Foreign investments in certain Italian strategic sectors are subject to the regime set out by Law Decree No. 21 of 15 March 2012, as subsequently amended in 2017 and 2019 (the "Golden Power Decree"). In particular, according to the Golden Power Decree, certain transactions and corporate resolutions in the defence and national security sectors, as well as on certain networks, plants, assets and relationships deemed strategic for the national interest in other sectors (i.e. communications, energy, transport and high-tech sectors) (collectively, the "Strategic Sectors") must be notified to the Italian Government. The Italian Government can then request information, impose specific rules or conditions or, under certain circumstances (the "Exceptional Circumstances"), exercise a veto in relation to the relevant transaction or corporate resolution.
On 8 April 2020 the Italian Government issued Law Decree No. 23 (the "Liquidity Decree") setting out a number of provisions in order to face the impact on the Italian economy of the COVID-19 crisis, including stronger powers of intervention in respect of foreign investments in strategic sectors.
Amendments to the previous regime include a broader scope of application of foreign direct investment rules in terms of:
- sectors;
- nationality of buyers; and
- type of transactions.
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