On 18 March 2020, The General Authority for Investment (GAFI) issued decree No. 160 for 2020 (the “Decree”), allowing Ordinary General Assembly Meetings (“OGSM”), Extraordinary General Assembly Meetings (“EGSM”) and board meetings to be attended virtually using modern technology, where such attendance would be deemed as valid as attendance in-person.
Considering the need to take precautionary steps to overcome the outbreak of the COVID-19, the Government of India has in principle decided to remove the requirement to hold Board meetings with physical presence of directors as per Section 173 read with Rule 4 of the Companies (Meetings of Board and its Powers Rules, 2014) until 30th June, 2020.
On 21st February 2020, the Estonian Ultimate Beneficial Ownership (“UBO”) disclosure regulations were amended.
In Finland, the Act on Combating Money Laundering and Terrorism Financing came into effect on 1st January 2019. It now requires that all private commercial legal entities registered in Finland provide information of their Ultimate Beneficial Owners ("UBO") to the Finnish Patent and Registration Office.
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