By the Order for amending and supplementing the Order of the president of the National Agency for Fiscal Administration no. 1,193/2021, published in the Official Gazette no. 340 of April 28, 2026, a procedure for ex officio striking off of trusts and similar legal arrangements from the central register of ANAF is introduced in case of failure to update information regarding the ultimate beneficial owner.
What does it stipulate?
The main amendment introduces a direct and efficient sanctioning mechanism for fiduciaries who fail to comply with the obligation to declare or update information about ultimate beneficial owners. Until now, non-compliance only entailed contraventional sanctions. The new order establishes a clear procedure by which ANAF can, on its own initiative, strike off a trust agreement from the Central Register. This extreme measure applies if, after receiving a fine for not updating the data, the fiduciary does not remedy the situation within 30 days from the communication of the official report.
The striking off procedure is formalized by issuing a “Decision regarding ex officio striking off”. Once this decision is communicated to the fiduciary, the trust agreement is removed from ANAF’s official records. The striking off from the register takes place on the date of communication of the decision, which can generate legal and fiscal uncertainty regarding the status of assets managed through that contract. The normative act also introduces the model of this decision, thus standardizing the process at the national level.
The order also establishes transitional provisions for trust agreements already registered in the Register, but for which information about the ultimate beneficial owner has not been declared or updated according to recent legislation. Fiduciaries of these contracts have a period of 90 days from the entry into force of Law no. 164/2025 to comply. Otherwise, ANAF will first apply a contraventional sanction, followed by the ex officio striking off procedure if the declaration obligation is not fulfilled within 30 days of the sanction.
To whom does it apply?
The measures directly target natural persons and legal entities acting as fiduciaries, according to the Civil Code (credit institutions, investment and investment management companies, financial investment services companies, insurance and reinsurance companies, public notaries, and lawyers). Also targeted are persons holding an equivalent position in a legal arrangement similar to a trust. Indirectly, settlors and beneficiaries of trusts are also affected, whose contractual arrangements risk being struck off from public records.
What should you do?
- Immediately check all trust agreements you administer to ensure that information regarding the ultimate beneficial owner is complete and updated in the Central Register of Trusts.
- Implement a rigorous internal procedure for monitoring any changes regarding the identity of the ultimate beneficial owner and for reporting them to ANAF within the legal term of 30 days from the date the change occurred.
- Urgently update, within the 90-day period provided by the transitional provisions, the data for any previously registered trust agreement for which you have not declared or updated the information regarding the ultimate beneficial owner.
Source: Official Gazette, Part I, no. 340 of April 28, 2026.
Note: This material is strictly for informational purposes and does not constitute legal, fiscal, or business advice. As the interpretation and application of legal provisions can vary significantly depending on the specific circumstances of each entity, we recommend seeking specialized legal assistance before adopting any operational decisions based on these changes.