Artikel 60 Ermittlung von Objekten einer Ermächtigung und Letztbegünstigten bei Nichtausübung der Ermächtigung bei Discretionary Trusts

This article addresses a specific challenge in beneficial ownership identification: discretionary trusts, where trustees have not yet chosen who will benefit.

It builds directly on Article 59, applying similar logic to this trust type.

Where no beneficiaries have yet been selected, the article requires identification of the "objects of a power" (those among whom trustees may choose) and "default takers" (those who benefit if trustees fail to act).

It then clarifies the precise moment at which each category transitions into being treated as a beneficial owner.

Important points:

• In discretionary trusts, identify the objects of a power and default takers until beneficiaries are formally selected.
• Objects of a power become beneficial owners upon selection; default takers become beneficial owners when trustees fail to exercise their discretion.
• Where the conditions of Article 59(2) are met, only the class of objects of a power and default takers need to be identified, with those trust categories notified to the Commission accordingly.