Sam Tanson presented the reform of the Luxembourg business registers

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(from left to right) Yves Gonner, Director of the Luxembourg Business Registers (LBR);  Sam Tanson, Attorney General;  Daniel Ruppert, Director Directorate of Commercial Law, Ministry of Justice

(from left to right) Yves Gonner, Director of the Luxembourg Business Registers (LBR); Sam Tanson, Attorney General; Daniel Ruppert, Director Directorate of Commercial Law, Ministry of Justice

This ambitious transformation over the period 2021 to 2023 includes the introduction of administrative sanctions, the purpose of which is to improve the quality, reliability and rapid updating of the information available in the RCS registers (trade and business register) and RBE (register of real owners), as well as the creation of a more user-friendly website for the public and IT services that facilitate access to information for professionals and administrations.

Following an in-depth review of LBR’s strategy and international benchmarking carried out in 2020, four main objectives were set:

  • Provide accurate, complete, up-to-date and accurate information;
  • Ensure optimal use of data and maximize the usefulness of registers for the Luxembourg economy;
  • Ensure compliance with legal requirements to guarantee professionals and administrations reliable data;
  • Support and guide users to ensure a hassle-free user experience.

Historically, commercial registers were intended to collect information and documents from registered entities, but market developments and international standards give them a more proactive role in the commercial environment and risk mitigation. At national level, this has led to a significant increase in requests for data access from national authorities.

For all these reasons, LBR must now adapt its missions to the many national and even international requirements and strengthen its role as a center of excellence.

LBR’s transformation will be built around three key initiatives and will be implemented by the end of 2023:

  • Introduce the necessary adjustments to the legal framework, in particular by introducing sanctioning powers.

At present, the administrator does not have the power to enforce the legal obligations regarding archiving and updating of data. The bill gives it sanctioning powers without, however, making it a regulator. The primary objective is to optimize its role as centralizing authority for essential information directed at entities registered in the Grand Duchy of Luxembourg.

The same applies to the management of the register of beneficial owners (RBE). As the latter is one of the tools in the fight against money laundering and terrorist financing, it is a matter of facilitating its access to national authorities (amended law of 13 January 2019) so that they can make effective use of the available data …

  • Establish target operating model and define the necessary processes.

The LBR intends to deepen the support that registered entities benefit from in compliance, in particular through individualized monitoring.

  • Invest in technology (digitization of forms, secure platform, etc.), increase abilities (doubling the workforce from 2021 to 2023) and optimize expertise (quality of support) to reach the new operational state of LBR.

The Minister and Director of LBR, Yves Gonner, also presented the new electronic platform. Alongside the website, this IT tool enables secure exchange of information between the manager and his users for the purpose of accelerated, automated and continuous communication. The platform has a double advantage:

  • Access a large amount of information automatically and quickly;
  • Further digitize the services offered for administrative simplification and ease of use.

Finally, this tool allows for consultation of RCS and RBE, both for administrations and for national and international professional audiences. During the financial year 2021, almost 20 million documents were consulted and downloaded from LBR’s website.

* LBR, an economic interest group (GIE) under the auspices of the Ministry of Justice, is the administrator of the Trade and Companies Register (RCS), the Compendium of Companies and Associations (RESA) and the Register of Real Owners (RBE).

Communicated by the Ministry of Justice

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