Why Companies Operating in Italy Need a Solid Antitrust Compliance Programme Ahead of the New AGCM Legality Rating Regime

From 16 March 2026, Italy’s Autorità Garante della Concorrenza e del Mercato (AGCM) will apply its newly updated Legality Rating Regulation, which seeks to promote ethical corporate conduct by rating companies based on their adherence to certain compliance standards. The updated Regulation strengthens requirements and revises procedures for companies seeking or renewing a legality rating. The new framework—set out in AGCM Decision No. 31812 of 27 January 2026 and published in the Italian Official Gazette—extends the rating’s validity to three years, updates eligibility conditions and imposes stricter consequences for incomplete or incorrect information. Of note, it now requires companies to demonstrate a credible, functioning and continuously updated antitrust compliance program in order to meet AGCM’s standards. Companies operating in Italy should prioritize implementing any compliance changes necessary to meet the heightened standards, including adopting an effective antitrust compliance program.

Achieving a legality rating is not only a reputational asset to companies, but also a way to differentiate themselves from competitors. In particular, it often opens the door to more business opportunities, such as improving a company’s access to public tenders, financing and commercial partnerships.

Why Antitrust Compliance Is Now More Critical Than Ever

A robust antitrust compliance framework is not only good corporate practice—it is now a strategic necessity for businesses in Italy. The AGCM has, over recent years, strengthened both its penalty guidelines and its approach to compliance, confirming that effective internal programs can influence sanction mitigation (up to a 10% reduction under updated guidelines).

With the new legality rating coming into effect, the AGCM has explicitly tightened the legality conditions, particularly regarding administrative, criminal and judicial events affecting eligibility. Companies must therefore show that their internal controls are able to prevent, detect and remediate antitrust risks in a systematic way.

Companies that implement robust antitrust compliance programs also reduce the risk of engaging in antitrust violations, including illegal price-fixing, bid-rigging and market allocation schemes. These schemes can result in significant corporate fines and, depending on what jurisdictions are impacted, potential jail time for corporate executives.

Key Features of an Effective Antitrust Compliance Programme

To credibly meet AGCM expectations and maximize chances of obtaining or maintaining a high legality rating, companies should consider implementing the following elements:

1. Management Commitment and Tone from the Top
   • Effective compliance must be driven by leadership. The AGCM’s guidance emphasises that corporate behaviour and internal efforts to prevent violations matter in assessing both infringements and sanctions. Strong management involvement signals that compliance is embedded in corporate culture.
2. Clear, Accessible Policies and Procedures
   • Companies should establish written antitrust rules tailored to their business—covering practices such as information exchange, pricing behaviour, distribution strategies and participation in trade associations.
3. Regular, Structured Training
   • Staff at all levels must understand antitrust risks. Training should be periodic, compulsory and adapted to business roles—with senior management and commercial teams receiving enhanced modules.
4. Effective Monitoring and Internal Controls
   • Compliance programmes must enable regular audits, spot checks and controls designed to identify red flags (e.g., suspicious communications, market‑sharing discussions or tender patterns).
5. Reporting Channels and Whistleblowing Tools
   • The ability to internally report concerns—confidentially and without fear of retaliation—is essential, particularly in light of EU whistleblower protection rules.
6. Periodic Review and Continuous Improvement
   • The AGCM’s new regulatory framework and updated guidelines confirm that compliance cannot be static. Programmes must be regularly updated, taking into account new case law, market dynamics and AGCM practice. Regular reviews also help ensure that any eligibility conditions relevant to the legality rating remain satisfied over time.

Conclusion

The AGCM’s new legality rating system places heightened emphasis on integrity, transparency and risk management, in part by requiring companies to adopt effective antitrust compliance programs in order to achieve a legality rating. Companies operating in Italy should approach this development not merely as a regulatory hurdle but as an opportunity to reinforce trust and accountability, both internally and in the marketplace, and reduce risk of engaging in antitrust misconduct and becoming the target of a government investigation. A well-designed antitrust compliance programme—supported by management, regularly updated and embedded into daily operations—will not only help companies meet the AGCM’s strengthened requirements but also build a resilient foundation for long‑term, responsible growth.