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Slovakia

The transparency register in the 4th AML directive in Slovakia

Table of contents
  1.  What is the current legal basis of the Transparency Register? To what extent has the Directive been implemented?
  2. Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?
  3.  Is there an obligation of a legal entity to actively inquire with its shareholders / partners on the identity of the UBO(s)?
  4.  Who is required to make filings with the Transparency Register, the legal entity or the UBO?
  5.  Are there exemptions to the filing obligation?
  6.  What is the due date for the initial filing? Is there an obligation to update the filing?
  7. What are the sanctions in case of a breach of the transparency obligation?
  8.  Is the Transparency Register established as a separate register or part of an existing one?
  9.  Notable amendments (including through the Directive)
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The Directive has not been fully transposed yet; some aspects are still subject to further regulation (in particular the access of the general public to the beneficial ownership information).

No.

There is no obligation of the UBO(s) to proactively provide the legal entity with any information.

Yes.

Each legal entity (except public administration bodies) is obliged to verify the identity of UBO(s) and keep this information up to date, unless such information is already available in the Slovak Register of Public Sector Partners.

The legal entity (persons entitled to act on its behalf).

If the information on the UBO has not already been filed with the Slovak Register of Public Sector Partners, then it must be filed with the appropriate "source registers" (Commercial Register, Register of non-profit organisations etc.) for which the Ministry of the Interior of the Slovak Republic and the Ministry of Justice of the Slovak Republic are responsible. Information from these registers will be shared with the Register of legal entities, entrepreneurs and public authorities ("RPO"). The administrator of the RPO is the Statistical Office of the Slovak Republic.

5. Are there exemptions to the filing obligation?

Yes.

As of 1 November 2018, when the second part of Act No. 52/2018 entered into force, there are exemptions for: public entities (i.e. governmental organisations); and issuers of securities admitted to trading on a regulated market.

6. What is the due date for the initial filing? Is there an obligation to update the filing?

This obligation is mandatory for companies as of 1 November 2018. Companies established before 31 October 2018 were obliged to make initial filings by 31 December 2019.

The persons entitled to act on the company’s behalf (members of the statutory body) are obliged to update the filing no later than 30 days after any change to the ownership structure occurred. 

7. What are the sanctions in case of a breach of the transparency obligation?

The financial branch of the police force may impose a penalty of up to EUR 200,000. A further penalty of up to EUR 3,310 (on each member of the statutory body) can be imposed for breaching the statutory deadline or including false information about the UBO.

8. Is the Transparency Register established as a separate register or part of an existing one?

The Transparency Register is part of the existing Commercial Register. However, all relevant data provided to the Commercial Register will be transferred (copied) to the Register of Legal Persons maintained by the Statistical Office of the Slovak Republic.

9. Notable amendments (including through the Directive)

N/A