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Italy - New suspension of the beneficial ownership register

Italy - New suspension of the beneficial ownership register
Today, the Council of State issued a Precautionary Ordinance suspending the judgments that had rejected the appeals seeking the annulment of the Regulation on the Anti-Money Laundering Register of beneficial owners (which defined the modalities for reporting beneficial owner data and access to information).

The previous appeals challenged the Community legitimacy of the Regulation by requesting a preliminary ruling to the European Court of Justice for violation of the Charter of Fundamental Rights of the European Union and, specifically, violation of:

  • Articles 7 and 8 (respect for private and family life – protection of personal data)
  • Articles 15 and 45 (freedom of establishment and movement)
  • Articles 20 and 41 (equal right to good administration)

The Council of State considered the particularly complex issues and granted the precautionary request, suspending the enforceability of the contested judgments and thus temporarily suspending the Regulation and the reporting obligations. Without the suspension, the appellant companies would be burdened with obligations that could not be legitimately imposed at the end of the main proceedings and would also be seriously prejudiced by the disclosure of confidential data.

 

The court hearing has been set for 19 September 2024.

  • Valerio Vallefuoco
  • Paola Bergamin
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