[PIO] Launch of the electronic system of the Register of Beneficial Owners

The Deputy Ministry of Research, Innovation and Digital Policy announces the delivery of the electronic system of the Register of Beneficial Owners (RBR) of the Department of Registrar of Companies and Intellectual Property (DEEDI), which will be operational from today, November 14, 2023.

The website of TEIDI can be accessed by those who are registered users of CY Login.

Further to the announcement of the Department of Registrar of Companies and Intellectual Property on "Notification for registration of beneficial owner (FO) data in the Register of Beneficial Owners (BR) and imposition of fines", dated 01/09/2023, TEHRC informs about the following:

The final solution of the electronic system of the BR will be implemented in its entirety within 2024.

Period A: 14/11/2023 - 31/12/2023

1. All companies incorporated or registered under the Companies Act, Cap. 113, all European Public Limited Companies (SEs) and all Cooperative Societies (hereinafter referred to as Organisations) or their officers/partners are requested to enter the final resolution system and take the "Action" of "Initial Registration", i.e. to update/re-register their IDs, even if they have already done so in the interim resolution system. For re-registration purposes, the last image of the intermediate solution's ID data will be shown in the "Information from intermediate system" tab where they can see what they have entered in the intermediate solution and re-register it. Period A will last approximately 1 ½ months (11/14/2023 - 12/31/2023) and in this period there will not be any monetary charge[/B]. The way of entry into the final solution system will be the same as for the interim solution.

1. From this period and in subsequent periods, it will be possible to:
   1. Exercise due diligence,
   2. Exemption to disclosure of information,
   3. Request for access to minors' data,
   4. Organisations listed on a regulated market subject to disclosure requirements under European Union law will be able to declare their exemption,
   5. Organisations subject to equivalent international standards which ensure sufficient transparency of proprietary information will be able to declare their exemption,
   6. Obligated Entities and Competent and Supervisory Authorities will be able to carry out an electronic search of the PSI on their own. As far as the Reporting Entities are concerned, their role will be preceded by an examination and then accepted or rejected by Departmental officials. The electronic search of the Reporting Entities will be completed by the payment of the appropriate fee of EUR 3,50 per Entity.

Please note that those Entities that have shown or intended to show due diligence in the interim solution should do so in the final solution. The same applies to those Organisations that should declare their exemption in the final resolution whether they are listed on a regulated market subject to disclosure requirements under European Union law or are Organisations subject to equivalent international standards that ensure adequate transparency of proprietary information, which should declare their exemption in the final resolution.

Period B: 01/01/2024 - 29/02/2024

1. Those companies incorporated or registered under the Companies Act, Cap. 113, those European Public Limited Liability Companies (SEs) and those Partnerships or their officers/partners, have not entered during Period A into the Final Resolution Scheme to undertake the "Action" of "Initial Registration", i.e. to update/re-register their PPA, even if they have already done so in the Interim Solution system, they will incur a financial charge. The charge will apply from 01/01/2024 until the date of the "Action" of the "Initial Registration" when the final resolution system will be updated with ID data.After the above Organizations pay the resulting monetary charge, they will be able to proceed with registration and/or termination and/or change without any further monetary charge that governs these actions based on Directive C.I.P. 112/2021 as amended.

1. Those companies incorporated or registered under the Companies Act, Cap. 113, those European Public Limited Liability Companies (SEs) and those Partnerships or their officers/partners, have entered during Period A into the Final Dissolution Scheme and have taken the "Action" of "Initial Registration", i.e. to update/re-register their PPA, they will not incur a financial charge and will be able to proceed with registration and/or termination and/or change without any of the financial charges that govern these actions under Directive K.Directive 112/2021 as amended.

Period C: from 01/03/2024 and onwards

During Period C all actions under the CPD 112/2021 Directive as amended will be available as follows:

1. Update of the Register of Beneficial Owners
2. Confirmation of Beneficial Owners
3. Match
4. Electronic Search of the Register of Beneficial Owners
5. Request for a disclosure exemption data
6. Request for access to minor's data
7. Calculations of monetary charges where applicable

For any clarifications or queries in relation to the Register of Beneficial Owners, you may visit Register of Beneficiaries which provides detailed information on the process of creating and identifying profiles, fines, FAQ’s, νομοθεσία.

In case your question is not answered by the above material, you can submit it exclusively in writing to the e-mail address Ubos@meci.gov.cy

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The project is co-financed by European funds through the National Recovery and Resilience Plan "Cyprus_Tomorrow".

(MK)
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