Expands the list of sectors and assets subject to investment screening

On 14 January 2021, two decrees entered into force that identify assets and sectors of strategic importance to the national interest, whose acquisition by foreign investors requires prior governmental approval.

The Decree of 18 December 2020, No. 179 ,was adopted in relation to the new European regulation on investment screening and expands the scope of the Italian review procedures in sectors and activities mentioned in the regulation. These include enumerated critical infrastructure and technologies in the following sectors: energy, water, health, data and sensitive information, electoral infrastructure, financial services, artificial intelligence, robotics, semiconductors, cyber-security, nanotechnology, biotechnology, aerospace, supply of raw materials and food articles, dual-use products, media.

The Decree of 23 December 2020, No. 180, identifies additional assets of strategic importance in energy, transport and the communication sectors. New amendments concernn, inter alia, ports, airports, motorways of national interest, national spaceports, railway network within the trans-European network, broadband and ultra-broadband services.

• Type:

  • Entry and establishment (Approval and admission)

• Industry:

  • Primary (Agriculture, forestry and fishing)
  • Manufacturing (Manufacture of food products, beverages and tobacco products, Manufacture of basic pharmaceutical products and pharmaceutical preparations, Manufacture of basic metals, Manufacture of computer, electronic and optical products, and electrical equipment)
  • Services (Electricity, gas, steam and air conditioning supply, Water supply, sewerage, waste management and remediation activities, Transportation and storage, Publishing, audiovisual and broadcasting activities, Telecommunications, Computer programming, consultancy and related activities, Financial and insurance activities, Scientific research and development, Other professional, scientific and technical activities, Public administration and defence; compulsory social security, Human health activities)

• Sources:

  • Gazzetta Ufficiale, DECRETO DEL PRESIDENTE DEL CONSIGLIO DEI MINISTRI 23 dicembre 2020, n. 180, https://www.gazzettaufficiale.it/eli/id/2020/12/30/20G00200/sg, 30 Dec 2020
  • Gazzetta Ufficiale, DECRETO DEL PRESIDENTE DEL CONSIGLIO DEI MINISTRI 18 dicembre 2020, n. 179 , https://www.gazzettaufficiale.it/eli/id/2020/12/30/20G00199/sg, 30 Dec 2020
  • Allen & Overy LLP, Golden powers: updates in Italy, https://www.allenovery.com/en-gb/global/news-and-insights/publications/golden-powers-updates-in-italy, 18 Jan 2021