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)

jurisdiction

Austria
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The current legal basis of the Austrian Transparency Register is the Bundesgesetz über die Einrichtung ein­es Registers der wirt­schaft­lichen Ei­gen­tümer von Gesell­schaften, anderen juristischen Per­sonen und Trusts (Wirtschaftliche Ei­gen­tümer Registergesetz).

The Directive has been implemented by the European Financial Adaptation Act (EU-Finanz-Anpassungsgesetz) and came into force as of 10 January 2020.

Yes.

Beneficial and legal owners have to provide the legal entity with all documents and information necessary.

Yes.

Legal entities are obliged to take appropriate measures to verify whether the information provided is correct and to fully understand the ownership and control structure.

The legal entity.

5. Are there exemptions to the filing obligation?

Yes.

No filings are necessary in the case of

  • Partnerships (Offene Ge­sell­schaft, Kom­mandit­ge­sell­schaft), if all personally liable share­holders are natural persons;
  • Limited liability com­pa­nies, if all share­holders are natural persons;
  • Cooperatives and industrial societies (Erwerbs- u. Wirt­schafts­genossen­schaft­en);
  • Mutual insurance associations (Versicherungs­ver­eine auf Gegenseitigkeit);
  • Associations pursuant to the Austrian Associations Act (Vereine gemäß Ver­eins­gesetz);
  • Listed companies.

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

1 June 2018.

Legal entities are obliged to update their respective filing once per business year.

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

Administrative fines.

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

Filings have to be made via the Unternehmens­ser­vi­ce­portal.

9. Notable amendments (including through the Directive)

The Austrian transparency register is open to the public.

Regulations for service providers of virtual currencies have been introduced.

If a high-risk third country is involved in business relationships, enhanced due diligence measures must be applied.