December 2021 – The obligations of a statutory body arising from Act No. 37/2021 Coll., on the registration of ultimate beneficial owners (the "UBO Act"), are not fulfilled by merely registering the ultimate beneficial owners in the relevant register. The UBO Act also stipulates a number of follow-up obligations for a statutory body with respect to UBO registration. These must be fulfilled in order to ensure full compliance with the duty of due managerial care of a statutory body.

It is the duty of a statutory body, as far as possible, to keep UBO registration up to date with the correct registration information, and to update this registration if it becomes aware of any changes. The UBO Act does not specify the required manner of compliance, nor does it specify how often a UBO registration should be reviewed.

It is strongly advisable to check and verify a given statutory body UBO registration prior to the adoption of any general meeting resolution (or sole shareholder resolution). The statutory body's obligations can be fulfilled by obtaining a confirmation from the ultimate controlling entities on whether the UBO registration is in accordance with the current status and whether a change of the ultimate beneficial owners has occurred.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.