Italy COVID-19 Legislative measures - The implementing PM Decree on the new Golden Power measures provided by the Decree-Law 23/2020
The Government agreed upon the draft text of a Prime Minister’s Decree implementing Decree-Law 23/2020 which inter alia expanded the scope of Golden Power to a wide array of new strategic sectors . In particular, the PM Decree identified a detailed list of goods and transactions (within the sectors identified by the Decree-Law) on which the Government may resort to its special intervention power aimed at protecting strategically-relevant assets from foreign acquisition.
Any change in the shareholding structure of a company manufacturing these goods or providing these services and any transaction involving these goods and services is subject to the notification obligation and thus, potentially, to the Government’s Golden Power. In this context, it is worth recalling that Decree-Law 23/2020 as amended by Parliament foresees that Golden Power may be triggered not only on national security grounds, but also to safeguard employment levels and maintain production on the national territory.
This draft was submitted to Parliament for a non-binding opinion of the relevant Committees, and will then be brought to Cabinet once again for its final adoption.
You may download Telos A&S overview, in English, of the goods and services identified by the draft PM Decree belowDownload it here