BME launches a new final beneficiary identification service

28 April, 2021
  • The services start once the transposition of the European Directive SRD2 (Shareholder Rights Directive 2 ) has taken place by amending the new Corporate Enterprises Act.
  • They will make it easier for issuers to identify the securities’ final beneficial owners and for participating entities and intermediaries to comply with them.

BME, through its Central Securities Depository, Iberclear, will on 7 June launch a range of shareholder and final beneficial owner identification services as well as a specific final beneficiary identification service.  

These new services complement the current shareholder identification service: in these cases, the request for information made to Iberclear by the issuers relates to the identification of data on the final beneficiaries. Iberclear will send such requests via its participating entities, which will forward them to the intermediaries, following the chain of custody. Iberclear will receive the information provided by the intermediaries and forward it to the issuer.

The intermediaries, directly or through an authorised third party, will be able to submit the information on the identity of the final beneficiaries to Iberclear, using the relevant communication channels, including a new Iberclear Electronic-Office created in collaboration with the company InDenova.  The new Electronic-Office allows intermediaries to submit the relevant information in an agile and intuitive way, as well as checking the status of procedures and, if necessary, make cancellations.

The services will come into operation once the European SRD2 (Shareholders Rights Directive 2) has been transposed, through the approval of Law 5/2021, which amends the Corporate Enterprises Act.

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