Golden Power

Exceptional events and situations require equally exceptional skills to deal with them. And the Golden Power legislation is certainly exceptional: it is the Government’s power to block or impose restrictions on operations in strategic assets that pose serious threats to the national interests in the national defence or security – also with reference to electronic communications based on 5G technology – or to the energy, transport, communications and to technology-intensive sectors.

We have experts with all the energy, passion and, above all, expertise to navigate businesses through these difficult and constantly changing waters. And few can boast our prowess in managing dealings with institutions to resolve critical situations rapidly and effectively.

These experts make up the Golden Power Task Force: a dedicated and highly skilled group of professionals with unrivalled expertise in (among other things) the sale of strategic shareholdings, extraordinary transactions involving the sale of strategic assets, and all other matters that fall under the scope of Golden Power legislation.

Here’s what sets us apart: more than 30 years of dealing with the institutions in question; renowned expertise in the industries most affected by Golden Power legislation and unparalleled technical know-how and track record.

Whatever country you’re from, you need to be able to rely on a legal partner who not only has the necessary legal nous but has also got your back every step of the way.

You can rely on our task force for all that and much more, such as: identifying potential critical points; mapping out the various scenarios; establishing an open communication channel with government authorities; attending hearings to represent your interests; helping you ensure compliance with government-imposed restrictions; explaining the risks of a given investment; guiding you through the notification process required for certain transactions and defending your interests in any litigation that ensues.

They may be uncharted waters for you, but we are here to make it plain sailing.


Proposal for a new EU regulation on FDI screening: prospects for reform - 8 February 2024

The European Commission recently presented a proposal for a regulation to revise and strengthen the EU’s FDI rules in light of the critical issues associated with the current Regulation (EU) 2019/452. The Commission’s goal is to broaden the scope of the EU’s FDI rules and reinforce scr …

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Golden Power news: application of the rules to intra-group transactions and public tenders - 29 September 2023

The recent legislation confirms the Italian Government’s constant attention to all matters linked to FDI screening. The “Omnibus Decree” extends the Government’s special powers under Golden Power legislation to cases involving non-EU entities, including intra-group transactions relat …

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Recent CJEU judgment: towards a restriction of the scope of foreign investment control regulation? - 25 July 2023

The CJEU’s recent judgment of 13 July contains important clarification concerning the application of Regulation (EU) 2019/452 on the coordination of control mechanisms for foreign direct investment (“Regulation”) and the ability of Member States to exercise veto power. The Court adopts …

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The exercise of special powers under Italy’s FDI screening framework: new solutions for strategic companies - 28 February 2023

On 1 February, Law 10/2023 converted Law Decree No. 187 of 5 December 2022 into law, thereby introducing: (a) general changes to Italy’s FDI screening framework, and (b) the possibility of temporary administration for companies in the oil refining sector. On 6 February, the Commission publ …

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Streamlining Italy’s FDI screening framework: pre-notification now possible - 16 September 2022

On 24 September, a regulation streamlining Italy’s FDI screening framework will come into effect. Its goal is to reduce the number of notifications filed (which has skyrocketed in the last few years) and speed up the screening process. The biggest change is the introduction of a pre-notifica …

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Modifications to Golden Power legislation introduced by the Energy Decree - 30 March 2022

On 22 March, the Energy Decree came into force. Among other things, it substantially amends Italy’s Golden Power legislation – specifically as concerns notification obligations, the assessment phase, and the safeguards in place for private parties. What are the main areas of Golden Power …

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More filings, few conditions: a glimpse into the Italian government’s 2019 FDI screening report - 4 November 2020

The Italian government recently published its annual FDI screening report for 2019. Despite the wider scope of application and the growing number of transactions subject to FDI screening, conditions were imposed in only 13 cases (approx. 16% of the total number of filings). Perhaps not so su …

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Energy and Infrastructure M&A in the Age of Covid-19: Italy - 27 April 2020

Energy and infrastructure M&A in the age of Covid-19: new risks and legal issues, but also opportunities. All broken down for you here by our

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Golden Power in the time of Covid-19: new sectors, tighter control - 20 April 2020

Fear has spread that low market values are favouring predatory acquisitions of strategic assets of national interest by foreign investors. On 9 April, Law Decree No. 23 entered into force – bringing significant changes to legislation on government screening of foreign (but also domestic) i …

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How Covid-19 measures affect investment control in Italy and the EU? - 6 April 2020

This note addresses the following 3 developments in investment screening caused by Covid-19 outbreak: The Cura Italia decree suspended the timeframe for administrative procedures, including Golden Power, but lodging an urgency request could be a way to avoid the suspension; …

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Golden Power: investments in strategic sectors - 23 December 2019

States around the world are becoming more involved in the economy and, through the Golden Powers legislation, are exercising control on investments in strategic sectors. What are the reasons behind this trend? Will Italy, which as has been very cautious in using the Golden Powers to date, ch …

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Golden Power: current landscape in the EU about "Foreign Direct Investment" - 23 December 2019

Foreign direct investment control mechanisms around the world vary in both substance and procedure. But what about in the EU? Even though it boasts a very open regime, concern about foreign investors, including state-owned companies, in strategic businesses is growing: their role in cross …

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Foreign investment control in Italy: new timeframe and rules - 15 November 2019

In Italy, the government’s powers to screen investments in strategic sectors take the evocative name of “Golden Power”. Last Wednesday (13 November), the Italian parliament approved the conversion into law of Law Decree 105/2019, which introduces significant changes to Italy’s Golden Po …

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BonelliErede expands its partnership: six new partners announced

On 17 December, BonelliErede’s partners’ meeting approved the promotion to partner of six of the firm’s managing associates: Livia Cocca, Francesco Casamassa, Gianpaolo Ciervo, Daniele Gambirasio, Giulio Mazzotti and Giovanni Minuto. Livia Cocca joined BonelliErede’s Milan office in 200 …

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Angelino Alfano and Enrico Vergani made partners at BonelliErede

BonelliErede’s partnership has expanded with the appointment of Angelino Alfano and Enrico Vergani as partners, both of whom were formerly of counsel at the firm. The two appointments, effective as of 1 January, were approved at the partners’ meeting yesterday. Angelino joined BonelliErede …

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BonelliErede launches the first task force dedicated to Golden Powers legislation

BonelliErede has launched a new task force dedicated to all matters relating to Italy’s Golden Powers legislation to respond to investors’ needs created by this complex and highly topical piece of legislation on investments in strategic sectors. The legislation gives government bodies the p …

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