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

Part 4 of the Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten (Geldwäschegesetz – GwG) as amended on 23 June 2017

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

Any shareholder who is a UBO or directly controlled by a UBO as well as any UBO has to provide the required information (unless such information is available from certain public records in Germany).

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 management are limited to collecting and processing information which was made available to it.

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?

Yes. If and to the extent that the information on the UBO is available from certain public records in Germany, no filings have to be made.

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

1 October 2017

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

Administrative fines against shareholders, UBO and management in breach of their obligations.

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

As a separate register called Transparenzregister: