S.L. 16.18 Art. 7Register of Beneficial Owners.

(1) The information on the beneficial owners of every foundation provided to the Registrar for Legal Persons in accordance with these regulations shall be entered and held by the Registrar for Legal Persons in a Register of Beneficial Owners kept for this purpose, which register may be in electronic format.

(2) Documents required to be delivered to the Registrar for Legal Persons under any of the provisions of these regulations shall not form part of, nor be registered in, the main Register of Legal Persons administered by the Registrar for Legal Persons under the Second Schedule and the information on the beneficial owners of every foundation provided to the Registrar for Legal Persons in accordance with these regulations shall be entered and held by the Registrar for Legal Persons only in the Register of Beneficial Owners kept by the Registrar for Legal Persons for this purpose.

(3) The Register of Beneficial Owners shall be accessible only to such persons under such conditions and in accordance with such procedures as are set out in these regulations. For the avoidance of doubt, in case of conflict regarding accessibility, between any special law governing a particular foundation, including the Second Schedule, and these regulations, these regulations shall prevail over the provisions of any special law in so far as the Register of Beneficial Owners is concerned.

(4) The information provided by a foundation in terms of these regulations shall be deemed to be sufficiently reliable for the Registrar for Legal Persons to proceed with the registration or relevant action; however, he may demand any additional or updated information to verify that a foundation is at any time complying with its duties under these regulations.