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Petra Jilgova-Benesova

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Petra Jilgová-Benešová serves as head of Baker McKenzie Prague’s Corporate Registration Department. She supervises all client corporate changes and their subsequent registration with the Commercial Register. Ms. Jilgová-Benešová graduated from the Law Faculty of the Charles University in Prague in 1997.
In Corporate Compliance

Czech Republic: New Regulation on Registration of Ultimate Beneficial Owners of Legal Entities

by and 12 Mins Read

In brief On 1 June 2021, Act No. 37/2021 Sb., on Registration of Ultimate Beneficial Owners (“Act”), will take effect, implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (AML Directive V) in Czech law and introducing new requirements regarding the publicity of…

In Corporate Governance

Czech Republic: Changes to the evidence of ultimate beneficial owners in the Czech Republic

by , and 5 Mins Read

The Czech parliament is adopting a new regulation with respect to the registration of ultimate beneficial owners (i.e. persons with ultimate decisive influence on or with ultimate economic benefit from the company) (“UBO”). Although the obligation of companies to register their UBOs has already existed for some time under the Czech regulatory regime, it has shown to be insufficient in practice as the absence of any penalties or sanctions has led to the vast majority of business corporations still neglecting this obligation to register their UBOs.

The new regulation will maintain the obligation to evidence the UBO in the register, but it will also impose a variety of sanctions on companies not compliant with the new UBO regime. We expect such changes to be adopted in the next few months.