The Italian FDI rules (also known as “Golden Power Legislation”) have recently been amended with specific reference to the finance sector, which includes credit and insurance, by Law No. 4 of January 15, 2026, converting Law Decree No. 175 of November 21, 2025 (Urgent measures concerning Transition Plan 5.0 and energy production from renewable sources). The amendments came into force on January 21, 2026.
The Golden Power Legislation entrusts the Italian Government with special powers of intervention (so-called “golden powers”) which can be exercised in the context of M&A or other corporate transactions having the effect of transferring certain assets or business relationships from one company to another, when the target companies or the intended business operate in sectors deemed of strategic importance for the national interest.
Notably, the recent amendments enhance coordination of the Italian FDI rules with the applicable EU legislation and the activities carried out by the competent EU Authorities in the finance sector. In particular:
- for purposes of exercising its special powers of intervention, the Italian Government shall refer to the assessments made by the competent Authorities with respect to (i) acquisitions of qualifying stakes of target companies operating in the finance sector, and (ii) merger control. Golden powers may only be exercised after completion of such assessments by the competent Authorities;
- when evaluating whether to exercise its golden powers, the Italian Government must consider potential threats to the national economic and financial safety, to the extent these are not already adequately protected by specific sector regulations (including regulations on the acquisitions of qualifying stakes of companies operating in the finance sector and merger control regulations).
LCA has developed specific expertise in the field of Italian FDI rules, providing advice to multinational companies and global investment funds, headquartered in both EU and non-EU Countries, operating in sectors such as telecommunications, defense and national security, energy and infrastructure, assisting them in preliminary assessments, preparation and submission of filings to the Italian Government, assistance in the Italian Government’s screening procedure phase. The LCA Golden Power Team provides comprehensive assistance to its clients, supported by professionals who provide daily advice in this specific area of the law.
