Covid-19 coronavirus: Italian Government increases its special powers on foreign investment control ("Golden Powers")
14 April 2020
With Law Decree n. 23, published in the Official Gazette of April 8, 2020 (Liquidity Decree), the Italian Government has amended Legislative Decree no. 21/2012 on the so-called "Golden Powers", by extending their scope of application to sectors that had been excluded so far. Notification obligations to transactions carried out by foreign EU and non-EU entities have been extended as well.
The new rules came into force on 9 April 2020 and aim to:
- contain the negative effects of the Covid-19 coronavirus emergency on assets of national strategic importance and many of them have a limited temporal application, to expire on 31 December 2020 and
- amend and supplement provisions under the initial "Golden Powers" legislation that had introduced new rules, inter alia, to adopt decisions on transactions related to 5G networks.