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EU Emissions Trading System – What have we learned after nine months of operation?
European shipping and ships calling at EU ports became subject to the EU ETS in January 2024.
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.
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In this horizon scan, we focus on key developments affecting companies operating in the UK, including in light of the recent change in UK government.
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As you begin planning for the upcoming financial year, it is likely that legal operations projects are on your radar. However, securing the necessary budget can be challenging. Our roundtable on October 1, ‘Preparing for FY2025 - Building a compelling business case’, will help you create compelling business cases for your legal initiatives.
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