What is the legal basis of the Transparency Register in the respective Member State?

Chapter II, Part VI of the Bulgarian Anti-Money Laundering Measures Act (“AMLMA”) (Закон за мерките срещу изпирането на пари) published in State Gazette Issue No 27/2018 on 27 March 2018, effective from 31 March 2018.

Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?

Currently, the process and forms by which such information is provided to the legal entity are unclear. These will be set out in secondary legislation to the AMLMA and are expected to be developed and implemented by 27 August 2018.

Is there an obligation of a legal entity to actively inquire with its shareholders/partners on the identity of the UBO(s)?

The obligations of the legal entity are limited to collecting, processing and providing information that was made available to it. The secondary legislation to the AMLMA, which is not yet prepared, may introduce such obligations on the legal entity.

Who is required to make filings with the Transparency Register, the legal entity or the UBO?

The legal entity.

Are there exemptions to the filing obligation?

There is an exemption if the requisite information is already available in the relevant registers.

What is the due date for the initial filing with the Transparency Register?

1 February 2019. 

The register will be operational by 1 October 2018.

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

Fines range between EUR 250 and EUR 2,500 for responsible managers of a legal entity. Fines for legal entities range between EUR 500 and EUR 5,000.

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

The Transparency Register is designed as part of two existing public registers: the Commercial Register and the BULSTAT Register.