On August 1, 2021, the “Transparency Register and Financial Information Act” came into force. As a result of the amendment, the transparency register was changed from a catch-all register to a full register. Thus, there is an obligation to register for all companies.
Until July 31, 2021, the notification of the beneficial owner was deemed to be fulfilled pursuant to Section 20 (2) GWG old version if the required information was already evident from other public registers (e.g. commercial register or partnership register). As a result of the amendment to the Act, all legal entities under private law and registered partnerships will be required to notify the Transparency Register of the beneficial owner as of August 1, 2021.
For the companies whose obligation to notify the Transparency Register was fulfilled due to the notification fiction, the following transitional periods apply for registration in the Transparency Register:
- AG, SE or KGaA until March 31, 2022
- GmbH, cooperative or partnership until June 30, 2022
- All other cases until December 31, 2022
The transition periods do not apply in cases where entry in the transparency register was expressly required (e.g. bridging aid). Here, the entry should be made without delay.
The following information on the beneficial owner(s) (= natural persons in whose ownership or under whose control the association is) must be recorded at www.transparenzregister.de:
- First and last name (as per identification document).
- Date of birth
- Place of residence (main residence)
- Nature and extent of economic interest
- All nationalities
Pursuant to Section 56 (1) No. 54-66 of the CCL, failure to comply with the transparency obligations is an administrative offense punishable by a fine.
You can read more on this topic in our blog post dated August 20, 2021.
If you have any questions regarding the identification of beneficial owners or the entry in the transparency register, we will be happy to assist you.