text: Spain’s regulation of FDI follows similar principles to promote the freedom of movement of capital although requires notification of investments from tax havens. Despite a liberalised system there are controls over investments that might impact public powers, public order, security and public health. There are also industry specific restrictions covering telecommunications, television and radio, energy, financial institutions and the stock exchanges, air transportation as well as national defence related activities.
  Italy has been focused on promoting investment in high-tech start up ventures and has passed laws that provide tax exemptions and other incentives. However, Italy controls FDI based on the reciprocity principle in that international investors are treated the same way as Italians provided their home country has reciprocal treatment of Italians. In addition, there are the golden powers for Italy to review notified investments in areas of strategic importance and national interest covering the energy, transport, communications and defence sectors. The golden sectors were recently extended to “high-tech” companies, such as those dealing with data storage and processing, artificial intelligence, robotics, semiconductors, dual-use technology, and space/nuclear technology, bringing Italy in line with many other EU states.
  France has amended and strengthened its rules on FDI of late, recently extending its control over French companies active in the aerospace sector or carrying out research and development activities in cybersecurity, artificial intelligence, robotics, additive manufacturing and semiconductors. FDI in these sectors are subject to a prior Ministerial approval. The same applies to IT hosts for certain sensitive data, particularly in the health sector.