At a meeting of the ambassadors of the member states of the EU (Coreper) on Thursday 16 November, Ireland, the United Kingdom, Malta, Luxembourg and Cyprus reiterated their opposition to public transparency of the registers on the beneficial owners of trusts and shell companies.
These countries explain that their opposition is due to considerations concerning the legal solidity of the text. The legal services of the Council have come to the assistance of these countries, telling the meeting of the ambassadors that total publicity could risk interfering with data protection matters.
The compromise under discussion for the last several months aims to allow public access to data on the owners of commercial companies and trusts, and access for individuals able to demonstrate a legitimate interest to information on the beneficial owners of private trusts.
The Council legal services argue that it is not possible to draw a distinction between the two types of trust, as it would lead to a risk of discrimination. It therefore calls for a general return to access for persons with a legitimate interest.
In September, however, a Court of Justice ruling said that it was possible to distinguish between the two types of trust.
Coreper will return to the matter on 29 November, ahead of a new round of talks with Parliament, which has been pencilled in for 13 December. (Original version in French by Élodie Lamer)