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

Act No. 52/2018 Coll. implements the Directive and amends the Act No. 297/2008 Coll. on protection against the legalization of criminal proceeds and protection against terrorist financing. This, together with the Act No. 315/2006 Coll. on Register of Public Sector Partners, Act No. 272/2015 Coll. on Register of legal entities, entrepreneurs and public authorities and Act No. 530/2003 Coll. on Commercial register, creates the legal basis for the Transparency Register.

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

There is no obligation of the UBO(s) to proactively provide the legal entity with any information.

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

Each legal entity (except public administration bodies) is obliged to verify the identity of UBO(s) and keep this information up-to-date, unless such information is already available in the Slovak Register of Public Sector Partners.

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

The legal entity. 

If the information on the UBO has not already been filed with the Slovak Register of Public Sector Partners, then it shall be filed with the appropriate “source registers” (Commercial Register, Register of non-profit organizations etc.) for which the Ministry of Interior of the Slovak Republic and Ministry of Justice of the Slovak Republic are responsible. Information from these registers will be shared with the Register of legal entities, entrepreneurs and public authorities (“RPO”). The administrator of the RPO is the Statistical Office of the Slovak Republic.

Are there exemptions to the filing obligation?

As of 1 November 2018, when the second part of the Act No. 52/2018 enters into force, there will be exemptions for: public entities (i.e. governmental organisations); and issuers of securities admitted to trading on a regulated market.

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

This obligation will be mandatory for companies as of 1 November 2018. Companies established before 31 October 2018 are obliged to make initial filings by 31 December 2019.

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

The department of financial police of the police force may impose a penalty of up to EUR 200,000. A further penalty of up to EUR 3,310 can be imposed for breaching the statutory deadline or including false information about the UBO.

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

The Transparency Register will be a part of the already existing Commercial Register. However, all relevant data provided to the Commercial Register will be transferred (copied) to the Register of Legal Persons maintained by the Statistical Office of the Slovak Republic.