Golden Power in Italy represents the principal legal instrument through which the State exercises targeted control, in strategic sectors, in order to preserve national security and economic stability. The Italian Golden Power legislation is mainly outlined in Legislative Decree No. 56 of 21 May 2012, as amended.

The 'threat of serious prejudice' to public interests is assessed by the Government taking into account the principles of proportionality and reasonableness. The powers of intervention granted to the Government, which differ according to the case and are to be exercised on the basis of objective and non-discriminatory criteria, are essentially the following:

• opposition to the acquisition of shareholdings
• veto to the adoption of corporate resolutions;
• imposition of specific requirements and conditions.

Our highly qualified and experienced firm handles the notification procedure, which involves the following main steps:

Prior Notification: The company concerned is required to submit a prior notification to the Ministry of Economic Development, providing full details of the proposed transaction

Assessment by the Government: Upon receipt of the notification, the Italian government, specifically the Ministry of Economic Development, initiates a detailed assessment of the transaction. This assessment aims to determine whether the transaction may compromise national security or other strategic interests.

Possible Corrective Measures: Based on the assessment, the Government may decide to approve the operation without conditions, to approve it with specific conditions, or, in extreme cases, to prohibit it. Conditions may concern aspects such as protecting certain sensitive technologies, ensuring continuity of services, or taking measures to avoid a potential monopoly.

Timing of the Procedure: The timing of the notification procedure may depending on the complexity of the transaction and the need for further investigation.

In conclusion, Golden Power in Italy is a crucial component of the regulatory framework that aims to balance economic interests with national security interests. The government notification procedure is a key tool in this context, ensuring transparent and accountable management of operations involving sectors deemed strategic for the country.