Companies were required to update their records within 15 days. The Ministry of Commerce and Industry issued Ministerial Resolution No. (156) of 2026, regarding amending some provisions of Ministerial Resolution No. (4) of 2023 concerning procedures for identifying the beneficial owner, in a step aimed at enhancing transparency and raising the level of compliance with the regulations governing company data. The decision stipulates replacing some provisions of Articles (8), (9) and (11) of the previous decision, as it obliges legal entities to create a special register that includes the data of the actual beneficiary and to keep it, within a period not exceeding 15 days from the date of the decision’s entry into force or from the date of the establishment of the legal entity, with updating the register and including any changes that occur to the data within 15 days from the date of becoming aware of them or from the date that should have been known. The decision also obliges the director or board member who acts in his capacity as a nominal member to notify the legal entity of this capacity and provide the required data within 15 days from the date of acquiring it, while those who acquired this capacity before the publication of the decision are given a deadline of 15 days from the date of its publication to notify. The decision also stipulated that the legal entity must submit the data of the beneficial owner’s register and the register of partners or shareholders to the competent registry within 15 days from the date of the decision’s entry into force or from the date of licensing and registration, while taking the necessary measures to preserve the records and protect them from damage, loss or destruction. The Ministry of Trade and Industry confirmed that the decision will be effective from the date of its issuance on July 30, 2026, and will be published in the Official Gazette, with the competent authorities being tasked with implementing it.