Slovakia: Public Sector Partners - Update Your UBOs!

All companies registered with the Register of Public Sector Partners should pay attention now. 

The Register of Public Sector Partners is based on the principle of transparency. Its main purpose is to disclose the management and ownership structures of companies that receive public funds or conduct business in specific areas, such as energy. An integral part of the Register is also a list of ultimate beneficial owners (UBOs) for each registered company.

For purpose of reliability, companies are obliged to keep the data about UBOs continuously up-to-date and to arrange for an updated registration in the event of any changes. However, this is only part of a picture. The legislation goes even further to ensure that the registered information remains up to date.

At the beginning of each calendar year, but no later than on 28 February, the registered companies shall verify their UBOs as of 31 December of the previous year. Let's take a closer look at what that means.

Even if there has been no change to the UBOs or their identification data, the registration authority must be provided with a confirmation that the registered data is still up to date. Failure to comply with this obligation may lead to unwanted consequences. If a company is in a contractual relationship with the public sector and the public sector fails to fulfil its contractual obligations due to missing UBO verification, this will not be considered a delay in performance.

Therefore, failure to verify the UBOs may result in postponement and other difficulties with contractual performance.

Stay alert and remember to verify your UBOs on time.

By Mgr. Renáta Konštiaková

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