Will Golden Power alla Conte isolate Italy from the world? Report
Scope, objectives, limits and potential criticalities of the legislation on Golden Power in defense of Italian strategic assets in a report by the lawyer Filippo Mazza, partner of the Ughi e Nunziante firm.
“The risk we run is therefore that of strongly discouraging investments in Italy, with the relative risk of isolation for our country”.
This is what we read in the conclusions of an in-depth report on "regulatory interventions linked to the Golden Power at the time of the Covid-19 pandemic" by the lawyer Filippo Mazza, partner of the Ughi e Nunziante firm.
For this reason, the paper hopes for the protection of national strategic assets "an ever greater defining commitment of the application boundaries of Golden Power, so as to allow investors and market operators to clearly verify their belonging to strategic sectors as well as any obligations of notification to which they are subjected when carrying out corporate transactions ".
The in-depth study underlines the "tendency towards a growth in a certain sense hypertrophic of the Golden Power leads us to ask ourselves how much and how such a wide range of powers whose essence is to limit / prohibit foreign investments can be reconciled with the need to encourage such investments (especially in light of the market crisis caused by the pandemic in progress) ".
The lawyer Mazza recognizes "the need to protect strategic sectors", but the current regulatory framework "could nevertheless risk reducing foreign investments in Italy as well as flooding the public machine, now called upon to analyze an ever increasing number of notifications ".
For this reason – given in part the vagueness of some provisions, the note underlines – “it is clear that the expansion of Golden Power represents a new challenge for market operators and for those who provide assistance to them”.
According to the paper, there will be many M&A transactions that from now on will fall within the framework of the Golden Power, with the necessary ingenuity on the part of the operators of the right to foresee and manage this further fulfillment and the related possible consequences of screening. of the Government (which can range from the imposition of conditions to the prohibition of concluding the transaction).
The risk – reads the conclusions of the analysis by lawyer Mazza – is that of strongly discouraging investments in Italy, with the relative risk of isolation for our country. For these reasons, also in view of an imminent exit from the current emergency situation, an ever greater defining commitment of the application boundaries of Golden Power is desirable, so as to allow investors and market operators to clearly verify the belonging to the strategic sectors as well as any notification obligations to which they are subject when carrying out corporate transactions ".
HERE THE INTEGRAL NOTE ON GOLDEN POWER
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/golden-power-alla-conte-isolera-litalia-dal-mondo-report/ on Sat, 23 Jan 2021 06:58:42 +0000.