European Union (Modifications of Statutory Instrument No. 110 of 2019)(Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020
Source: Iris Oifigiúl 233 of 2020 2020-07-25 00746-00746

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paragraphs: (1) These Regulations may be cited as the European Union (Modifications of Statutory Instrument No. 110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020.
(2) The Principal Regulations and these Regulations shall be construed together as one.
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paragraphs: In these Regulations -
“applicable financial vehicle” means -
(a) an Irish collective asset-management vehicle,
(b) a unit trust, or
(c) a credit union;
“Principal Regulations” means the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 ( S.I. No.110 of 2019 );
“UCITS Regulations” means the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011 );
“unit trust” means -
(a) a unit trust scheme within the meaning of the Unit Trusts Act 1990 (No. 37 of 1990), or
(b) an undertaking for collective investment in transferable securities (within the meaning of the UCITS Regulations), that is constituted of a unit trust (within the meaning of the UCITS Regulations) and authorised under those Regulations.
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paragraphs: (1) In addition to what is mentioned in paragraph (2), the purpose of these Regulations is to provide for modifications of the Principal Regulations so that in respect of an applicable financial vehicle (but such a vehicle only) -
(a) in the case of an applicable financial vehicle that is a unit trust -
(i) the specification of the particulars (so far as they relate to its beneficial ownership) that must be held by the unit trust and entered in its beneficial ownership register and delivered for entry in the central register (that is, the separate register as mentioned in subparagraph (c)) is a specification that takes account (in addition to the fact of there being a settlor or trustee in respect of such a trust) of the characteristics of a unit trust and, in particular, that beneficial ownership of such a trust, in the context of Article 30 of the Directive, is not to be equated with every instance in which one or more units in such a trust are held by a particular natural person but - by analogy with a company with a share capital - only with -
(I) an instance in which more than 25 per cent of the units in the trust are owned by a particular natural person or there is, on his or her part, an entitlement to the ultimate control of such a percentage, or
(II) any other instance in which a particular natural person may exercise ultimate control over the trust by means of direct or indirect ownership or by other means,
(ii) without prejudice to clause (iii), the provisions of the Principal Regulations must be construed and apply accordingly, and
(iii) the obligations of the unit trust under the Principal Regulations must be discharged by the management company of the unit trust and the obligations of any other person, under those Regulations, to the unit trust must be discharged by the person’s doing (or, if the nature of the obligation requires, not doing) the act concerned in relation to the management company of the unit trust,
(b) the persons who may be appointed under Regulation 18 of the Principal Regulations, whether as registrar or assistant registrars, for any of the purposes referred to in Regulation 19 of the Principal Regulations, need not necessarily be the same persons who are appointed under that Regulation 18, for any of the foregoing purposes, in the case of a relevant entity that is not an applicable financial vehicle, and
(c) the register that is established by virtue of Regulation 19 of the Principal Regulations and into which there must be entered the information required by Part 3 of the Principal Regulations to be delivered or submitted by or on behalf of an applicable financial vehicle, is to be a separate register, and bear a different title, from the register established by virtue of that Regulation 19 and known as the “Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies”.
(2) Provision is also made by these Regulations for -
(a) amendments to Regulations 18, 20 and 26 of the Principal Regulations concerning functions of the Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies,
(b) an amendment to Regulation 24 of the Principal Regulations concerning the right to inspect the central register,
(c) amendments to the Principal Regulations concerning resources of the Central Bank of Ireland for the performance of certain functions and associated consultation, and