Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Global | Publication | September 2024
Under the Italian foreign investment regime (set forth in Law Decree No. 21 of March 15, 2012, as amended (the “FDI Decree”), and in several implementing measures), the Italian government has the power to impose conditions on, or veto, investments in Italian companies that are active or hold assets in one of the 'strategic sectors' identified under the Italian FDI rules when such investments may jeopardize the national security or other public interests (often referred to as the “golden power”). In addition, certain actions by companies in strategic sectors require notification before they can be implemented.
Strategic Sectors and Relevant Transactions
As of September 2024, the following are the main transactions and corporate actions subject to government scrutiny under the FDI regime.
Defense and National Security sectors
Broadband electronic telecommunication networks based on 5G technology, cloud-based and other assets relevant to cybersecurity
Energy / Transport / Financial, Credit and Insurance / Communications / Healthcare / Agri-food sectors
Water / Media / Data Processing or Storage / Aerospace / Electoral Infrastructure / AI and Robotics / Dual Use
Procedure
Pursuant to the FDI Decree, upon receipt of the filing, the Office of the President of the Council of Ministers (“PCM”) has up to 45 business days (for transactions concerning 5G technologies, 30 days, which may be extended up to 70 days) to review the transaction. If additional information is needed, the PCM may suspend – once – such period until the receipt of the requested information. The requested information must be provided within 10 (or, for information requested by the PCM to third parties, 20) business days. If another EU Member State or the EU Commission intends to review the transaction (independently or at the request of the Italian government), the review period is suspended until the observations or opinion of the relevant EU Member State or the EU Commission have been delivered.
Simplified notification and review mechanisms apply in case the transaction triggering FDI filing requirements is carried out as a result of a public tender procedure.
In case of acquisitions, the buyer is responsible for the filing, although the target company must either co-sign the notification or receive an information notice and be given the opportunity to join the proceedings. Parties may seek a preliminary assessment of a proposed transaction by the PCM staff through a pre-filing mechanism.
If the parties fail to notify a transaction, the PCM may review the transaction on its own initiative.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
The arbitration agreement within a contract is a contract in its own right, collateral to the main contract. The law governing the arbitration agreement covers substantive matters relating to the agreement to arbitrate, for example, the interpretation, scope and validity of the agreement to arbitrate.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023