Bill No. 7961 amending the Law of 19 December 2002 on the Trade and Companies Register (RCS) as well as accounting and company annual accounts, amending the Law of 13 January 2019 establishing a Beneficial Owners Register (RBE)

Bill No. 7961 was sent to the Parliament on 27 January 2022.

The goal of the amendment of the legislation currently in force is to strengthen the controls and quality of the information registered with the RCS and RBE.

The bill contemplates establishing new modalities to (i) establish a more complete policy for following companies registered with the RCS; (ii) ensure compliance with RCS registration and filing; (iii) increase access to the for authorities; and (iv) improve the processing of the information registered with the RBE.

The new legislation will allow increased verification of information registered with the RCS. The information will be able to be verified by taking into account information listed with the trade registries of foreign countries.

Moreover, a new secured electronic exchange platform will be set up to improve the keeping of information with the RBE to facilitate authorities’ access thereto in the event of an audit.

When the new text is adopted, all information registered with the RCS or RBE will be able to be reviewed continuously.