LatviaLikumi.lv
Latvia voids public access to company shareholders' personal data
Constitutional Court judgment of 9 November ends free public and bulk access to natural-person shareholder data; access moves to reasoned requests.
By Taxxa AI OyPublished 9 November 2026
Industry: Across industries
Natural-person shareholders of akciju sabiedrības with reģistrētas akcijas are no longer subject to unrestricted public disclosure of their shareholder-register dataLikumi. In a judgment adopted in Rīgā on 9 November 2026
Likumi in case No 2024-01-01, on a constitutional complaint by 17 natural persons
Vestnesis, the Satversmes tiesa declared Likums “Par Latvijas Republikas Uzņēmumu reģistru” 4.15 panta pirmās daļas 2. punkta “b” apakšpunkts and 3. punkta “a” apakšpunkts unconstitutional insofar as they place the akcionāru reģistra nodalījums and the natural-person shareholder entries in it in the public part of the registration file
Likumi, as contrary to Latvijas Republikas Satversmes 96. pants
Likumi. The ruling is final
Likumi and takes effect on the day of its publication
Likumi; for the 17 applicants the same provisions are void retroactively from 1 July 2023
Likumi, the date from which they first applied
Likumi.
The data concerned are the entries Komerclikums requires in each akcionāru reģistra nodalījums for a natural-person shareholder: given name and surname, personas kods or, where there is none, birth date, identity-document number and issue date with issuing country and authority, and the address at which the person can be reached, together with any notified email address, share category, number, nominal value and votes. Until this judgment those entries, and the register section itself, belonged to the public part of the Uzņēmumu reģistrs fileLikumi, supplied free of charge online including by bulk download
Likumi and visible to any unidentified user
Likumi. The Court limited its review to natural-person shareholders of akciju sabiedrības with reģistrētas akcijas
Likumi; it did not rule on members of sabiedrības ar ierobežotu atbildību, shareholders that are legal persons, inheritance managers, or holders of dematerialised shares
Vestnesis.
The Court accepted that the restriction pursued legitimate aims — protecting public security and the rights of others, including anti-money-laundering and counter-terrorist and proliferation financing, sanctions compliance, and protection of good-faith acquirers who rely on the register entry under Komerclikums 238.1 pants — and that publication was suitable for those aims. It followed the Eiropas Savienības Tiesa judgment of 3 September 2026 in case C-798/24 JautivaLikumi: Directive 2017/1132 14. panta “d” punkts does not require disclosure of every shareholder
Likumi, and a national rule that makes all shareholders’ personal data, including minority holders’, available to everyone without any condition such as a legitimate interest breaches the purpose-limitation and data-minimisation principles of Regulation 2016/679
Likumi. Because the Uzņēmumu reģistra likums states no purpose for which the data may be reused, further use cannot be confined to what is strictly necessary.
Those aims can be met with a less intrusive measure, the Court concluded: keep shareholder data in the non-public part of the fileLikumi and disclose it as ierobežotas pieejamības informācija on a reasoned request under the Informācijas atklātības likums
Vestnesis. Persons and bodies with statutory duties — subjects of the Novēršanas likums, supervisory and control institutions, law-enforcement bodies and the Finanšu izlūkošanas dienests, persons assessing sanctions risk under the Sankciju likums, prospective share buyers seeking to verify title, and journalists with statutory non-public access — keep defined routes to the data
Likumi, and information on patiesie labuma guvēji remains available online. Practitioners should stop relying on free public and bulk shareholder lookups
Likumi, withdraw or re-permission any republished natural-person shareholder datasets, and route due-diligence, KYC, sanctions and share-deal checks through reasoned requests; privacy advisers should update records of processing and notices that assumed public availability.
Legal basis: Likums “Par Latvijas Republikas Uzņēmumu reģistru” 4.15 panta pirmās daļas 2. punkta “b” apakšpunkts and 3. punkta “a” apakšpunkts as interpreted in light of Latvijas Republikas Satversmes 96. pants, Komerclikuma 235. pants and 238.1 pants, Eiropas Parlamenta un Padomes Regula 2016/679 5. pants and 6. pants and Direktīva 2017/1132 14. panta “d” punkts.
Route natural-person shareholder checks through reasoned restricted-access requests and stop relying on free public or bulk lookups.