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The obligatory nature of the 231 model and the appointment of a supervisory body (Newsletter “Norme & Tributi n. 129” – Italo-German Chamber of Commerce– Vittorio De Luca, Luciano Vella)

Draft law no. 726 (the “DL”), which introduces significant changes to Italian Legislative Decree no. 231/01 is currently being examined by the Justice Committee of the Italian Senate. In particular, the DL provides that certain categories of organisation must have an organisation and management model (OMM231), and appoint a supervisory body (SB). This includes corporations and consortiums which have, even just in one of the last three financial years, reported (i) total assets on the balance sheet of at least 4,400,000 euros, or (ii) revenue from sales and services of at least 8,800,000 euros. Such entities must also file both the decision by which the SB is appointed and the decision by which the OMM231 is approved with the Chamber of Commerce within 10 days from when they are adopted, respectively. If they fail to comply, obliged companies might be ordered to pay an administrative penalty of 200,000 euros. If the DL is approved at the end of the parliamentary process, then what has until now been a right left to the discretion of individual entrepreneurs will become an obligation. In fact, with this legislative intervention, the system provided for by Italian Legislative Decree 231/01 will be strengthened, and companies that have still not complied with it will become obliged to do so. Consequently, the number of entities required to prepare an OMM231 will inevitably increase.