Edited by Fabrizio Vedana

On January 14, the Italian Data Protection Authority (Garante per la protezione dei dati personali) expressed its opinion on the draft decree of the Ministry of the Economy and Finance (MEF) regarding the communication, access, and consultation of data and information relating to the beneficial ownership of companies with legal personality, private legal entities, trusts producing legal effects relevant for tax purposes, and trust-like institutions.
Among the recommendations made by the Italian Data Protection Authority is to ensure the correct identification of the types of such data processed in the information to be communicated to the Companies Register, with reference to the position of beneficial owners who may find themselves in the so-called exceptional circumstances indicated in Articles 21, paragraphs 2, letter f), and 4, letter d)bis of Legislative Decree 231/2007 (i.e., those who may be exposed to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence, or intimidation, or when they are incapacitated persons or minors), specifying that this may also include special categories of personal data or personal data relating to criminal convictions and offenses.
To protect individuals in the situations indicated above, the Ministry of Economy and Finance has provided the option to object to the otherwise automatic publication by company directors of their information in the register of beneficial owners that is being established.
What happens if the administrator, despite the interested party's request to disclose the information, still publishes the information, making it visible to anyone, not just the supervisory authorities and entities required to comply with anti-money laundering regulations (i.e., banks, professionals, financial institutions, etc.)?
Disputes will certainly arise that will challenge the right to privacy and transparency, and their resolution will involve civil, administrative, and perhaps even criminal courts.
In short, the establishment of the register of beneficial owners will certainly help better define the boundaries of two rights now considered fundamental in the European legal system as well as in the Italian one.