Legal News 10/2018
Monday, November 26, 2018

From  1 October 2018, an amendment to the Cadastral Act came into effect and affect following areas:
- The Land Registry will be centralized and managed by the Geodesy, Cartography and Cadastre Authority of the Slovak Republic instead of the current decentralization of the Land Registry administration by the disctrict authorities in its territorial jurisdiction

- A new definition of the construction registered in the Land registry. The construction is recorded in the Land Registry if it is bounded by perimeter walls and a roof structure.  With the centralisation of the Land Registry is also connected the transfer of the power to decide in doubts whether the construction should be registered in the Land Registry from the district Office to The Geodesy, Cartography and Cadastre Authority of the Slovak Republic

- unambigous definition of eligible persons

- The Land Registry will record the prices of all real estates, not only agricultural land as it was before, although the access to these data will be limited to the owner and various state authorities, experts and persons who create price maps

- new mandatory elements of the proposals in the proceedings

reducing the period for the deletion of the lien, from 60 days to only 5 working days

- In accordance with the amendment to the Act on Public Procurement, compulsory electronization is being introduced in the public procurement process since 19 October. Advertisers and contracting authorities will have to use electronic communications from this date for procurement procedures

With effect from 1 November 2018, all legal entities shall be obliged (except government entities and issuers of securities admitted to trading on a regular market) under Act no. 530/2003 Coll. To add in the Business Register the data about his/her beneficial owner (hereinafter „the amendment“), in the scope of his name, surname, birth number, date of birth, sex, permanent adress or the other residence, nationality and type and the number of the identity document and the data from which result is that the person has the status of beneficial owner

- The changes are as follows:

- Legal entities that were registered into the Commercial Register before 01.11.2018 will be obliged to submit to the Commercial Register a proposal for the registration of data about the beneficial owner within the deadline of 31.12.2019

- Legal entities who have already registered the ultimate beneficial owner to the register of public sector partners have to also submit a proposal to the Commercial Register

- The obligation to record data (hereinafter reffered to as „UBO“) into the relevant registers will also apply to non-investment funds, non-profit organisations providing general services and foundations

- The proposal to register data about the ultimate beneficial owner into their corresponding registers will be exempted from court and administrative fees

- Data about ultimate beneficial owner will not be published, i.e. The „UBO“ wil not be seen in the extract from the Commercial Register

- The legal entity will be obliged to indentify its ultimate beneficial owner, maintain and update the data about „UBO“ in paper or electronic form. The data about each individual „UBO“ must be kept by a legal entity for up to five years from the termination of the status of a particular natural person as a „UBO“ (in order to fulfill this legal obligation it will be sufficient if specific legal entities will keep a list of „UBO“ with data in the legally definted scope). It is not necessary to draw up specific documents (e.g. a verification document) by which the legal entities would demonstrate the way in which individual „UBO“ were identified (e.g. determination of voting rights of a particular natural person in the company etc.)

- In case that the data about the ultimate beneficial owner does not correspond to the reality or the court is entitled to impose a fine up to 3,310 EUR to a company or person authorized to act on its behalf