Transparency of beneficial ownership is one of the areas for which it is necessary to preserve a margin of flexibility to take account of the different types of legal entities provided for in national law. Regulation is affected by continuous adjustments, aimed both at coping with the evolution of the techniques used by recyclers and at forcing the harmonization of national rules. However, excessive instability now characterizes the regulatory framework, composed of a plethora of increasingly complex, analytical and burdensome rules, dispersed in a multiplicity of primary and secondary sources, at the European and national level. In future the regulatory framework will have to take due account of the difficulties and costs of the obligations in the practical application of the rules.
