The impacts of the beneficial owner register on Hungarian asset management foundations, trusts, and hybrid trusts

Abstract

Abstract The European Union beneficial ownership register regime forces, among others, companies, trusts, and foundations to make publicly available their beneficial owners, even though the definition of a beneficial owner is foreign to many continental jurisdictions due to the Roman law heritage of civil law. This article discusses the functioning of the Beneficial Ownership Register in Hungary with a special focus on the Hungarian asset management foundation, the trust, and the hybrid trust. It also analyzes the impact of the Beneficial Ownership Register and Anti-Money Laundering laws on the privacy of the participants in an asset management foundation, trust, or hybrid trust.