On March 1st, 2021, the European Commission enacted the Implementing Regulation 2021/369 ("Regulation"), thus establishing the technical specifications and procedures required by the EU Directive 2015/849 for the set up of the Beneficial Ownership Registers Interconnection System ("BORIS").
The Regulation constitutes a milestone in the process of building of a common system to track beneficial owners of corporate or other legal entities throughout the EU, in view of preventing the use of the financial system for money laundering purposes.
In fact, Article 22 of EU Directive 2017/1132 requires that Member States interconnect their national central beneficial ownership registers via the so called "European Central Platform". In that respect, the Regulation – setting forth the specifications and requirements through which such interconnection should be set up – ensures uniform conditions for the implementation of the system, thus actually implementing BORIS.
Pursuant to the Regulation, BORIS will serve as a central search service making available all information related to the beneficial ownership. However, BORIS will operate as a decentralised system interconnecting the national beneficial ownership registers of the Member States and the European e-Justice Portal through the European Central Platform.
Whereas BORIS will share with the European Central Platform the information available in the domestic registers, the Regulation requires each national register to include a minimum mandatory set of information ("BO Record") for consistency purposes. In particular, the BO Record shall include certain data on the profile of the entity concerned, on the person of the beneficial owner, as well as on the beneficial interests held by the latter in the entity concerned. However, each Member State will have the possibility to enlarge the minimum mandatory information with additional ones.
The Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
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