Assurance Insights

The Minister of Justice has issued special powers decrees to enable entities to postpone the date of the general meetings. Based initially on an end of confinement on April 19, 2020; it is obvious, however, that a postponement of this date is possible depending on the future measures that the government may be led to take.

Following the COVID-19 outbreak and the recently imposed lockdown, companies might find themselves in precarious circumstances hindering the organization of physical board meetings and the annual general meeting of shareholders.

The deadline for the first submissions by Belgian companies, (international) nonprofit organizations, foundations and trusts of information concerning their beneficial owner(s) to the UBO-Register (“Central register of ultimate beneficial owners”) has been extended. The deadline has been postponed from 31 March to 31 September 2019.

In the context of anti-money laundering legislation, the Belgian Act of 18 September 2017 implementing the fourth anti-money laundering directive (Directive 2015/849 of the European Parliament and the Council of 20 Mei 2015) planned the constitution of the “ultimate beneficial owners” Register (so-called “UBO Register”).