Recital 25

Beneficial ownership information of express trusts and similar legal arrangements should be registered where the trustees and persons holding equivalent positions in similar legal arrangements are established or where they reside, or where the legal arrangement is administered. In order to ensure the effective monitoring and registration of information on the beneficial ownership of express trusts and similar legal arrangements, cooperation between Member States is also necessary. The interconnection of Member States’ registries of beneficial owners of express trusts and similar legal arrangements should make that information accessible, and should also ensure that the multiple registration of the same express trusts and similar legal arrangements is avoided within the Union.