[PIO] Start of implementation of the final solution of the electronic system of the Register of Beneficial Owners

The Department of the Registrar of Companies and Intellectual Property (CIPI), following its previous announcement on: "Notification for registration of beneficial owner (FO) data in the Register of Beneficial Owners (BR) and imposition of fines" dated September 1, 2023, informs the public of the implementation of the final solution of the electronic system of the BR from November 14, 2023.

On the website https:/ubo.meci.gov.cy/ is accessible to all registered users of Cylogin.

The final solution of the EPO's electronic system 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 Partnerships (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. 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 ID data of the intermediate solution will be shown in the "Information from intermediate system" tab where they will be able to see what they have entered in the intermediate solution and re-register it. Period A will last for approximately one and a half months (14/11/2023 - 31/12/2023) and there will not be any monetary charge in this period. The method of entry into the final solution system will be the same as for the interim solution.

1. From this period, as well as during the following periods, the following possibilities will be available:
   1. 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. With regard to Obligated Entities, their role will be preceded by a review and then acceptance or rejection by Departmental officials. The electronic search of the Reporting Entities will be completed upon payment of the appropriate fee of EUR 3,50 per organisation.

It should be noted that those Organisations 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 who have not entered during Period A into the final resolution system 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 resolution system, will incur a monetary charge. The charge will apply from 01/01/2024 until the date of the "Action" of the "Initial Registration" when the final solution system will be updated with ID details. Once the above Organizations have paid the resulting monetary charge, they will be able to proceed with the registration and/or termination and/or change without any further monetary charge governing these actions based on Directive C.D. 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 the Final Dissolution Scheme during Period A and have taken the "Action" of "Initial Registration", i.e. to update/re-register their PII, 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 CP 112/2021 Directive as amended will be available as follows:

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

For any clarifications or questions in relation to the Register of Beneficial Owners, please visit Register of Beneficial Owners, where there is detailed information on the profiling and identification process and the imposition of fines. Συγκεκριμένα, δείτε τις ενότητες FAQ’s και https:/www.companies.gov.cy/gr/%CE%...4%CF%89%CE%BD-%CE%B1%CF%80%CF%8C-%CF%80%CE[/P