Extension of “Golden Powers” in relation to foreign aquisitions

On 25 December 2020, the Law of 18 December 2020, no. 176 entered into force. It converted into law an earlier governmental decree-law introducing measures aimed at the economic recovery during the pandemic. The new law also extends the temporal scope of application of the special FDI screening regime introduced in April 2020. Now, it shall apply until 30 June 2021. Thus, until that date, acquisitions of certain Italian businesses in strategic sectors originating from the EU (controlling interests) and from outside the EU (10% of voting rights) are subject to notification.

• Type:

  • Entry and establishment (Approval and admission)

• Industry:

  • Not industry specific

• Sources:

  • Gazzetta Ufficiale, LEGGE 18 dicembre 2020, n. 176, https://www.gazzettaufficiale.it/eli/id/2020/12/24/20G00197/sg, 24 Dec 2020
  • HERBERT SMITH FREEHILLS, NEW ITALIAN RULES ON THE REVIEW OF FOREIGN INVESTMENTS IN ITALY: DAWN OF AN ERA OF GREATER CERTAINTY FOR FOREIGN INVESTORS? A FOCUS ON THE ENERGY SECTOR, https://www.herbertsmithfreehills.com/latest-thinking/new-italian-rules-on-the-review-of-foreign-investments-in-italy-dawn-of-an-era-of, 13 Jan 2021