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Sanctions of the Office of the Registrar of Trusts

Law No. 42 of March 1, 2010, and Law No. 92 of June 17, 2008, give the Office of the Register of Trusts, as the keeper of the Register of Trusts and the Register of Trust Beneficial Owners, jurisdiction over administrative penalties pertaining to the aforementioned Registers.

The Board of Directors of the Central Bank, at its meeting on July 5, 2021, resolved to change the previous criterion for calculating penalties pertaining to the Office of the Register of Trusts, effective August 1, 2021.

Specifically, the new criterion provides:

  1. for sanctionable cases for which the rules provide for a range within which the amount of the penalty can be placed, the application of the minimum penalty for the first day of delay in compliance and an increase of 1% (calculated on the penalty applicable on the previous day) for each additional day of delay until the maximum penalty is reached (previously there was an increase of 2%)
  2. The introduction of a reduction in case of the first violation of individual legal regulations.
    The reduction, to be applied on the amount of the penalty exceeding the minimum edictal amount, will be equal to:
    - 50% up to the 60th day of delay;
    - 30% from the 61st day to the 120th day;
    - 15% from the 121st day to the 180th day;
    - 0% beyond the 180th day.

In addition, considering that in most cases the activities inherent to the trust are carried out by professionals or companies, which observe periods of closure, even prolonged, at certain times of the year, particularly during the Christmas holidays or in the summer period, two "time windows" have been provided in which the deadlines provided for in the above-mentioned regulations will be considered "suspended."

In more detail, it is pointed out that if the deadline for a fulfillment required by the trust legislation (Law 42/2010) or the anti-money laundering legislation (Law 92/2008), with regard to the reporting of beneficial owners of trusts to the appropriate Registry, comes to an end during the period between December 20 and January 10 or between August 1 and 31 of each year, it can be considered suspended and will resume running for the remaining time from January 11 or September 1, respectively.