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Last-minute changes regarding the beneficial shareholder

In the Official Gazette n. 58 of 06.07.2020 was published the Law of amendment and integration of Law 129/2019 for the prevention and fight against money laundering and terrorist financing, bringing a beneficial change to societies.
Article 56 of the Act was then supplemented by two new articles introducing exemptions from the obligation to submit the declaration for:
  • Autonomous Organisations (Regie Autonomă), national companies and State owned companies or companies where the Romanian State is the majority shareholder
  • Legal entities/companies consisting exclusively of natural persons as shareholders, where they are the sole beneficial owners.
In the case of the persons exempted and listed above, it is the Trade Register that automatically compiles the Register of Beneficial Owners, on the basis of the documents submitted by the companies at the time of their establishment or of the various amendments to the articles of association or the articles of association.
Other companies, which are not part of the exceptions listed, for example, companies with other companies as shareholders in their structure are required to submit a declaration of effective ownership within 12 months of the entry into force of the law and 15 days after any change in the membership structure, which would implicitly change the beneficial owner or his identity in a company.
More information on the provisions of this law can be found here.



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