🇮🇹 🇪🇺 Regulator21 May 2026
EU court rules on Italy's beneficial ownership register
On 21 May 2026 the Court of Justice of the EU answered the Italian Council of State's questions on the beneficial ownership register. Fiduciary mandates count as legal arrangements similar to trusts, and Italy's qualified-interest test for access complies with EU law. The Court criticised the lack of interim protection when an exemption for exceptional risk is refused. The register stays on hold until the Council of State rules.
The Court of Justice of the EU gave judgment on 21 May 2026 on two references from Italy's Council of State about the register of beneficial owners.
What the Court said
- Fiduciary mandates are legal arrangements similar to trusts, so their beneficial owners must be reported.
- Italy's requirement that members of the public show a qualified interest before accessing the register complies with EU law.
- Italian law was faulted for giving no interim protection when a request for an exemption on grounds of exceptional risk is refused.
What happens next
- The register remains suspended until the Council of State decides the cases.
- The Government preliminarily approved a draft decree to transpose the sixth anti-money laundering directive, due by 10 July 2026.
Who is affected
Italian companies, trusts and fiduciary companies that must report beneficial owners.