According to the latest interpretation by the Romanian Trade Registry, all companies registered prior to 21 July 2019 (i.e. the date on which Law no. 129/2019 on the prevention of money laundering and terrorist financing (”Law no. 129/2019”) entered into force) must file an ultimate beneficial owner (”UBO”) statement by 15 days after the approval of their annual financial statements for 2019 or by 21 July 2020, whichever comes first.
In accordance with the provisions of Law no. 129/2019, every Romanian company must submit a statement executed by its legal representative containing information on its UBO (name and surname, date of birth, personal identification number, series and number of identity card, citizenship, domicile or residence, as well as details on how control is exercised over the company) on the following occasions:
- when the company is incorporated and first registered with the Trade Registry;
- annually, by 15 days after its financial statements have been approved;
- by 15 days after the occurrence of any change in the UBO data initially declared.
Breach of this legal provision is punishable by fines of up to RON 10,000 (approx. EUR 2,200), and if the company’s legal representative does not submit the statement by 30 days after the date the fine is imposed, the Trade Registry may order the dissolution of the company.
Under these circumstances and considering the upcoming approval of financial statements, please liaise internally to make sure that this formality is or will be covered in due time.
Later Edit: According to the Emergency Ordinance No. 29 as of 21 March 2020 on some economic and fiscal-budgetary measures, the original deadline (i.e. within 15 days from the approval of the annual accounts, but no later than 21 July 2020) has been prolonged by 3 months after the end of the state of emergency, whereas during this period the submission of the UBO statement is suspended.
By Raluca Botea, Senior Associate, and Luiza Bedros, Counsel, Noerr