News

42
January 5, 2019

As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners. Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019. The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities…

June 11, 2018

The Serbian parliament has recently adopted a new law regarding the introduction of a central registry of ultimate beneficial owners (UBOs). In force as of June 8th, the UBO law stipulates that entities and their authorized persons conducting business in Serbia shall have 30 days henceforth to identify their UBOs. Applicability is broad in scope, as the UBO law applies to both Serbian entities but also foreign companies conducting business in the Republic. With respect to foreign entities, the UBO…

June 4, 2018

Poland has recently introduced another public registry related to debtors. Poland is in the process of introducing the Register of Public Law Dues, which is desiged to provide information related to any financial liabilities of an individual or corporate entity. With the legal foundation already in place, the registry is set to go live in the second half of 2018. The aim is to create a system whereby potential business partners, banks, etc. have comfort in terms of increased… security…

May 18, 2018

US banks have begun applying the US Treasury’s new customer due diligence regime, requiring them to verify the identities of new business customers’ beneficial owners, and report them to law enforcement agencies. The rules were finalised two years ago, under the Obama administration, after almost two years of consultation. But implementation was deferred until now, to give the banks time to implement the new system. A beneficial owner is defined as anyone who owns 25 per cent or more of…

September 29, 2016

The purpose of the new amendment to the Hungarian Civil Code, effective as of 1 October 2016, is to make effective the independent mortgage, which was used under the former civil code, along with refining rules with respect to the security deposit. The independent mortgage is a security that does not require enforcement dependent on the loan or other security relationships between a creditor and debtor. It is inspired from the German Civil Code. Starting with 1 October 2016 the…

August 30, 2016

Serbia’s new Enforcement and Security Act (ESA) was adopted on 18 December 2015, and has become effective as of 1 July 2016. The most relevant new rules are: the provision of new mechanisms to ensure effective enforcement; new competence of the courts and the bailiffs; and the status/role of the bailiffs. Most importantly, ESA introduces the possibility to lodge an appeal against both the decisions of the court and the bailiff, except in cases where the law explicitly excludes the…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

May 19, 2016

Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act, which follow on amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to Slovenia’s Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016. The main modifications introduced by the amendments are as follows: small companies may now rely on proceedings on preventive restructuring, in addition to medium-sized and large companies as was…

© 2018 PENENDEN - The Steven M. Pepa Blog

Powered by Blastwave.ro

42
January 5, 2019

As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners. Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019. The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities…

June 11, 2018

The Serbian parliament has recently adopted a new law regarding the introduction of a central registry of ultimate beneficial owners (UBOs). In force as of June 8th, the UBO law stipulates that entities and their authorized persons conducting business in Serbia shall have 30 days henceforth to identify their UBOs. Applicability is broad in scope, as the UBO law applies to both Serbian entities but also foreign companies conducting business in the Republic. With respect to foreign entities, the UBO…

June 4, 2018

Poland has recently introduced another public registry related to debtors. Poland is in the process of introducing the Register of Public Law Dues, which is desiged to provide information related to any financial liabilities of an individual or corporate entity. With the legal foundation already in place, the registry is set to go live in the second half of 2018. The aim is to create a system whereby potential business partners, banks, etc. have comfort in terms of increased… security…

May 18, 2018

US banks have begun applying the US Treasury’s new customer due diligence regime, requiring them to verify the identities of new business customers’ beneficial owners, and report them to law enforcement agencies. The rules were finalised two years ago, under the Obama administration, after almost two years of consultation. But implementation was deferred until now, to give the banks time to implement the new system. A beneficial owner is defined as anyone who owns 25 per cent or more of…

September 29, 2016

The purpose of the new amendment to the Hungarian Civil Code, effective as of 1 October 2016, is to make effective the independent mortgage, which was used under the former civil code, along with refining rules with respect to the security deposit. The independent mortgage is a security that does not require enforcement dependent on the loan or other security relationships between a creditor and debtor. It is inspired from the German Civil Code. Starting with 1 October 2016 the…

August 30, 2016

Serbia’s new Enforcement and Security Act (ESA) was adopted on 18 December 2015, and has become effective as of 1 July 2016. The most relevant new rules are: the provision of new mechanisms to ensure effective enforcement; new competence of the courts and the bailiffs; and the status/role of the bailiffs. Most importantly, ESA introduces the possibility to lodge an appeal against both the decisions of the court and the bailiff, except in cases where the law explicitly excludes the…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

May 19, 2016

Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act, which follow on amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to Slovenia’s Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016. The main modifications introduced by the amendments are as follows: small companies may now rely on proceedings on preventive restructuring, in addition to medium-sized and large companies as was…

42
January 5, 2019

As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners. Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019. The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities…

June 11, 2018

The Serbian parliament has recently adopted a new law regarding the introduction of a central registry of ultimate beneficial owners (UBOs). In force as of June 8th, the UBO law stipulates that entities and their authorized persons conducting business in Serbia shall have 30 days henceforth to identify their UBOs. Applicability is broad in scope, as the UBO law applies to both Serbian entities but also foreign companies conducting business in the Republic. With respect to foreign entities, the UBO…

June 4, 2018

Poland has recently introduced another public registry related to debtors. Poland is in the process of introducing the Register of Public Law Dues, which is desiged to provide information related to any financial liabilities of an individual or corporate entity. With the legal foundation already in place, the registry is set to go live in the second half of 2018. The aim is to create a system whereby potential business partners, banks, etc. have comfort in terms of increased… security…

May 18, 2018

US banks have begun applying the US Treasury’s new customer due diligence regime, requiring them to verify the identities of new business customers’ beneficial owners, and report them to law enforcement agencies. The rules were finalised two years ago, under the Obama administration, after almost two years of consultation. But implementation was deferred until now, to give the banks time to implement the new system. A beneficial owner is defined as anyone who owns 25 per cent or more of…

September 29, 2016

The purpose of the new amendment to the Hungarian Civil Code, effective as of 1 October 2016, is to make effective the independent mortgage, which was used under the former civil code, along with refining rules with respect to the security deposit. The independent mortgage is a security that does not require enforcement dependent on the loan or other security relationships between a creditor and debtor. It is inspired from the German Civil Code. Starting with 1 October 2016 the…

August 30, 2016

Serbia’s new Enforcement and Security Act (ESA) was adopted on 18 December 2015, and has become effective as of 1 July 2016. The most relevant new rules are: the provision of new mechanisms to ensure effective enforcement; new competence of the courts and the bailiffs; and the status/role of the bailiffs. Most importantly, ESA introduces the possibility to lodge an appeal against both the decisions of the court and the bailiff, except in cases where the law explicitly excludes the…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

May 19, 2016

Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act, which follow on amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to Slovenia’s Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016. The main modifications introduced by the amendments are as follows: small companies may now rely on proceedings on preventive restructuring, in addition to medium-sized and large companies as was…

42
January 5, 2019

As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners. Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019. The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities…

June 11, 2018

The Serbian parliament has recently adopted a new law regarding the introduction of a central registry of ultimate beneficial owners (UBOs). In force as of June 8th, the UBO law stipulates that entities and their authorized persons conducting business in Serbia shall have 30 days henceforth to identify their UBOs. Applicability is broad in scope, as the UBO law applies to both Serbian entities but also foreign companies conducting business in the Republic. With respect to foreign entities, the UBO…

June 4, 2018

Poland has recently introduced another public registry related to debtors. Poland is in the process of introducing the Register of Public Law Dues, which is desiged to provide information related to any financial liabilities of an individual or corporate entity. With the legal foundation already in place, the registry is set to go live in the second half of 2018. The aim is to create a system whereby potential business partners, banks, etc. have comfort in terms of increased… security…

May 18, 2018

US banks have begun applying the US Treasury’s new customer due diligence regime, requiring them to verify the identities of new business customers’ beneficial owners, and report them to law enforcement agencies. The rules were finalised two years ago, under the Obama administration, after almost two years of consultation. But implementation was deferred until now, to give the banks time to implement the new system. A beneficial owner is defined as anyone who owns 25 per cent or more of…

September 29, 2016

The purpose of the new amendment to the Hungarian Civil Code, effective as of 1 October 2016, is to make effective the independent mortgage, which was used under the former civil code, along with refining rules with respect to the security deposit. The independent mortgage is a security that does not require enforcement dependent on the loan or other security relationships between a creditor and debtor. It is inspired from the German Civil Code. Starting with 1 October 2016 the…

August 30, 2016

Serbia’s new Enforcement and Security Act (ESA) was adopted on 18 December 2015, and has become effective as of 1 July 2016. The most relevant new rules are: the provision of new mechanisms to ensure effective enforcement; new competence of the courts and the bailiffs; and the status/role of the bailiffs. Most importantly, ESA introduces the possibility to lodge an appeal against both the decisions of the court and the bailiff, except in cases where the law explicitly excludes the…

July 14, 2016

Complete bank secrecy is fast becoming a matter of the past.  The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard. That is why your account provider (bank, building society, insurance or investment firm) may ask you to provide certain information about yourself…

May 19, 2016

Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act, which follow on amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to Slovenia’s Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016. The main modifications introduced by the amendments are as follows: small companies may now rely on proceedings on preventive restructuring, in addition to medium-sized and large companies as was…