Investment funds: Requests for Ultimate Beneficial Owner disclosure


Clearstream Banking1 informs fund transfer agents that requests for Ultimate Beneficial Owner (UBO) disclosure will be handled by Clearstream Banking if the following conditions are met:

  • An official request is received from the fund transfer agent with a business justification for the reason for disclosure (to be sent by email or SWIFT).
  • The request should contain the ISIN, the date for which a disclosure is required and the deadline to provide information. If the disclosure must be done on Umbrellas, transfer agents must provide the “Umbrella-to-ISIN” mapping.

Depending on the request, an hourly fee for special operational services could be applied.

Clearstream Banking only acts as an intermediary between the transfer agent appointed by the fund and Clearstream Banking customers and therefore cannot guarantee that these customers will disclose any information and the content of any information disclosed.

Clearstream Banking cannot guarantee a time to respond as it will depend on the responsiveness of the underlying client.

For UBO requests related to the Luxembourg register of ultimate beneficial owners implementing provisions of the 4th AML Directive into Luxembourg Law, transfer agents or fund companies should make use of the existing customer holdings reporting made available to transfer agents. If and when direct customers holding more than 25% of a specific fund issuance are identified, a UBO request can be raised by the transfer agent (see above conditions). Requests must detail the 25% threshold in shares/market value to allow direct customers to complete their review.

Transfer agents and fund companies are reminded that Clearstream Banking’s eligibility criteria allows only customers considered to be equivalently regulated financial institutions for the purposes of opening securities accounts that Clearstream Banking classifies as a form of correspondent banking relation.  Therefore, "natural persons" cannot open accounts with Clearstream Banking.

Further information

Any requests about UBO should be addressed to Investment funds operations (Email: – Phone +352 243 32833)