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Identification of Beneficial Owners of Shareholders with Qualifying Holdings_Law No. 16/2017, of May 3rd


Law no. 16/2017, of May 3rd, extends the obligation to register the banks’ shareholders to the identity of the beneficial owners of the entities that have a stake in their share capital and effects the 42nd amendment to the Legal Framework of Credit Institutions and Financial Companies (“LFCIFC”).

The above mentioned law entered into force yesterday (4 May 2017), having as sole purpose to amend article 66.º item g), of the LFCIFC.

This article 66.º establishes all the elements concerning credits institutions, which head-office is located in Portugal, that are subject to registry at the Bank of Portugal:

  • Company name
  • Social scope
  • Date of incorporation
  • Share capital and paid up share capital
  • Identity of the members of the management and supervisory bodies as well as of those who chair the general meeting of shareholders
  • Delegation of management powers, including the allocation of responsibilities or executive functions to the members of the management bodies
  • Data of the beginning of the activity
  • Place and date of incorporation of subsidiaries, branches and representation offices
  • Identity of the directors of the branches and of the representation offices established abroad
  • Shareholders’ agreements referred in article 111.º
  • Any modifications to the above referred elements

In what concerns the identity of the shareholders with qualifying holdings, and with the purpose of reaching an increased visibility on all entities involved, the amendment to the mentioned article 66.º, item g), states that it is also necessary to identify their beneficial owners.

Law No. 16/2017 provides for a transitional regime under which credit institutions have a period of 90 days to perform the registry of the beneficial owners related to qualifying holdings already registered.

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