Changes in Public Access to the UBO Register

Background to the amendments

The legislative changes are a response to the judgment of the Court of Justice of the European Union in joined cases C-37/20 and C-601/20, followed by the adoption of the new Directive (EU) 2024/1640. In November 2022, the Court held that unrestricted public access to beneficial ownership data constitutes a disproportionate interference with the right to privacy and personal data protection, guaranteed by Articles 7 and 8 of the EU Charter of Fundamental Rights.

As a result, the new Directive (EU) 2024/1640 was adopted in May 2024, requiring Member States to limit public access to beneficial ownership data to situations where the requesting party can demonstrate a legitimate interest.

What is changing?

Until now, the ZPPDFT-2 allowed anyone to access basic information about beneficial owners of legal entities via AJPES (the Slovenian business register) without having to demonstrate any interest. Under the new amendment, such general public access is no longer permitted.

ZPPDFT-2C introduces three categories of eligible persons who may access data from the UBO register:

1. Obliged entities (from Article 4 of the Act) conducting anti-money laundering and counter-terrorist financing measures such as banks, savings banks, investment funds, insurance companies, law enforcement authorities, courts, parliamentary inquiry commissions, and supervisory authorities including the Bank of Slovenia, Securities Market Agency, Financial Administration of the Republic of Slovenia (FURS), Market Inspectorate of the Republic of Slovenia, Bar Association of Slovenia, the Chamber of Notaries of Slovenia, and Police;
2. Natural and legal persons who demonstrate a legitimate interest;
3. Natural or legal persons deemed to have a legitimate interest by law, including:
   • natural or legal persons who need information for the purposes of journalism, reporting and other forms of media expression in relation to the prevention of money laundering, related criminal offences or terrorist financing and the fight against them;
   • natural and legal persons engaged in scientific research or educational activities or book production, or non-governmental organizations that, in connection with their activities, require this information for their operations related to the prevention of money laundering, related criminal offences or the financing of terrorism or the fight against them.

Criteria for legitimate interest

A legitimate interest shall be considered demonstrated if any of the following conditions are met:

• the access is necessary for detecting or preventing money laundering, terrorist financing or related criminal offences;
• a legal entity seeks access to data concerning its own beneficial owners;
• a natural or legal person intends to establish a business relationship with a legal entity, as evidenced in the documentation attached to the request.

Procedure for accessing the UBO register

A person asserting a legitimate interest must submit a written request to AJPES for information on beneficial owners, which must include:

• the applicant's identification details;
• information about the legal entity in question (name, registration number or tax number);
• a description of the purpose of access, clearly indicating the justification of legitimate interest.

If the applicant fails to demonstrate a legitimate interest, AJPES shall reject the request by formal decision, which may be challenged in an administrative dispute.

For persons who are deemed by law to have a legitimate interest (e.g., journalists, researchers, NGOs), no additional proof of such interest is required, it is presumed based on the nature of their professional or institutional activities. However, their application must still specify their name or business name, registration or tax number, other relevant personal data, and the reason for access, indicating the grounds for obtaining UBO data.

Use of data and sanctions for misuse

The applicant may use the data solely for the purpose stated in the AJPES decision. Any use beyond this constitutes an offence and is subject to the following fines:

• Legal persons: EUR 3,000 to EUR 30,000;
• Natural persons, sole proprietors, and self-employed persons: EUR 1,500 to EUR 15,000;
• Responsible persons within legal entities: EUR 400 to EUR 2,000.

Implementation deadline

The implementation of Directive (EU) 2024/1640 into national law is still ongoing. Provisions requiring technical upgrades to the information system supporting the UBO Register at AJPES must be implemented no later than 10 July 2026.