In the previous parts, we informed about the new duties imposed on entrepreneurs by new RBO Act No. 91/2021 Coll., regulating the Register of Beneficial Owners (the “RBO Act “), about the modes of registration into the Register and about sanctions which might be imposed for not registering your beneficial owner into the Register under the RBO Act.
In this Part, we will tell you which information registered in the Register of Beneficial Owners will be publicly available.
Personal data of a beneficial owner-individual will be publicly available only to the extent of their name, state of residence, year and month of birth, nationality and information about the elements constituting the status of a beneficial owner.
The address of their place of residence, date of birth and birth number will not be publicly available in the Register.
More personal (and other) data for legal entities can only be published subject to the beneficial owner’s consent.
From the Register, it will be possible to obtain a partial electronic extract of valid data about beneficial owners published in the extent above. A confirmation that no information about a beneficial owner is registered in the Register will be possible to obtain as well.
A full extract of valid information about a beneficial owner, i.e. an extract containing all information registered in the Register will be available only to the entities (including but not limited to governmental authorities) listed in Section 6 of the RBO Act.
For the sake of the extensive protection of vulnerable persons, information about a beneficial owner who does not have full legal capacity may be made fully or partly unavailable to the public under the RBO Act, unless it would be in conflict with public interest.
For the sake of privacy protection, the RBO Act provides that information about beneficial owners will be available from the Register until 5 years from the termination of legal existence of a legal entity or trust.
It is also important to know that by using identifiers, the public will only be able to search legal entities, not individuals.
If you need help registering the beneficial owner of your company or trust into the Register of Beneficial Owners in order to comply with the duties laid down by the RBO Act and in order to avoid sanctions, please do not hesitate to contact us. If the beneficial owner of your company or trust is not easy to ascertain, we will be happy to assist you with this as well.
Mgr. Alexandra Kábrtová, Junior Attorney
JUDr. Vladimíra Pajerová, Attorney
Pajerová Sedláčková ADVOKÁTKY s.r.o.
20 May 2021