On 27 August 2020, the United Arab Emirates (UAE) issued Cabinet Decision No. 58/2020 on the regulation of the procedures related to Real Beneficiaries (included in the UAE Federal Gazette Index issue No. 685 dated 27 August 2020), replacing Cabinet Decision No. 34/2020 on the Regulation of Procedures Related to Real Beneficiaries. Cabinet Decision No. 58/2020, among other things, requires companies licensed or registered in the UAE (excluding in the financial freezones) to create and maintain a register of their ultimate beneficial ownership (UBO) and to submit UBO data to the relevant registrar or licensing authority (Registrar). Furthermore, Cabinet Decision No. 58/2020 also provides for monitoring and control of companies' shareholder registers. In this Legal briefing, the imposed requirements and their impact on the companies will be analyzed.