Expands the scope and application of the FDI screening regime
22 Mar 2022
On 21 March 2022, the Italian Government enacted Law-Decree No. 21/2022, which made significant revisions to the FDI screening regime. Among the main ones:
- The emergency measures adopted in response to the COVID-19 outbreak and set to terminate by the end of 2022, became a permanent part of the FDI screening regime in Italy. Thus, the Government is given the power to review acquisitions by investors from the European Economic Area (EEA) of a controlling interest in Italian assets in the communications, energy, transportation, health, agri-food and financial (including credit and insurance) sectors; as well as acquisitions by non-EEA investors of a non-controlling interest in a company active in any strategic sector (above 10% of the share in capital for investments equal to or more than € 1 million; or above 15%, 20%, 25%, and 15% thresholds);
- The transactions falling under the FDI screening regime now include procurement of services and assets related to 5G networks and cloud services, and additional strategic assets and technologies in connection with cyber-security;
- The regime of prior government notification was expanded to all transactions that may affect the ownership, control and availability of strategic assets and the creation of securities over assets in the field of defence and national security.
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Type:
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Entry and establishment (Approval and admission)
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Industry:
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Not industry specific
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Primary (Agriculture, forestry and fishing)
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Services (Electricity, gas, steam and air conditioning supply, Transportation and storage, Telecommunications, Computer programming, consultancy and related activities, Financial and insurance activities, Human health activities)
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Sources:
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Normattiva - official legal database, DECRETO-LEGGE 21 marzo 2022, n. 21, https://www.normattiva.it/atto/caricaDettaglioAtto?atto.dataPubblicazioneGazzetta=2022-03-21&atto.codiceRedazionale=22G00032&atto.articolo.numero=0&atto.articolo.sottoArticolo=1&atto.articolo.sottoArticolo1=10&qId=e75bd720-2f7c-48c1-b9cf-bba4767638ed&tabID=0.5951720554060962&title=lbl.dettaglioAtto, 23 Mar 2022
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JDSupra, Foreign direct investments in Italy: the revised golden power regime, https://www.jdsupra.com/legalnews/foreign-direct-investments-in-italy-the-6073239/?origin=CEG&utm_source=CEG&utm_medium=email&utm_campaign=CustomEmailDigest&utm_term=jds-article&utm_content=article-link, 25 Mar 2022
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Lexology, Italy further strengthens its "golden powers" on FDI, 5G and cloud tech due to the Ukrainian crisis, https://www.lexology.com/library/detail.aspx?g=1eedd1eb-1389-4a9c-bdf3-a4e0a96e030d, 22 Mar 2022
