Italian Liquidity Law Decree: new urgent golden power measures in Italy

The Italian Liquidity Law Decree (last April, 8th) has introduced new urgent golden power measures in Italy, providing for prior notification to the Italian Government each act or transaction (such as resolutions or other acts that modify the ownership, control or availability of company’s’ strategic assets and each direct investment by a foreign company, including those belonging to the European Union), in the following sectors:

  1. a) ‘critical’ infrastructures’ (energy, transport, water, health, aerospace, financial, credit, insurance and data storage, communication, media)
  2. b) ‘critical’ technologies (artificial intelligence, robotics, semiconductors, cybersecurity, nano and biotechnology sectors);
  3. c) food security;
  4. d) access to sensitive information and personal data;
  5. e) media pluralism.

On June 5th the Liquidity Law Decree was converted into law (n. 40/2020). During the conversion, further specifications were introduced with reference to Italian golden powers, which are:

– the inclusion of the healthcare sector (albeit limited to the production, import and wholesale distribution of, medical-surgical and individual protection devices);

– the inclusion of the agri-food and steel sectors (which pursue the additional purpose of protecting the maintenance of employment levels and productivity in the national territory).



The contents of this publication is for informational purposes only. It is not intended to provide legal or other professional advice or opinions on specific facts or matters. Pavia e Ansaldo assumes no liability in connection with the use of this publication.