On October 9, 2023, the Italian register of ultimate beneficial owners (UBOs) launched operations.

The following entities are now obliged to report their beneficial ownership information:

• Companies: limited liability companies, joint-stock companies, limited partnerships with share capital and cooperative companies, including companies with pending bankruptcy proceedings and, in some cases, branch offices of foreign company operating in Italy
• Private legal entities: recognized associations and foundations and other private institutions that acquire legal status through recognition by enrollment in the Register of Legal Entities
• Trusts having legal effects for tax purposes and trust-like legal institutions established or resident in Italy

The reporting must be made no later than by December 11, 2023. This is done by a submission to the competent Companies’ Register of the data of the beneficial owner and the criterion applied for such identification.

In case of changes in beneficial ownership, legal entities must communicate the new ultimate beneficial owner within 30 days from the occurrence of the change.

Read the decree here (in Italian).