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On September 25, 2024, the Department of the Registrar of Companies and Intellectual Property issued a significant announcement regarding compliance requirements for companies registered under the Companies Law, Cap. 113. This directive applies to all European Public Limited Liability Companies and Partnerships, as well as their officers or partners. All relevant entities are mandated to access the Beneficial Owners Register between October 1 and December 31, 2024, to confirm the details of their Beneficial Owners, senior management officers, or due diligence, depending on the specific circumstances of each case.
For clarity, the steps necessary to confirm the details of the Beneficial Owners can be found on the Frequently Asked Questions page.
The announcement emphasized the importance of adhering to this deadline. Failure to confirm these details by December 31, 2024, will result in substantial penalties. Specifically, the entity and each of its officers or partners will incur a monetary penalty of €200 starting from the first day of non-compliance. This initial fine will escalate by an additional €100 for each subsequent day of infringement, capping the total penalty at €20,000.
Moreover, the Registrar highlighted that if any initial registration, changes, or other actions related to the Beneficial Owners Register occur between October 1 and December 31, 2024, such actions must be finalized before confirming the details of the Beneficial Owners, senior management officers, or due diligence. It is crucial that the confirmation be completed by the end of the year.
Importantly, entities are reminded that confirmation of details is required only once during the designated period. Should any changes or actions take place after this confirmation, a repeat confirmation will not be necessary.
Entities are encouraged to ensure compliance with these regulations to avoid penalties and to maintain good standing with the Registrar of Companies.
*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.
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