The Amended Version of the Beneficial Owners (BO) Declaration has been Adopted

The Amended Version of the Beneficial Owners (BO) Declaration has been Adopted

On August 30, 2021 the Order of the Minister of Justice of the Republic of Armenia No. 416-N “On Establishment of Beneficial Owners Declaration Form, Order of its Completion and Submission and Approval of the Latest BO Declaration Presented to the Agency, Defining the List of Regulated Markets with BO disclosure Adequate Criteria, as well as on Repealing of the Order of the Minister of Justice N 36-N dated 02.02.2020” was adopted. Since 1 September, 2021 BO declarations will be presented in accordance with this order.

On 3 June, 2021 the package of laws was adopted, which unified the concepts of "Real Owner" and "Beneficial Owner", suggesting to use a single definition of "Beneficial owner" (BO) with common criteria in all cases.

Since 1 September, 2021 the scope of companies obliged to disclose beneficial owners is expanding.

Companies operating in the metal mining and energy sectors obliged to submit BO declarations are joined by legal entities operating in the regulated sector of public services, as well as the companies provided audiovisual media services. New sectors’ companies shall submit BO declarations within 2 months.

No significant changes have been imposed in the new order for the metal mining companies obliged to submit BO declaration starting from 2020, stricter criteria are kept for these companies (Regulations changes Guide).

After 1 September, 2021, if there are changes in the metal mining company’s Beneficial owners’ data, the company shall submit the revised declaration in accordance with the new regulations. If there are no changes in the company’s beneficial owners’ data, the annual declaration will be submitted according to the new order by February 20, 2022.  

The Legal acts defining the regulations for BO disclosure in the metal mining sector.