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Implementation of the UBO Register

On May 25, 2022, the decree of the Ministry of Economics implementing the Ultimate Beneficial Owners Register (“UBO Register”) has been published in the Italian Official Journal (the “Decree”). The Decree is addressed to companies and other private legal entities, such as foundations and associations, trusts, and similar institutions (the “Entities”), and it is composed of three sections, respectively dealing with (i) modalities, terms, and data/information to be disclosed; (ii) access and consultation of disclosed data/information by authorities, obligated subjects, and third parties in general; and (iii) final provisions concerning data protection and other ancillary specifications.

The deadline for providing data/information to the Chambers of Commerce will be based on the date when all the implementing regulations mentioned in the Decree are effectively issued.

Below is an overview of the major provisions set forth in the Decree.


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