Important update regarding the extension of the deadline for the submission of the declaration envisaging the Ultimate Beneficial Owner in Romania

The Romanian office of PETERKA & PARTNERS would like to announce an important legislative change regulated by the Emergency Ordinance no. 191/2020 regarding the extension of the deadline for the submission of certain documents required from associations and foundations, as well as on legal entities registered in the Trade Register.

This Emergency Ordinance entered into force on 30 October 2020, specifying that the deadline for the submission of the declaration on the beneficial owner for those legal entities registered in the Trade Register is a maximum of 90 days from the end of the state of alert. The declaration on the beneficial owner may be in the form of a document under private signature or in an electronic form, and it may be transmitted to the Trade Register office through electronic means, with an electronic signature, or through postal or courier services.

The same deadline extension applies not only to the submission of the declaration on beneficial owners for associations and foundations, but also to their obligation to complete the documents according to the applicable law.

For any further information and assistance with respect to the above topic and any other legal matters which may be in your interest, please do not hesitate to contact us at our usual contact details which are available on www.peterkapartners.com