First pageArticlesThe deadline for submitting the statement regarding the actual beneficiary was suspended during the state of emergency in romania

The deadline for submitting the statement regarding the actual beneficiary was suspended during the state of emergency in Romania

Given the major impact on the economic environment generated and expected to be generated by the exceptional measures, of temporary nature, imposed by the public authorities due to the state of emergency on the territory of Romania according to the Decree no. 195 dated 16 March 2020, for declaring the state of emergency in Romania (the "Decree") in the context of the COVID-19 pandemic, the GEO no. 29 dated 18 March 2020 ("GEO 29") was published in the Official Gazette no. 230.

Under GEO 29, additional measures for support and flexibility were adopted to protect the business environment and the economic circuit, by providing the necessary tools to adjust the legal relationships to the current challenges and difficulties.

One of these measures concerns the obligation of the legal persons subject to registration with the trade registry, as well as of the associations and foundations, to submit to the Trade Registry Office the statement regarding the actual beneficiary.

As per the Law no. 129/2019 to prevent and combat money laundering and terrorism financing, as well as to amend and supplement various legislative acts, legal persons subject to registration with the trade registry, have the obligation to submit to the competent Trade Registry Office a statement regarding the actual beneficiary, by 21 July 2020, as well as annually, within 15 days from the approval of the financial statements, and whenever a change occurs to the previous statement, within 15 days from the date such change intervened.

This obligation was also imposed to the associations and foundations, which must submit the statement to the Ministry of Justice by 21 July 2020, as well as annually, until January 15, and whenever a change of the actual beneficiary’s identification data occurs, within 30 days from the date such change intervened.

In order to fulfill the aforementioned annual obligation by the companies, during this period, the Trade Registry Office has faced an increased number of requests for registration of the statement regarding the actual beneficiary, which exceeded the technical capacities of the institution, given the activity of the institution is carried out exclusively online.

Therefore, in order to prevent the late registration or overcrowding of the Trade Registry Office in the current context, the measure of suspending the obligation of legal persons subject to registration with the trade registry, to submit the statement regarding the actual beneficiary, during the state of emergency was regulated by GEO 29. Furthermore, the deadline for submitting the statement was extended by three months as of the date the state of emergency shall cease.

The measure was also established for the associations and foundations. The deadline for submitting the statement regarding the actual beneficiary shall be extended by three months as of the date the state of emergency shall cease, and during the state of emergency the statement is suspended.

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