By decree dated September 29, 2023, the Ministry of Enterprise and Made in Italy has set up the data communication system and beneficial ownership information of companies with legal entity, private legal entities, trusts producing legal effects relevant for tax purposes and legal institutions similar to trusts. The system had already been provided for by the Decree dated March 11, 2022, no. 55 of the Minister of Economy and Finance, in consultation with the Minister of Economic Development.
In light of the decree of September 29, 2023, December 11, 2023 was the deadline of the 60-day peremptory period by which to communicate the data and information referred to in paragraphs 1 and 2 of Article 3 of Decree No. 55 of 2022, according to which:
(1) The directors of enterprises with legal entities and the founder, if alive, or the persons conferred with the representation and administration of private legal entities shall inform the business registry office of the Chamber of Commerce with territorial jurisdiction, the data and information regarding beneficial ownership, acquired pursuant to Article 22, paragraphs 3 and 4, of the Anti-Money Laundering Decree, for their registration and storage in the autonomous section of the business registry;
(2) The trustee of trusts or related legal institutions shall notify the business registry office of the Chamber of Commerce with territorial jurisdiction, the data and information relating to beneficial ownership, acquired pursuant to Article 22 (5) of the Anti-Money Laundering Decree, for their registration and storage in the special section of the business registry.
Surprisingly, by ruling dated December 6, 2023, the Lazio Regional Administrative Court – taking into account the relevance of the legal situations likely to be affected irreparably by the imminent expiration of the deadline for compliance with the disclosure obligations and – considering worthy of protection the plaintiff’s interest (which operates in the fiduciary registration sector) in the maintenance of the res adhuc integra until the definition of the judgment on the merits – suspended the effectiveness of the decree of the Ministry of Enterprise and Made in Italy dated September 29, 2023, and set the public hearing on the merits of the appeal on March 27, 2024.
The arguments made in the interlocutory proceedings before the Regional Administrative Court are not known, and we have to wait until next spring to know, on the merits, what will be decided.
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