Czech Republic

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

Act. No. 368/2016 Coll. implements the Directive and amends (i) Act No. 253/2008 Coll., on selected measures against legitimization of the proceeds of crime and financing of terrorism, (ii) Act No. 304/2013 Coll. on public registers of legal entities and natural persons and (iii) some further Acts.

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

No. 
There is no obligation of the UBO(s) to provide the legal entity with any information in this respect.

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

Yes. 
Each legal entity is to maintain and keep up-to-date records about their respective UBO(s) and the reasons why such person(s) is/are considered the legal entity’s UBO(s).

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?

No.

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

1 January 2019, for legal entities registered in the Czech commercial register (e.g. all limited liability companies and joint-stock companies), or 1 January 2021 for entities registered in other public registers.

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

Under the applicable legislation, there is no provision based on which a penalty may be imposed on legal entities or beneficial owners for breaching the obligation to disclose the beneficial ownership or any other information relating to the beneficial owner(s). 


A failure to disclose information on the beneficial owner(s) may have some indirect negative consequences, such as an exclusion of the respective legal entity from participation in public tenders.

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

The Transparency Register was established as a separate register, known as the “record of data of ultimate beneficial owners of legal entities and trust funds”. The Transparency Register is not a public register and is maintained in electronic form at the relevant court of registration administering the file of the respective legal entity.