Commissioner: CIPC
Over the past two years, there have been increased calls for an improved legislative framework that would address some of the grey areas that still exist within the business rescue profession. In an effort to address these calls, the Companies and Intellectual Property Commission (CIPC) introduced its Beneficial Ownership guidelines.
The CIPC initially implemented its Beneficial Ownership Register from 01 April 2023 on a voluntary basis. The filing of beneficial ownership filings and securities/beneficial interest registers then became mandatory on 24 May 2023 upon promulgation of the Amended Companies Regulations. This gives full effect to the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022.
New playing field
In terms of the amended regulations, entities incorporated after the promulgation of the amended Companies Regulations must file beneficial ownership information within ten business days after the incorporation date. The same applies to updating beneficial ownership records when there are changes.
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Pre-existing entities, which had their anniversary date after promulgating the amended Companies Regulations, must also file their beneficial ownership information. We have noted that several entities which were supposed to file their beneficial ownership information have not filed as required. This notice serves as a reminder, and those entities who have not filed are encouraged to do so.
The Commission will also be engaging some of the entities to enforce the filing of their beneficial ownership information. The Commission will also conduct inspections to verify if the filed beneficial ownership information that is on our records corresponds with records kept by respective entities.
