Glossary
Fintech & regulatory glossary
Essential definitions on MiCAR, DORA, DLT Pilot, AML, banking, M&A: technical terminology with precise regulatory references.
Beneficial owner
The beneficial owner, under Article 1(2)(pp) and Article 20 of Italian Legislative Decree 231/2007, is the natural person or persons in whose ultimate interest the business relationship is established or the transaction is carried out. For companies, beneficial ownership is indicated by direct or indirect shareholding exceeding 25%, or by control exercised otherwise. As a residual criterion, beneficial owners are persons with management or directorship powers.
CASP — Crypto-Asset Service Provider
Crypto-Asset Service Providers (CASP) are entities that, under Regulation (EU) 2023/1114 (MiCAR), provide one or more services on crypto-assets. The CASP authorisation regime entered into application on 30 December 2024 and replaced the previous Italian VASP register held by OAM. CASP services include custody, exchange, execution, placement, advisory, transfer and portfolio management on crypto-assets. In Italy, authorisation is granted by CONSOB in coordination with the Bank of Italy.
DLT Pilot Regime
The DLT Pilot Regime is the EU experimental regime established by Regulation (EU) 2022/858 to test market infrastructures based on Distributed Ledger Technology. It governs three types: DLT MTF (trading), DLT SS (settlement), DLT TSS (integrated trading and settlement). In force since 23 March 2023, the regime is transitional (3+3 years). It allows targeted exemptions from MiFID II, CSDR and Settlement Finality. First authorisations were granted in 2025-26.