Italian government acts to strengthen further its "golden powers"

On July 11, 2019, the Italian Government adopted Law Decree No. 64/2019 (DL 64/2019) which amends the law known as the "Golden Power Legislation" (Law Decree No. 21 of March 15, 2012, as subsequently amended) enshrining measures governing the State’s powers of intervention in deals involving companies operating in the sectors of defence, national security, communications, energy and transport (the "Strategic Sectors"). DL 64/2019 entered into force on July 12, 2019, also for notification procedures currently ongoing, but will lapse if not converted into law by the Italian Parliament by September 10, 2019.

With DL 64/2019, the Italian Government principally aims to strengthen protection of national security in the Strategic Sectors, recently amplified to include the new area of 5G Technology Transactions. At the same time, DL 64/2019 has broadened the powers granted to the Italian Government by the Golden Power Legislation and now allows the relevant authorities a significant amount of time for evaluation of the risks posed to national security by transactions, potentially delaying completion of such deals.

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