Tag Archives: ubo

Quick Guide on Legislation In Force and Legislation Stalled

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Just a quick blog post to align our readers on which legislation is in force and which is stalled at the moment:

  • The Ultimate Beneficial Owners register (discussed here), which companies strived to populate by December 11, 2023, is currently on hold due to administrative litigation that currently blocks the application of the register.
  • The European Regulation on Artificial Intelligence, which we already discussed here, is now final. It will enter into force in 2 years.
  • Legislation on payback for medical devices will be scrutinized by the Italian Constitutional Court thanks to decisions of the Lazio Administrative Court issued on November 24, 2023.
  • The Italian Sunshine Act (Law no. 62 of 2022), which we illustrated here, is in force but not yet applicable since the transparency website is not yet live.
  • Next week the Whistleblowing Law (analyzed here and here) will be mandatory for all companies in scope.
  • The Digital Services Act and the Digital Markets Act are in force.

Italy – At Last – Implemented the Registry of UBOs (Ultimate Beneficial Owners)

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All legal entities established in Italy are affected by the new regulation, which provides for a December 11, 2023 deadline.

The register of ultimate beneficial owners has been established and has become
operational also in Italy, after several extensions and delays. In fact, on October 9,
2023, the decree certifying the operation of the system for the communication of
data and information on beneficial ownership was published in the Official Gazette.

This last decree, which completes the implementation of anti-money laundering
legislation, triggers the obligation for all companies, private legal entities
(associations, foundations and other institutions of a private nature with legal
personality) and trusts to communicate data and information relating to their
beneficial ownership.

The communication on beneficial ownership must be made to the Companies’
Registry at the territorially competent Chamber of Commerce by and no later than
December 11, 2023, using exclusively electronic methods. With regard to
companies, the communication must be digitally signed by a director, without the
possibility to delegate such task. Therefore, directors who do not yet have a digital
signature device will need to obtain one.

Subsequently, legal entities shall notify any change in their beneficial ownership
within 30 days of the occurrence of the change. In addition, on an annual basis (and
in any case within 12 months from the first communication), the beneficial
ownership shall be confirmed: for companies this may take place on the occasion
of the annual filing of the financial statements.

For more information on the new requirements, check out our Client Alert here or reach out to us directly.