Czech Republic implements UBO regulation
19 April 2021 - As of 1 June 2021, new legislation regarding the registration of beneficial owners (Act No. 37/2021 Coll., on Registration of Beneficial Owners) becomes effective.
- Definition of UBO is expanded to any natural person holding directly or indirectly more than 25 % of voting shares, or any person with ultimate influence over a legal entity/management of trust fund, or the person in senior management;
- The due date to ensure that the registered data complies with the requirements is 1 June 2022 and 1 December 2021 for non-business corporations and business corporations respectively;
- Such details as name, state of residence, year and month of birth, citizenship, information on the nature of the beneficial owner’s position, size of his/her share, date of becoming and ceasing to be a beneficial owner, will be publicly available;
Non-compliance might result into severe penalties, such as payment of the state charge (approx. 19,200 EUR), ban on exercise of voting rights, ban on payment of a share in a property benefit and unenforceability of rights and obligations for the beneficial owner.
Citco Insights article
Are you interested in more Citco Insights articles?
|FOLLOW US ON TWITTER @CITCOINSIGHTS|