Update on the Italian National Security and Investment Control Regime – Golden Powers

April 2022
Region: Europe

Pursuant to the current Italian Golden Powers regulation (Golden Powers Rules), investors in Italian companies (Strategic Companies) operating in sectors deemed of strategic importance for national interests and holding strategic assets (Strategic Sectors) may require a notification to and approval from the Italian government. The government may require additional information and impose specific conditions in return for such approval.

The Golden Powers Rules are complex and broad. Some of their features are unique and set them apart from other foreign investment control regimes in the EU. For example, a notification requirement may apply to EU as well as national buyers in certain instances and may apply to Strategic Companies whose strategic assets in Italy consist merely of a contract of strategic importance for national interests, as detailed within our PDF.

The purpose of this note is to provide a summary of the Golden Powers Rules, including the most recent changes introduced by Law Decree no. 21 of 21 March 2022 in light of the Ukraine crisis.