On the 22nd of November 2022, the European Court of Justice issued a judgment on the termination of public access to UBO Registers of all companies.
It implies that open public access to the beneficial owner registers of EU companies is no longer valid. As per the Court, the general public's access to information on beneficial ownership constitutes a serious infringement upon the fundamental rights to respect for private life and to the protection of personal data, enshrined in Articles 7 and 8 of the Charter, respectively.
EU member states should immediately start blocking access to their beneficial owner registers. A few countries have already implemented the judgment and others will soon follow.
Further guidelines are expected to be circulated by the Cyprus Registrar of Companies in this respect.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.