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October 25, 2019 | News October 2019 | Amendment to Act No. 315/2016 Coll. on the Register of Public Sector Partners, as amended

An amendment to Act No. 315/2016 Coll. on the Register of Public Sector Partners (the “Amendment”) came into effect on September 1, 2019; certain provisions will come into force on November 1, 2019.

The long-awaited Amendment addresses several problems arising from the application of the Act in practice since the Act came into force in 2017.

The most significant changes include, in particular, the amended criteria for determining the value of performance of contracts concluded with public sector partners. The amendment also newly regulates in detail which entities are considered to be a public sector partner and which are not.

The changes also relate to legal entities that are issuers of securities admitted to trading on a regulated market and legal entities controlled by them. In this case, there is no longer any need to examine whether there is a person who is entitled to an economic benefit of at least 25%, and the ultimate beneficial owners are considered only the statutory body and members of the statutory body.

The changes also concern registered data; under certain conditions it is now possible to register the registered office address of a registered public sector partner instead of the permanent residence of the ultimate beneficial owner or a member of the statutory body.

Other changes concern personal data protection; according to the new regulation, the verification document must not contain a generally applicable identifier (in the case of Slovak citizens, it is in particular the birth number of a natural person). Pursuant to the Amendment, it is necessary to reconcile data on top management members entered in the Register of Public Sector Partners instead of ultimate beneficial owners by February 29, 2020.