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  • Legal Highlights - June 2018

Legal Highlights - June 2018

08 June 2018


On its session held on 25 May 2018, the Government of the Republic of Serbia adopted the Law on the Centralised Records of Beneficial Owners (hereinafter: the Law). On 31 May 2018, the Law was published in the “Official Gazette of RS” no. 41/2018 and should enter into force eight days from the date of publication, i.e. on 8 June 2018.

The adopted text of the Law is identical to the Draft Law presented in the previous, May edition of the Legal Highlights. The most important, essential provisions presenting terms and definitions (beneficial owner, centralised records, time frames, penal provisions, etc.) have not undegone any modifications and additions. 

In this respect, we will not look back on them again in this review, but, due to the importance of the matter, we will point again to the defined obligations and timeframes for the application by registered business entities liable in accordance with the Law:

-   to appoint the beneficial owner of the registered entity within 30 days at the latest;

-   to provide and keep the adequate, accurate and updated data and documents, which are used to determine the beneficial owner of the registered entity, within ten years from the day of recording the data on the beneficial owner;

-   at the request of the competent state authority and the National Bank of Serbia, make available, or submit the required documents relating to the beneficial owner;

-   record the data on the beneficial owner incorporated by 31 December 2018 no later than 31 January 2019.

The establishment of the centralised records is entrusted to the Business Registers Agency with the deadline until 31 December 2018.

Therefore, as a conclusion, it can be stated that, at present, business entities for which in the existing records of the Business Registers Agency the beneficial owner for the purposes of the Law has not been determined are liable to provide all necessary documents which determine the beneficial owner, while the deadline for recording the beneficial owner in the centralised records is 31 January 2019.

The prerequisite for recording the beneficial owner is the obligation of the Business Registers Agency to provide an application software for the introduction of the centralised records, establish the centralised records, while the procedure of recording will be defined in detail by by-laws to be adopted within the period of 3 months from the date of entering of the Law into force.