Italian National Security and Investment Control Regime – Golden Powers Guide

January 2023
Region: Europe

Pursuant to the Italian Golden Powers regulation (the “Golden Powers Rules”), investors in Italian companies operating in sectors deemed of strategic importance for national interests and holding strategic assets (the “Strategic Sectors”) may require a notification to, and approval by, 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 arguably apply to 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 guide is to provide an overview of the Golden Powers Rules.