Accelerated Recording of Registry Changes through Notaries

From the explanatory memorandum accompanying the adopted law, it is evident that the legislative initiative aimed to eliminate the obligation of recording the type and number of identity documents with the ultimate beneficial owners in the Commercial Register and the Register of Non-Governmental Organizations.

An interesting innovation, however, is the introduction of the institute of registrars. According to § 7b of the Commercial Register Act, registration can now also be carried out by a registrar, who can be any notary. The notary will verify the fulfillment of conditions for entering data into the Commercial Register, as stipulated in § 6 and 7 of the Commercial Register Act. The fulfillment of these conditions will be certified by the notary in the form of a notarial record, and subsequently, the entry will be made in the Commercial Register. After registration based on the applicant's request, the registrar will also issue the first extract from the Commercial Register, free of charge.  With this amendment, the legislator reflects the long-term unfavorable situation regarding the registration of data in the Commercial Register.

If the applicant is represented, the registrar (notary) will only consider the power of attorney granted to an attorney, another notary, or a natural person employed by the applicant or a legal person connected to the applicant financially or personally. The purpose of including legal representation is to prevent illicit practices and restrict potential fraud in registry changes.

The amendment can be expected to relieve the burden on courts and speed up the process of registration in the Commercial Register. It should enter into force on the date of promulgation, except for the part of the law described above. It should take effect on November 1, 2023. This is due to the fact that although the amendment gives notaries as registrars a new power, the exact procedures for notaries are not yet defined. Thus, the adoption of an implementing regulation in the form of a decree, which will establish procedures for notaries, is expected in the near future.

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