In previous news flashes we already informed you about the implementation of the UBO register, the extension of the deadlines and the updates of the Frequently Asked Questions (FAQ).
In the updated version of the FAQ, published on 19 July 2019, the Belgian authorities stated that listed companies are exempted from registering their UBO’s if they are subject to transparency requirements consistent with Union law or equivalent standards (according to what already was foreseen by the Fourth Anti Money Laundering Directive).
In this respect, the Belgian Authorities published an amendment to this FAQ on 26 Augustus 2019, which clarified some uncertainties with respect to Belgian subsidiaries of listed companies.
A second amendment to this FAQ, and in particular with respect to Belgian subsidiaries of listed companies, was published on 16 September 2019. This amendment implies that:
“Subsidiaries, which are being held directly or indirectly for 100% by a listed company, are exempted from the legal obligation of the UBO-register. However, to be recognized as a subsidiary of a listed company in the UBO-register, this Belgian subsidiary needs to login to the UBO-register and register all its subsidiaries, including the listed company. Belgian listed companies are exempted from the registration to the UBO-register”.
As a consequence, all Belgian subsidiaries of a (foreign) listed company will still have to do a registration to the UBO-register, even if they are 100% (in)directly held by a listed company. In the case at hand, they will need to disclose their whole corporate structure (up to the listed parent company), whereby the listing needs to be mentioned in the comment field.
If you have any question with regard to this matter, please reach out to your regular PwC advisor or contact Stefan De Plus.