[PIO] Announcement of the Registrar of Companies and Intellectual Property Department on the Register of Beneficial Owners

In relation to reports made during yesterday's meeting of the Parliamentary Committee on Energy, Trade and Industry, dated 12/03/2024, and to reports today regarding the issue of the registration of beneficial owners' details in companies whose beneficial owners cannot be identified, the Department of the Registrar of Companies and Intellectual Property has the following information:

1. Directive C.P.D. 112/2021 (as amended), which was published in the Official Gazette on 12 March 2021, provided the possibility for the officers of each company or other legal entity to exercise due diligence rights at the interim dissolution, through the Department's treasury, and at the final dissolution, through the electronic system of the Register of Beneficial Owners. Further information is also provided in Part 3.5 of the Register of Beneficial Owners Manual, February 2024 edition, which is posted on the Department's website.
2. The right of due diligence provides that an officer of a corporation or other legal entity will not be subject to a monetary penalty if he or she has exercised due diligence to comply with the provisions of this Directive and the violation is not due to any act or omission or negligence on his or her part.
3. In addition, it is noted that any officer of a corporation reserves the right to resign from the office held by him through registration with the Department of Affidavit, pursuant to the Companies Act Cap. 113 Section 192 (5A).
4. In addition, the following is clarified:

[*]Pursuant to the aforementioned Directive, companies that registered their delisting application before March 12, 2021 are exempt from the obligation to register the details of Beneficial Owners. [*]Companies for which a de-registration process is in progress by the Department pursuant to the Companies Act Cap. 113, but have not been deregistered, shall be required to register the details of Beneficial Owners within the prescribed period.

(GA/EP/MS)

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