Identification of beneficial owners in groups: modification of new regime by decree no. 2018-284 of april 18, 2018
Order no. 2016-1635 of December 1, 2016 requires unlisted legal entities registered with the Registry of Trade and Companies (RCS) in France to file a declaration on their beneficial owners with the clerk’s office.Since April 1, 2018, all affected entities (registered before or after August 1, 2017) are supposed to have filed their declaration.Nevertheless, the filing of this declaration does not mean they have fully satisfied the new legislation.Indeed, subsequently, all changes (direct or indirect) in the declaring entity’s shareholding or control will require the filing of an amending declaration in case there is a modification in its beneficial owners.
This reform, which directly involves the carrying out of mergers and acquisitions, merits attention due to the violation (partial) of the confidentiality of an unlisted company’s ultimate shareholding, the penalties related to a lack of compliance and the complexity of complying, because the beneficial owners are not easy to identify.