Beneficial owner: communication by 11 December 2023
The beneficial owners’ register was made operational on 09 October 2023.
The communication of the pertinent information about the subject needs to be completed within 60 days from the publication of the interministerial decree in the Official Gazette – which means that it must be completed by 11 December 2023 (the first available working day).
The missing communication of the requested data will be punished with administrative sanction fixed between €103,00 and €1032,00.
According to the interpretative CNDCEC Guidelines (2019), it is recalled that the beneficial owners’ identification must be arranged in a “balance method”. In particular, there are some requirements that need to be considered in a descending order of relevance:
- direct or indirect entity control, which refers to an amount of participation shares higher than 25%;
- administrative control, which refers to Shareholders’ votes, or to the possibility of a dominant influence exercise;
- management control of the entity.
The communication of the recalled information must be made in telematic form by the obliged party, with the application of the digital signature.
Apart from the DIRE service, which is provided by the Chamber of Commerce, it is possible to produce the communication with other solutions offered by the market.
In conclusion, it’s important to remember that the beneficial owners’ data must be confirmed or modified yearly by the obliged party.