An amendment to the Act on Register of Public Sector Partners will enter into force on September 1, 2019. The amendment follows more than two years of application of the Act and takes into account knowledge from application practice, obtained by the public sector, public sector partners, or authorized persons.
The amendment reassesses the definition of a public sector partner and the scope of transactions that are subject to the regime of the Act. In this case, particular account is taken of practical experience and the resulting regulatory change requirements of the public and private sectors, leading to a real reduction in reviewed transactions and, thus, also in a burden on public sector partners. Another group of changes relate to the registration procedure. The amendment simplifies the process of verification of ultimate beneficial owners.
An important change is (i) the deletion of the obligation to register in certain circumstances executives having direct managing authority of a statutory body, as well as (ii) the possibility to hide the residence address of an ultimate beneficial owner if its disclosure could compromise his security or interfere with his personality rights or those of his close persons’.
The amendment also introduces a new rule that, following an involuntary deletion from the register, a public sector partner can only be re-registered after two years from the deletion.