Slovak Financial Law News 2004

Governmental Decree on Commercial Bulletin

Decree of the Government of the Slovak Republic No. 42/2004 Coll. on the Commercial Bulletin

The new Decree of the Government of the Slovak Republic on the Commercial Bulletin was adopted mainly in conjunction with the provision of Section 10 of the Act on Commercial Registry stipulating the issues of publication of data registered with the Commercial Registry and publication of notifications on deposition of deeds in the Collection of Deeds. This Decree was issued on the basis of the enabling provision of the Act on the Commercial Registry which expressly stipulates that the manner and conditions of publication of data according to this Act shall be regulated by an implementary regulation.

As stated in the argumentative report to this Governmental Decree, the aim of the new legal regulation of the Commercial Bulletin is particularly to eliminate the deficiencies in the previously valid legal regulation of publication of data registered with the Commercial Registry.

The Governmental Decree stipulates a time period for publication of data registered with the Commercial Registry and also of notifications on deposition of deeds in the Collection of Deeds in the Commercial Bulletin. This legal regulation relates to the obligation of the registry courts, without undue delay following execution of the registration, performance of change of registration or deletion (deposition of deeds in the Collection of Deeds), to publish the content of an extract from the Commercial Registry (notification on deposition of deeds in the Collection of Deeds) as stipulated in the Act on the Commercial Registry. At the same time, the purpose of this obligation is to eliminate substantial lapse of time between the publication of data in the Commercial Bulletin (to which their general effectiveness towards third parties is related) and the registration of these data in the system of the Commercial Registry. The newly adopted legal regulation provides for harmonisation of the Governmental Decree on the Commercial Bulletin with the Commercial Code and Act on the Commercial Registry.

The Governmental Decree also precisely regulates what constitutes a document (basis) for publication of certain information in the Commercial Bulletin, as well as in which form the stated document should be submitted to the publisher of the Commercial Bulletin, and in which period the publisher of the Commercial Bulletin is obliged to publish individual types of information.

The Governmental Decree brings further changes in comparison with the previously valid regulation, such as definite specification of the amount of the fee for publication of data in the Commercial Bulletin. In this respect, a fee for publication of registered data in the Commercial Bulletin is included in the fee for filing a petition for registration of proposed data in the Commercial Registry (including first registration), petition for a change of registered data and a petition for deletion of registered data.

This Decree came into force on 1 February 2004.

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