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Covid-19 coronavirus: Italian Government increases its special powers on foreign investment control ("Golden Powers")

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Ghiglione Paolo
Paolo Ghiglione



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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.