Following our earlier update on the decision by the European Court of Justice (ECJ) on 22/11/2022 on cases C-37/20 and C-601/20 by reference to the Luxembourg Register of Beneficial owners ruling that “public access” to the data in the said register would be invalid as contrary to fundamental rights of privacy and the protection of personal data, the Cypriot Registrar of Companies and Intellectual Property has just published an announcement suspending public access to its own register of beneficial owners with effect as of 23/11/2022, a day following the publication of the ECJ decision.
The announcement itself can be found on the Registrar’s website: Suspension of access to the Beneficial Owners register for the general public, Knowledgebase, News | Companies Section, Department of Registrar of Companies and Intellectual Property
The suspension of access to the Cypriot beneficial owners register, follows suit actions taken in the previous days by Luxembourg and the Netherlands.
Providers of legal and fiduciary services continue to be under an obligation to disclose the beneficial ownership of entities they administer, as per the AML Directive.
It remains to be seen whether the ruled interference to privacy and the protection of personal data suffered by the persons whose details were made public as per the AML Directive, could give rise to damages or other forms of restitution, as litigation prospects are increasing.