Beneficial ownership register: update of implementing ministerial decree
The implementing Ministerial Decree of the Ministry of Economy and Finance regarding the beneficial ownership registers of companies have legal personality, private legal entities, and similar trust, institute and legal entities.
The Ministry of Economy and Finance sent the Decree to State Council for its obligatory, but non-binding, opinion on 11th February 2021.
The adoption of the opinion has been suspended because the Ministry of Economy and Finance will have to provide evaluations, clarification and elements of knowledge expressed in the motivation:
“In data 19 marzo 2021 la Sezione consultiva per gli atti normativi del Consiglio (presidente Volpe, n 00252/2021) ha espresso il suo parere avente esito interlocutorio con riguardo ai diritti di segreteria, alla perentorietà dei termini di popolamento iniziale, di variazione e conferma dei dati, alle sanzioni applicabili e alla mancata considerazione dell’osservazione del Garante per la protezione dei dati personali, secondo la quale, in riferimento alla previsione di “ogni documentazione utile a comprova”, sarebbe necessario minimizzare i dati da acquisire a quelli assolutamente necessari”.
The implementation of the beneficial ownership register is stucked by the difficulty to find the right balance between the right to privacy of beneficial owners and the access to information by third parties.
In this regard, in Luxembourg the interested parties appealed to the European Court of Justice because they oppose to the access to the Register for own data.
The decision on the action will produce effects on Italian Register.
Read or download here:
The opinion of the State Council about the constitution of beneficial ownership register
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