S.L. 386.19 Art. 7BProcedures and conditions for accessing the register of beneficial owners in terms of regulation 7(1)(c). 

(1) Any natural or legal person seeking access to the register of beneficial owners pursuant to regulation 7(1)(c) shall submit a written request to the Registrar.

(2) A legitimate interest to have access to information on the beneficial owners of a particular company in accordance with regulation 7(1)(c) shall be satisfactorily demonstrated if the natural or legal person requesting such access may satisfactorily demonstrate that the interest relates specifically and contributes to the prevention and combating of money laundering, its predicate offences and terrorist financing and shall be justified on the basis of previous activities and a proven track record of actions in that field by means of relevant documentary evidence. In addition, the written request shall clearly include the function or occupation of the applicant and, with the exceptions of persons referred to in sub-paragraphs (i) and (ii) to the third proviso of paragraph (c) of sub-regulation (1), the connection with the specific company whose information is being sought.

(3) Where access to information is requested by a natural or legal person with deemed legitimate interest in accordance with regulation 7(1)(c) and whose legitimate interest has already been verified by the central register of another Member State, the respective natural or legal person shall provide proof of the legitimate interest issued by the central register of such Member State:

Provided that in such cases the Registrar shall allow repeated access to the person with a legitimate interest without the need to assess their function or occupation whenever accessing the information:

Provided further that the existence of legitimate interest to access beneficial ownership information shall be determined by taking into consideration the connection with the specific company whose information is being sought, with the exception of applicants in accordance with sub-paragraphs (i) and (ii) to the third proviso of paragraph (c) of sub-regulation (1).

(4) The Registrar shall verify the identity of the applicants whenever they access the register, including through the use of electronic identification means and relevant qualified trust services as established in Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC and shall be authorised and entitled to ask for additional information or documentation that the Registrar may consider necessary for such verification purposes.

(5) The Registrar shall ensure that he conducts the verification referred to in sub-regulation (2) and provides a response to the applicant within twelve (12) working days. In the case of a sudden high number of requests for accessing beneficial ownership information pursuant to this sub-regulation, the deadline for providing a response to the applicant may be extended by twelve (12) working days. If, after the extension has lapsed, the number of incoming requests continues to be high, that deadline may be extended by an additional twelve (12) working days. The Registrar shall inform the European Commission of any extension as referred to in this sub-regulation in a timely manner.

(6) Where the Registrar decides to grant access to beneficial ownership information, he shall issue a certificate granting access for (REGISTER OF BENEFICIAL OWNERS)

three (3) years. The Registrar shall respond to any subsequent request to access beneficial ownership information by the same person within seven (7) working days and a renewed certificate shall be issued.