Essential Elements
 

The TJPG replaces the list of beneficial owners currently kept by private stock corporations and limited liability companies, typically as an integral part of their share register, with a central transparency register. Every company must report the identity of its beneficial owners, i.e. the persons who control it, to the transparency register either directly or indirectly via the commercial register. It shall provide the following information on the beneficial owners (which partly goes beyond the information required according to the current legal situation): (i) first and last name, (ii) date of birth, (iii) nationality, (iv) municipality and country of residence and (v) necessary information on the type and extent of control exercised over the company (capital or voting share of at least 25% or other control such as the right to veto company decisions or control of the supreme management body). As before, the notification to the transparency register is based on corresponding notifications from the shareholders concerned within one month of the control relationship arising. Swiss companies are now obliged to examine the information received from shareholders according to a risk-based approach. The transparency register is not public and is explicitly excluded from the Federal Freedom of Information Act. Only (law enforcement) authorities and financial intermediaries (in connection with their duty to satisfy KYC obligations under the Anti-Money Laundering Act) have access to it.
 

Need for Action for Swiss Companies
 

Depending on their size, Swiss companies have 3-6 months after the TJPG comes into force to report the identity of their beneficial owners to the transparency register (the existing "private" lists of beneficial owners must also be kept for 10 years). However, many companies may not currently have all the information on beneficial owners that is required under the TJPG and must obtain this from their shareholders in advance. The transparency register notification must therefore be initiated and prepared as soon as possible after entry into force of the TJPG (or even in advance). The responsibility for this, including criminal liability in the event of failure to do so, lies with the most senior member of the supreme management body.