Curated by David Straulino and Marco Coluzzi
Upon completion of the regulatory process envisaged for the official launch of the so-called ‘Register of beneficial owners’, the Decree of the Ministry of Business and the Made in Italy of 29 September 2023 was published in the Official Gazette No. 236 of 9 October 2023, sanctioning the operation of the system for the communication of data and information on beneficial ownership.
The peremptory term of sixty days to make the communications of the data and information referred to in paragraphs 1 and 2 of Article 3 of the Decree No. 55 of 11 March 2022 starts from the date of publication of the measure.
Specifically, therefore, by 11 December 2023, the data and information relating to beneficial ownership, acquired pursuant to Article 22(3) and (4) of Legislative Decree No. 231/2007, must be communicated to the office of the Companies Registry of the territorially competent Chamber of Commerce for their registration and storage in the autonomous section of the Companies Registry.
Directors of corporations, founders, representatives and administrators of private legal persons and trustees of trusts and fiduciary mandates are obliged to comply with this requirement.
Changes to the data and information on the beneficial owner must be reported within 30 days of the act being performed. Data and information already transmitted must be confirmed annually, within 12 months of the first communication or the last confirmation.
It should be noted that, in the event of failure by the recipients to notify the Registry, it will be the same Registry territorially competent to ascertain the breach of the obligation to disclose the beneficial owner and to impose the pecuniary sanction under Article 2630 of the Civil Code, which varies from EUR 103 to EUR 1,032 (see Article 2630, paragraph 2 of the Civil Code).
