The limitations on the capability of minority groups within the EP posturing as democratic voices has been exposed, but unfortunately not nipped in the bud.

The European Parliament has limited, if not zero legal capacity to override the Treaties and their principles.

The Recommendation made by the EP on the basis of scandalising minority reports for Registers of Trust goes beyond their Parliamentary remit, and certainly beyond the recommendations of the Commission whose hands, like the EP's  are tied by a justifiably limited jurisdiction under the Treaties.

The UK Overseas Countries and  Territories (OCTs)  are to be congratulated for taking this stance as they are in fact part of the European Union, but with a specific protected status within it. The relationship between the Overseas  Territories and  the remainder of the EU is now govened by EU Decision http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013D0755, but they have no voice in the EP. A point which the French regularly override for non-French OCTs : "pseudo -Démocratique, non?"

To cite Giscard d'Estaing's cannibalisation of Pericles' definition in the first draft of the European Constitution  "We call it a democracy, because power is in the hands of the many and not of the few".  A Committee of the EP with distorted values is in name and substance, but a"few".

The G20 has said that the current position is the benchmark, i.e. Official registers of beneficial ownership, but consultation only by administrations.

Perhaps, if corruption really is the issue prompting this, the EP should content itself with doing a search through the usual non-public channels on the financial interests of MEPs, who should submit on taking their seats to their personal holdings being vetted through the present channels, to see whether these are sufficient to compare their declared wealth and status with what they actually have.

See a summary of the OTC attitude to this EP incursion at http://www.compasscayman.com/caycompass/2014/12/09/UK-territories-unite-against-public-company-registry/