The public will soon lose the competency to inspect the data on the real beneficial owners of companies freely, as the Ministry of Justice has decided that from December 17, this registry will be accessible only to authorities, financial institutions, and other designated entities. The official reason is the protection of the privacy and personal data of the beneficial owners.

This move follows the Supreme Court’s Decision, according to which part of the current legislation is in conflict with EU law. The state namely cannot call for the registration of a beneficial owner in the register if this would interfere with his/her/its fundamental rights to the protection of privacy and personal data (as a result of making the register available to the public). In practice, the sanction mechanism thus became dysfunctional following the Court’s decision, and the entire system gradually lost its justification.

The Ministry of Justice is preparing a new automated functionality for authorized users, which is intended to simplify and streamline data traffic. However, the general public will only be able to obtain such data through a court and only if they demonstrate a legitimate interest from now.

If you have any questions, you can contact the lawyers at KODAP legal.