179-10 Access to Registers

(1) A Relevant Person must not disclose, or make available for inspection, the Beneficial Ownership Register, the Register of Nominee Directors or any particulars contained in either register to any Person, except:

• (a) as provided in these Regulations;
• (b) as required under the Acting Law of the AIFC; or
• (c) with the consent of the relevant Ultimate Beneficial Owner or Nominee Directors, as the case may be.

(2) Each Relevant Person in existence at the Commencement Date shall within ninety (90) days of such date provide to the Registrar the UBO Details of:

• (a) any Person whose name is included in its Beneficial Ownership Register; and
• (b) any Nominee Directors whose name is included in its Register of Nominee Directors.

(3) Each Relevant Person which is incorporated, registered or converted after the Commencement Date shall be deemed to have provided to the Registrar the UBO Details of any Ultimate Beneficial Owners as part of the application for incorporation, registration or conversion.

(4) Contravention of subsection (2) is punishable by a fine.

179-11 Notification to the Registrar

(1) A Relevant Person which makes a change in its Beneficial Ownership Register or Register of Nominee Directors, shall within thirty (30) days of the date of making the change, notify the Registrar of the particulars of the change.

(2) The Registrar may pursuant to subsection (1) and section 179-10(2) (Access to Registers) require the provision of such further information in relation to any Ultimate Beneficial Owner on the Beneficial Ownership Register or Nominee Directors on the Register of Nominee Directors, as the Registrar may require.

(3) Contravention of subsection (1) is punishable by a fine.

179-12 Notices issued by the Registrar of Companies

(1) The Registrar of Companies may, by Written notice, require a Relevant Person or any other Person (without prejudice to any lien claimed by such a Person on any documents produced by him) who may have information or documents related to Ultimate Beneficial Owners or Nominee Directors, whichever is applicable, to:

1. (a) provide; or
2. (b) produce for the purposes of inspection; or
3. (c) furnish, to the Registrar of Companies' officers, servants or agents authorised for the purposes of inspection under this section, on production of evidence of such authority,

such information or documents, in such form and manner, within such time and at such place as may be specified in the notice, as the Registrar of Companies may require for the performance of his functions under these Regulations.

(2) The powers conferred on the Registrar of Companies by subsection (1) to require a Person to provide information or produce any documents includes the power:

1. (a) where the documents are produced, to take copies of them or extracts from them, in circumstances where the Registrar of Companies is satisfied that the taking of such copies or extracts is necessary for the proper exercise of powers under or in relation to these Regulations;
2. (b) where the documents are not produced, to require the Person who was required to produce them to state, to the best of his knowledge and belief, where they are;
3. (c) to attend at such time and place as may be required and explain and answer questions relating to any matters in relation to which the production of the information may be required; and
4. (d) where required by the urgency of the situation or other relevant circumstances, to attend at the Relevant Person's place of business or its registered office in the AIFC, without prior notice and to request any such information or documents to be produced immediately.

(3) A Person to whom a notice or other request is directed is not required to provide any information that is subject to legal professional privilege.

(4) A statement made by a Person in response to a requirement imposed by or under subsections (1) or (2) may be used in evidence against him in:

1. (a) proceedings other than criminal proceedings; and
2. (b) in criminal proceedings:
3. (i) where evidence relating to it is adduced, or a question relating to it is asked, in the proceedings by or on behalf of that Person; or

(ii) for:

(A) an offence under these Regulations;

(B) some other offence where, in giving evidence, he makes a statement inconsistent with it, but the statement is only admissible to the extent necessary to establish the inconsistency;

(C) perjury; or

(D) perverting the course of justice.

(5) If a Relevant Person is in the process of being wound up or dissolved, the liquidator or other person responsible for the winding up of the affairs of the Relevant Person shall deliver to the Registrar the Beneficial Ownership Register and (if applicable) the Register of Nominee Directors of the Relevant Person or a true copy thereof, within thirty (30) days of his or her appointment.

(6) In the case where a Relevant Person is in the process of being struck off the Register under Chapter 2 of Part 14 (Powers and remedies), the members of the Governing Body shall deliver to the Registrar the Beneficial Ownership Register and (if applicable) the Register of Nominee Directors of the Relevant Person or a true copy thereof, within thirty (30) days of an application for strike off made by the Relevant Person or a notice of strike off issued by the Registrar of Companies.

(7) A Contravention of subsection (1), (5) or (6) is punishable by a fine.