On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership register for trusts and similar legal arrangements (the UBO Register).

In the Netherlands the most relevant similar legal arrangement is the fund for joint account (fonds voor gemene rekeningFGR). FGRs are therefore required to register their ultimate beneficial owners (UBOs) in the UBO register. FGRs which are ‘offered’ to more than 150 persons and are managed by a fund manager with a licence pursuant to the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS) are able to benefit from an exception to the requirement to register their UBO(s) and will only need to register the group of individuals in whose interests the FGR is primarily established/operated (instead of the individual participants/investors).

The Impementation Act provides for a transition period of three months, which means that trusts and similar legal constructions should register their UBOs ultimately by 1 February 2022.

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Photo of Nikolai de Koning Nikolai de Koning

Nikolai de Koning is a financial services lawyer (advocaat) based in Amsterdam. Nikolai is experienced in financial services and banking law, as well as in data privacy (protection). He is experienced in advising on regulatory and compliance aspects relevant to financial…

Nikolai de Koning is a financial services lawyer (advocaat) based in Amsterdam. Nikolai is experienced in financial services and banking law, as well as in data privacy (protection). He is experienced in advising on regulatory and compliance aspects relevant to financial institutions, such as insurance companies, investment firms, clearing institutions and central counterparties. Nikolai also advises on Dutch licence and notification requirements and he assists companies in their licence or notification processes with the Dutch financial regulators. He also specialises in privacy issues arising out of online products, data protection and e-commerce.

Photo of Julia van der Grint Julia van der Grint

Julia van der Grint is a financial services lawyer based in Amsterdam.

She advises clients on a wide range of regulatory and compliance aspects relevant to financial institutions, such as investment firms, trading platforms, payment institutions, insurers, fund managers and clearing and settlement…

Julia van der Grint is a financial services lawyer based in Amsterdam.

She advises clients on a wide range of regulatory and compliance aspects relevant to financial institutions, such as investment firms, trading platforms, payment institutions, insurers, fund managers and clearing and settlement institutions. Julia has developed particular knowledge of blockchain and cryptocurrencies, and advises crypto-asset services providers, crypto exchanges, payments providers and financial institutions on the regulatory issues related to the deployment of these technologies. She also advises on Dutch licence application and notification requirements and assists companies in their licence or notification processes with the Dutch Authority for Financial Markets and the Dutch Central Bank. Additionally, she assists companies in their contacts with these supervisory authorities and represents companies in enforcement procedures.

In addition, she has previously advised banks, other financial institutions and corporates in an array of transactions, both domestic and cross-border. This includes, among others, advising lenders and lender-groups in corporate restructurings and other insolvency related matters.

Prior to joining the team as an associate, Julia gained experience with the Amsterdam office as a student worker.

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