On 8 April 2020, the Italian government adopted the wide-ranging Law Decree No. 23 (Urgent Measures Law), which also amends the government’s so-called "golden powers" of intervention in foreign direct investments involving companies operating in the sectors of defence, national security, communications, energy and transport (Original Strategic Sectors), originally introduced by Law Decree No. 21 of 15 March 2012.

The Urgent Measures Law, which entered into force on 9 April 2020, marks the latest in a series of extensions of the government's screening powers with regard to transactions affecting the Original Strategic Sectors.

Just over a year ago, Law Decree No. 22 of 25 March 2019 (Brexit Decree) broadened the scope of intervention (including broadband electronic communications services based on 5G technology as a strategic sector), while more recently Law Decree No. 105 of 21 September 2019 (Cybersecurity Decree, as subsequently further amended) lengthened the screening timetable by allowing the government more time for the evaluation of whether to exercise such powers of intervention – namely 45 business days (from the previous 15 business days) for the Original Strategic Sectors, and 30 business days for 5G technology transactions.

In response to the COVID-19 outbreak, the Italian government has acted to broaden its power of intervention within the scope of the Golden Power for a limited period of time.

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