It is planned to obligate public establishments to provide information about their stakeholders

30.04.2015 It is planned to obligate public establishments to provide information about their stakeholders

The Government of the Republic of Lithuania approved of the draft amendments to the Law on Public Establishments (the “Law”), by which it is suggested to obligate public establishments to provide data about their stakeholders (personal data, values of contributions, etc.), also about the change of stakeholders or of data about them (no later than within 5 days after the date of such changes) to the administrator of the Information System on Members of Legal Entities (JADIS).

Senior Associate Mantas Gofmanas of law firm Tark Grunte Sutkienė says that it seems that it is sought to gradually extend the list of legal entities that will have to inform JADIS about members of legal entities and their changes. At the time when JADIS was created, it was established that only private limited liability companies and small partnerships would have to provide information about their members and their changes. The amendments to the Law add public establishments to the list of legal entities obligated to provide such information.

In case the amendments to the Law are approved by the Seimas of the Republic of Lithuania, the above-mentioned obligation should become binding on public establishments on 1 January 2017. Public establishments, registered before 1 January 2017 (whose stakeholders and data about which do not change from that date till 1 July 2017), will have to provide JADIS with data about their stakeholders by 15 September 2017.