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Legal alert no. 95

Deadlines for the filling of the initial declaration of the Central Registry of the Beneficial Owner (“CRBO”)

Today it has been published, in the Portuguese Official Gazette, Ministerial Order no. 200/2019, of June 28th, which foresees new deadlines for the filling of the initial declaration of the CRBO and furthermore revokes the provisions of articles 13 and 17, both of Ministerial Order no. 233/2018, of August 21st.

Taking into account the particular complexity of the CRBO’s database, involving a huge wide range of entities that are subject to the CRBO and furthermore an uncalculated number of entities deemed to access to the referred platform, the phased implementation of the CRBO revealed to be insufficient, even after the deadlines initially foreseen had been postponed.

Therefore, the deadline of June 30th, 2019 for the submission of the initial declaration of the ultimate beneficial owner, as well as the deadline of July 1st, 2019, which corresponds to the date as of the obliged entities shall start with the mandatory access to the CRBO, have to be extended, attending to the difficulties raised by its execution, pursuant to the legal security and public order principles.

In this regard and pursuant to the provisions of the approved Ministerial Order, the initial declaration of the entities subject to the CRBO, which have been incorporated until June 29th, 2019, shall be submitted respectively until October 31st, 2019, for the particular case of entities subject to commercial registration, and until November 30th, 2019, for the remaining entities.

Additionally, entities that are legally deemed to access to the CRBO to confirm information, shall fulfill with this obligation solely after January 31st, 2020, unless in case where the respective access code had been previously provided to them. It should be noted that is applicable to all entities subject to the CRBO, including those, which have been incorporated after October 1st, 2018.

Finally, Ministerial Order no. 200/2019, of June 28th foresees furthermore that the annual obligation to be fulfilled by those entities to confirm the information regarding the beneficial owner shall not be applicable nor deem in 2020, and this exemption shall be applicable even for those entities that have submitted the ultimate beneficial owner declaration in 2018, without prejudice of the obligation to update any potential change in the information provided that may occur.  

This Ministerial Order shall enter into force in June 29th, 2019.

To access to the complete provisions of Ministerial Order no. 200/2019, of June 28th, please click here.

 
 
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