Asset Management & Investment Funds Q&As: Dec 2019

"The Twelve RBO Q&As of Christmas!"

1. Question:
What is the purpose of the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO)?
Answer: 
The purpose of the RBO is to improve corporate trust and transparency in Ireland and the EU by enabling law enforcement agencies, regulators, obliged entities, other businesses and the public to access information about who ultimately owns and controls Irish companies and industrial and provident societies (I&PS).

2. Question 
How much time from incorporation does a company have to file its beneficial ownership information with the RBO?
Answer 
Companies incorporated on or after 22 June 2019 must file their beneficial ownership information within five months of incorporation. Companies incorporated before 22 June 2019 should already have filed their beneficial ownership information.

3. Question 
How much time does a company have to file any changes to its beneficial ownership information with the RBO?
Answer 
A company must update its beneficial ownership information on the RBO within 14 days of the date on which it is required to update its own internal register of beneficial ownership.

4. Question 
Is there a central register where an ICAV must file its beneficial ownership information? 
Answer 
No central register has yet been established where an ICAV must file its beneficial ownership information.

5. Question
Is there scope for not filing the residential address of a beneficial owner on the RBO, for example where there is a risk of kidnapping?  
Answer 
No. The residential address of each beneficial owner must be filed on the RBO. However, the address does not appear for public access, only the country of residence. Also, the beneficial ownership details of minors will be automatically withheld from public access until they reach the age of 18.

6. Question 
What is the RBO filing fee?
Answer 
There is no RBO filing fee for registering a company’s beneficial ownership details with the RBO.

7. Question 
How does the Registrar of Beneficial Ownership of Companies (the Registrar) usually verify the details of a beneficial owner?
Answer 
The Registrar verifies the name, date of birth and PPSN (or Personal Public Service Number) entered in the RBO by comparing them, via an electronic interface, with data held on the PPSN database of the Department of Employment Affairs and Social Protection (DEASP).

8. Question 
How does the Registrar of Beneficial Ownership of Companies verify the details of a beneficial owner who does not have a PPSN? 
Answer 
For beneficial owners who do not have a PPSN, the Form BEN2 - Declaration as to Verification of Identity - will be used to verify the person’s identity.

9. Question 
Will beneficial owners who do not have a PPSN need to complete a Form BEN2 for each company of which they are the beneficial owner?
Answer
Only one BEN2 will be required in respect of each beneficial owner. When this has been processed successfully, an RBO Number will be issued by the Registrar, and that RBO Number can be used for making future beneficial ownership filings in respect of that person for other Irish companies.

10. Question 
How do members of the public and designated persons access RBO data?
Answer 
Members of the public and designated persons can access RBO data by purchasing a company RBO printout via the RBO costing €2.50. The printout will include a list of the beneficial owners of the company and the following information in respect of each one:

  • forename and surname
  • month and year of birth
  • nationality
  • country of residence
  • a statement of the nature and extent of the beneficial interest held or control exercised.

11. Question 
Will the PPSN be accessible or be visible on the RBO?
Answer 
No, the PPSN will only be used to verify data as it is entered in the RBO - it will not be recorded in the RBO and will not be shared with any third party.

12. Question
Where can I get more information on the RBO?
Answer 
You can get more information in our In Focus paper on the Beneficial Ownership Regulations , our in Focus paper on Beneficial Ownership and Irish investment funds  and on the RBO FAQs

For more information in relation to this topic please contact your usual contact on the A&L Goodbody Asset Management & Investment Funds team.

Date published: 16 December 2019