What is the legal basis of the Transparency Register in the respective Member State?

Legislative Decree 90/2017

Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?

Shareholders of a legal entity are requested to provide the relevant information on the beneficial owner proactively or upon specific request of any director of the company (unless such information is available from certain public records or from company’s records). 

UBOs only have to provide information upon request.

Is there an obligation of a legal entity to actively inquire with its shareholders/partners on the identity of the UBO(s)?

Pursuant to article 22 of the Italian decree, each legal entity is responsible for identifying its beneficial owners.

Who is required to make filings with the Transparency Register, the legal entity or the UBO?

The legal entity.

Are there exemptions to the filing obligation?

Pursuant to article 21 of the Italian decree, the following legal entities have an obligation to notify: 

  • Undertakings having legal personality which are required to be recorded in the Registry of Companies;
  • Private legal entities which are required to be recorded in the Registry of Private Legal Entities;
  • Trusts that produce legal effects that are relevant for tax purposes.

Entities other than the ones listed above are not obliged to file with the register.

What is the due date for the initial filing with the Transparency Register?

No deadline yet for legal entities to provide the information regarding their beneficial owners to the respective database. The specific national decree concerning modalities and terms of communication to the competent Registry of Companies has still to be issued by the Ministry of Economy and Finance and Ministry of Economic Development.

What are the sanctions in case of a breach of the transparency obligation?

Failure to provide the information pursuant to the Italian decree is punished with a fine between EUR 103.00 up to EUR 1,032.00.

Is the Transparency Register established as a separate register or part of an existing register?

The respective legal entity has to communicate and register its beneficial owners with the Italian Registry of Companies. The information is registered in a specific section of the Registry of Companies and the filing may only be made electronically.