Lithuania: Procedures under development for managing data on participants in legal entities.
2014 brings us a slight alleviation of administrative burdens borne by joint stock companies („companies”) that have a single shareholder. They will no longer need to file shareholder lists with the Legal Entity Register („JAR”). In addition, data on participants in a legal entity will be registered and administered within the legal entity participant information system („JADIS”).
Major related changes to the Law on Companies are as follows:
- Companies will no longer be required to annex a shareholder list to founding documents. This list will be compiled on the basis of the founding documents not later than five days after registration of the company at the JAR.
- A corresponding term is also set for reporting changes among company participants or their data, i. e. the JADIS administrator must be informed of these changes not later than five days from receiving documents forming the basis for entries in personal securities accounts (in the case of non-material stocks) or stockholder registers (in the case of material stocks).
- Data accumulated by JADIS may then be made available to those with the right to access it, in return for a fee. This will be free of charge only to associated registries, state information systems, the tax administration, enforcement authorities and courts, as well as shareholders of companies (once a year) when information about them is administered.
- Companies having more than one shareholder and established before 2014-01-01 must provide their shareholder lists no later than 2014-07-10 to VĮ Registrų centras, which administers JADIS. This obligation will not arise if during the period between 2014-01-01 and 2014-07-01 data on company shareholders are altered. In these cases data on the alterations will in any case be provided to JADIS.
Similarly to the the present position, the company head will be responsible for compiling and providing a shareholder list.
Source: Valstybės žinios, 2013, No. 120-6058.