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Requirement to register beneficial owners in the Central Register of Beneficial Owners
On 13 October 2019, the Act on Combating Money Laundering and Terrorist Financing of 1 March 2018 comes into force, regulating the functioning of the Central Register of Beneficial Owners. The aim of the register is to increase trading security and facilitate the verification of corporate entities.
Who is required to file information?
General partnerships, limited partnerships, limited joint-stock partnerships, limited liability companies and joint-stock companies, excluding public companies, are required to file and update information about beneficial owners.
Who is a beneficial owner?
A beneficial owner is an individual exercising, by holding rights, control of the entity to which the reporting requirement applies (e.g. of a company entered in the business register). Control may be either direct or indirect (i.e. through another entity). Control may result from legal circumstances (e.g. holding more than 25% of votes at the shareholders’ meeting or general meeting) or factual circumstances (e.g. actual influence on entities that formally fulfil the function of members of the company’s bodies).
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From 25 May 2018 the General Data Protection Regulation (GDPR) applies in Poland and other European Union countries. We would therefore like to give you several details on the subject of how DZP processes personal data.
The administrator of the personal data is Domański Zakrzewski Palinka Sp.k. (“DZP”; address: Rondo ONZ 1, 00-124 Warszawa). Data are processed for contact purposes and to impart information on changes to provisions and authority practices and on other issues, including events concerning day-to-day legal, economic and cultural issues, inter alia, by sending DZP newsletters. The above is carried out on the basis of legitimate interests, i.e. in accordance with art. 6(1)(f) of the GDPR. Data can also be processed where necessary for the conclusion or performance of a contract and for compliance with a legal obligation to which DZP is subject, i.e. pursuant to art. 6(1)(b) and (c) of the GDPR. Data can be transferred to entities with whose help DZP achieves the indicated aims, including entities maintaining IT infrastructure. Giving data is voluntary and in contractual relations is a requirement for concluding and performing a contract. It is possible to object to data processing, request access to, rectification and erasure of personal data or restriction of processing and data portability. Data are kept until an objection is made, and in contractual relations – throughout the term of the contract and thereafter for a period specified in provisions on archiving and limitations period for claims. Anyone has the right to file a complaint with the President of the Personal Data Protection Office. Questions concerning privacy at DZP can be sent to DZP’s Data Protection Inspector, Macieja Maciejewskiego, at: firstname.lastname@example.org.
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