Italy’s UBO Register: New Access Rules and a Path to Reopening

Italy has reshaped who can see its beneficial ownership data. Since 9 January 2026, private parties can no longer browse the register freely. Instead, access now depends on showing a qualified legal interest.

Meanwhile, the register that InfoCamere holds within the Business Register remains operationally suspended. However, a landmark EU court ruling in May 2026 has now cleared the main obstacle to reopening.

So here is what changed, why it matters, and what companies with Italian entities should do.

What has changed since 9 January 2026?

Legislative Decree No. 210/2025 entered into force on 9 January 2026. It amended the AML Decree (Legislative Decree No. 231/2007). In addition, it implemented Article 74 of EU Directive 2024/1640.

Crucially, the decree replaced open public access with a “relevant and differentiated legal interest” model. As a result, a private party must now demonstrate three things to consult the register:

• A legally qualified interest that the law protects.
• That knowing the beneficial owner is necessary to defend that interest.
• Documented evidence of a mismatch between legal and beneficial ownership.

Meanwhile, national authorities, such as prosecutors, tax authorities and the FIU, keep full access. In addition, AML-obliged entities may consult the register with a legitimate-purpose declaration.

Overall, the shift moves Italy from a “general” access model to a “selective and justified” one.

Why did Italy suspend the register?

The register opened for filings on 9 October 2023. Almost immediately, trade associations and trust companies challenged the public-access rules before the Lazio Regional Administrative Court.

Then, after the court dismissed those challenges in April 2024, the dispute reached the Council of State. Consequently, by orders of 17 May and 15 October 2024, the Council suspended the register’s operation.

As a result, consultation, accreditation of obliged entities and access requests all came to a standstill.

The Council then referred the matter to the Court of Justice of the European Union (CJEU). Specifically, the core questions concerned trust mandates (mandati fiduciari), the test for legitimate interest, and the remedies that beneficial owners deserve when they object to disclosure.

What did the CJEU decide on 21 May 2026?

On 21 May 2026, the CJEU delivered its judgment in Joined Cases C-684/24 and C-685/24. Notably, the ruling largely validated Italy’s framework.

In particular, the Court confirmed three key points:

• First, Italy may treat trust mandates as arrangements similar to trusts, so they fall within beneficial ownership obligations.
• Second, a legitimate-interest condition on access fits the privacy rights in the EU Charter.
• Third, flexible concepts such as “similarity” and “legitimate interest” do not, on their own, undermine legal certainty.

However, the Court identified one gap. Specifically, it found that the rules on urgent judicial protection before disclosure needed strengthening. Therefore, beneficial owners must be able to challenge a disclosure decision before the authorities release their data.

What will happen?

Above all, the ruling removed the principal legal obstacle to reactivation.

Then, on 4 June 2026, the Council of Ministers approved the definitive legislative decree implementing Articles 11, 12, 13 and 15 of AMLD6. As a result, this completes the tiered-access framework.

In practice, that framework provides for direct access by competent authorities, access by obliged entities for due diligence, access by third parties with a qualified legitimate interest, and dedicated channels for certain public administrations.

Now, the Council of State must apply the CJEU’s guidance and decide the pending appeals. Most observers therefore expect reopening for obliged entities once it formally lifts the suspension. For the moment, however, no one can yet consult the register.

What should companies with Italian entities do now?

The suspension continues, but the obligations behind it have not disappeared. Therefore, sensible preparation now will save pressure when access resumes.

• Keep UBO data accurate and ready. Review your beneficial ownership analysis for Italian entities, so you can confirm filings quickly once the register reactivates.
• Use alternative sources meanwhile. Where you cannot consult the register, you can often reconstruct ownership from shareholder data in the Visura Ordinaria.
• Plan for the qualified interest test. If you rely on the register for due diligence, prepare to document a legitimate purpose under the new rules.
• Watch for the implementing detail. A further ministerial decree should define how to apply, how regulators assess requests, and how to appeal a refusal. For now, the mechanics remain unsettled.

What’s next?

Tracking a register that stays legally active yet operationally frozen is demanding, especially across several jurisdictions. Fortunately, Klea helps you keep beneficial ownership records consistent and audit-ready. As a result, your Italian entities stay ready the moment access reopens. Meanwhile, our team monitors the Council of State’s next step and the forthcoming implementing decree on your behalf.

For more insights into processes in other jurisdictions, explore our article, Companies House Accounts Reforms: UK Filing From 2028.

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• Request a Demo – See Klea in action for your organisation.
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