Since 1 August 2021, the Transparency Register and Financial Information Act (TraFinG) has required all companies domiciled in Germany to report their (notional) beneficial owners to the Transparency Register for registration purposes.
In particular, the TraFinG does away with the notional notifications that previously applied. Specifically, this means it is no longer sufficient that information on the (notional) beneficial owners is already available from the commercial register, partnership register, cooperative society register, register of associations or company register. Companies must now notify this information separately to the Transparency Register.
How CMS can help you with Transparency Register requirements
CMS has advised many companies and corporate groups on their obligations to notify the Transparency Register in recent years. Our experts assist German SMEs and family-owned businesses as well as multinational corporations and their German subsidiaries with registering their beneficial owners in the Transparency Register. We ensure that this is done in a legally compliant manner, and liaise with the regulator and the register authorities as necessary.
The main Transparency Register services provided by CMS comprise:
- Verifying beneficial ownership (optional)
- Assembling and checking registration data
- Registering associations and reporting (notional) beneficial owners
- Clear, centralised documentation of the data
- Updating entries when changes are made
- Communicating with the Transparency Register or the authorities and prompt forwarding of relevant notifications
The CMS Transparency Register service lawyers, supported by our Smart Operations unit (SMOP), act as the point of contact for you and for the authorities. There is no need for you to register with the Transparency Register yourself. We also ensure complete, centralised documentation of the registration information and provide prompt support with regard to all register-related matters.