The veto right of the Italian government in deals regarding strategic sectors is not something new. Since 2012,1 certain transactions have been subject to notification to the Italian government which, within 45 days, may veto the deal for reasons of national interest (the so-called “golden power”).
In the attempt to further protect national security and public order amidst the economic and financial turmoil caused by the COVID-19 pandemic and the consequent market volatility, in April 20202, Italy widened the scope of the domestic legislation on foreign direct investment screening so as to capture dealings in additional types of strategic assets and activities.