BIIA Regulatory News 2Dear members of the Regulatory Committee,

I wanted to flag an interesting decision of the French Constitutional Court who – on 23 October 2016 – ruled unconstitutional the country’s public trust register on the basis that it disproportionately infringes privacy rights.

This decision could have potential important implications for other European countries, particularly if considered in light of the many “transparency” and ‘open data’ initiatives that have been announced lately by the EU and single Member States. The review of the Anti-Money Loundering Directive, for instance, proposes the expansion of the scope of the trusts to be included in public registers.

The French decision could lead to other European countries reaching similar conclusions and might push back the provision requiring publicly accessible registers under the Fourth Money Laundering Directive.

The decision of the French Constitutional Court is available here<> (I am afraid it’s in French only)

Relevant articles:

*         Public registers and the right to privacy<>

*         French Constitutional Court rules on public register of trusts< Munroe - high res photo 300trusts>

Kind regards,


Neil Munroe is a director of BIIA and a member of the BIIA regulatory committee.  He can be reached at: CRS Insights Ltd – e:<> – m: +44 (0) 7710 844518, p: +44 (0) 1923 284604