
  • Ensure that companies operating in Gibraltar are transparent about their ownership structure
  • Prevent money laundering and other illicit activities

Key Provisions

Here are some key provisions of the regulation:

Definition of Ultimate Beneficial Owner

  • An ultimate beneficial owner is defined as:
    • A natural person who ultimately owns or controls a Gibraltar entity
    • A natural person on whose behalf a Gibraltar entity is being directed or managed
  • The definition includes individuals who hold more than 25% of the voting rights in a company, regardless of whether they are registered as shareholders

Register Requirements

  • Companies operating in Gibraltar must maintain a register of ultimate beneficial owners, nominators, and appointors
  • The register must be updated within one month of any changes to the information
  • The register must be made available for inspection by the Financial Services Commission (FSC) or other relevant authorities

Penalties for Non-Compliance

Failure to comply with this regulation can result in severe penalties, including:

  • Fines of up to £100,000
  • Suspension or revocation of business licenses
  • Imprisonment for up to 2 years

Consulting a Qualified Lawyer

This regulation is a complex piece of legislation that requires careful interpretation and application. If you are looking for guidance on implementing these regulations in your business or organization, it’s recommended to consult with a qualified lawyer or expert in Gibraltar law.

[Note: This article is intended as a general guide only and should not be relied upon as a substitute for professional advice.]