Italy: Adopted decree expanding FDI "golden power" to 5G and cloud technology

On 21 March 2022, the Italian government adopted the "Emergency Measures Decree to react to the economic and humanitarian effects of the Ukrainian crisis" (Law Decree No. 21/2022), which will be implemented on 22 March 2022. The Decree expands the Italian government's “golden power”, the power to limit or block foreign direct investments and corporate transactions regarding national strategic assets, on any transactions concerning 5G communication networks and cloud technologies. Moreover, any company involved in transactions concerning 5G communication networks that may trigger the golden power shall submit an annual plan containing a detailed description of the 5G technology implementation. Such a plan shall be analysed by the Italian government, which can impose further conditions or exercise its veto within 30 days from the submission.