Have you submitted the declaration of the beneficial owner? Are you required to consult your (potential) clients RCBE? Are you aware of the consequences?

The companies that have not yet submitted the declaration of the beneficial owner (the initial deadline having been extended until October 31, 2019) are restricted, since February 1, in relation to the following:

  1. To distribute of profits or realization of advance payments on profits;
  2. To enter into agreements with the State and other public entities;
  3. To bid for the concession of public services;
  4. To admit to trading in the regulated market financial instruments representative of its capital stock or convertible into it;
  5. To launch public offers for the distribution of any financial instruments issued by it;
  6. To receive support from European funds; and
  7. To conduct business relating to real estate (sale and purchase, donation, establishment of usufruct or surface right, mortgage)

This is due to the fact that the so-called “obliged entities” (e.g. credit institutions, lawyers, solicitors, auditors, accountants, tax consultants, entities that carry out activities in the real estate sector, companies and venture capital investors) are obliged to consult the central registry of the effective beneficiary as of January 31, 2020, in accordance with Ordinance No. 200/2019 of June 28, and must subject the establishment of their business relations or transactions to the verification of the entity’s compliance with the obligation of registration in the RCBE.

The possibility of registering the beneficial owner free of charge is still maintained, although it is foreseen that the registration after the deadline legally established will entail a cost for the company of EUR 35.

Click HERE to see the ordinance.

Click HERE to see the RCBE’s diploma.

For more information please contact us at: mac@ccsllegal.com

[Photo: Sergey Zolkin, available at: unsplash.com]