On May 20th, the Italian Council of State, with 5 different decisions, suspended until September 19th (the date on which the hearing on the merits will be held) the enforceability of the judgements of the Lazio Regional Administrative Court no. 6837, 6839, 6840, 6841, 6844 and 6845 of 9th April 2024, which confirmed the operation of the obligation to communicate the beneficial owner to the Company Register.

The Ministry of Enterprises and Made in Italy, with decree of 29th September 2023, implementing EU Directive no. 2015/849, with subsequent amendments, had set 11th December 2023 as the final date for the communication of data relating to the beneficial ownership of companies with legal personality, with the obligation to register in the Company Register, providing, among others, for the trust companies, the communication of such data in the special section of the Register dedicated to trusts and legal institutions similar to trusts.

The Lazio Regional Administrative Court first suspended the effectiveness of the decree close to the deadline, and then rejected the appeals on the merits with the sentences of 9th April 2024, effectively making the obligation to comply immediately operational, under penalty of application of the fine from € 103 to € 1,032, reduced to 1/3 in the case of late communication within the 30 days period. On 20th May the Council of State accepted the precautionary appeals, suspending the enforceability of the sentences of the Lazio Regional Administrative Court and, with this, the operation of the Register of beneficial owners.