S.L. 16.18 Art. 9Rectificationofthe registers. Discrepancies.

(1) If:

(a) the name of any person is, without sufficient cause, entered in or omitted from the register of beneficial owners kept and maintained by a foundation, or from the Register of Beneficial Owners kept and maintained by the Registrar for Legal Persons; or

(b) unnecessary delay, being at least more than thirty

(30) days, takes place in entering in or removing from such registers the fact that a person has become or ceased to be a beneficial owner of such foundation, the person aggrieved or any beneficial owner may apply to Civil Court, First Hall, for the rectification of the register of beneficial owners and, or the Register of Beneficial Owners.

(2) Where an application is made under sub-regulation (1), Civil Court, First Hall may:

(a) refuse the application;

(b) decide any question as to whether the name of any person should or should not be entered in or removed from the register of beneficial owners or the Register of Beneficial Owners, as the case may be;

(c) order the rectification of the register of beneficial owners or the Register of Beneficial Owners, as the case may be;

(d) order payment by the foundation of compensation of up to one thousand euro (€1,000) for any loss sustained by any party aggrieved; and, or

(e) more generally, decide any question necessary or expedient to be decided for rectification of the relevant register.

(3) All decisions of Civil Court, First Hall, relating to the above mentioned registers shall be deemed to be orders which apply to the foundation and also to the Registrar for Legal Persons, without being a party thereto, and they shall, upon being notified with a certified copy of the judgment of Civil Court, First Hall, act accordingly to ensure that identical actions are taken in the register of beneficial owners and, or the Register of Beneficial Owners.

(4) (a) Subject persons referred to in sub-regulation

(1)(b) of regulation 10 and, if appropriate and to the extent that this does not interfere unnecessarily with their functions, competent authorities referred to in regulation 10(1)(a), shall report to the Registrar for Legal Persons any discrepancies they find between the beneficial ownership information available in the Register of Beneficial Owners and the beneficial ownership information otherwise available to them.

(b) In the case of reported discrepancies, the Registrar for Legal Persons shall unless otherwise prohibited in terms of these regulations and only to the extent permitted by these regulations, inform the foundation of the reported discrepancy requesting a clarification thereon within a time period indicated therein, together with any documentation which he shall consider necessary for such discrepancy to be resolved, and may at his discretion, insert an annotation in the Register of Beneficial Owners as he deems appropriate.

(c) The Registrar for Legal Persons may determine, in case of registered foundations, that the discrepancy is material and may undermine the utility of public information in the Register of Legal Persons and, in such event, may note the discrepancy even in the Register of Legal Persons until it is corrected to his satisfaction. This rule shall apply to other registrars, commissioners, mutatis mutandis boards or authorities and registers under other special laws whom the Registrar for Legal Persons may notify in writing of any discrepancy which may come to his attention.

(d) the Registrar for Legal Persons may report such discrepancies to the Financial Intelligence Analysis Unit in case of failure to address the discrepancy within a reasonable time.