Airlines established in Italy must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory. Registration of aircraft is reserved for Italian and EU citizens, the State, Provinces, State authorities and institutions, and companies headquartered in Italy or in the EU, with a majority the share capital owned by Italian or EU citizens. Cabotage is reserved to national and EU companies unless international conventions on air  transport  services  state  otherwise.  
"Article 4 - Conditions for granting an operating licence:
An undertaking shall be granted an operating licence by the competent licensing authority of a Member State provided that: [...]
(f) Member States and/or nationals of Member States own more than 50 % of the undertaking and effectively control it, whether directly or indirectly through one or more intermediate undertakings, except as provided for in an agreement with a third country to which the Community is a party; [...]" (Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f))
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"Art. 756. (((Aircraft nationality requirements).))
 ((Aircraft that fully or partially belong to the nationality requirements for registration in the national aeronautical register:
a) to the state, regions, provinces, municipalities and any other public or private body in Italy or in another member state of the European Union;
b) to Italian citizens or citizens of another Member State of the European Union;
c) to companies established or having a registered office in Italy or in another Member State of the European Union whose capital belongs wholly or in majority to Italian citizens or citizens of another Member State of the European Union, or to Italian legal persons or from another member state of the European Union with the same characteristics of corporate structure and whose chairman, the majority of the directors and the chief executive officer are Italian citizens or citizens of another European Union member state.
[...]
Art. 776. (((Intra-community air services for consideration on scheduled and non-scheduled basis).))
((Except as provided in Chapter III, scheduled and non-scheduled air transport services for passengers, mail or freight on intra-Community routes are permitted to carry out for consideration air carriers that have obtained an operating license, as well as ', in advance, a certification as an aircraft operator, in accordance with the provisions of this chapter and Community legislation.))
[...]
Art. 778. (Issue of the operating license).
((The operating license is issued by ENAC, pursuant to Council Regulation (EEC) No. 2407/92, of 23 July 1992, to companies established in Italy, whose effective control, also through a shareholding of majority, is exercised by a Member State of the European Union or by citizens of Member States of the European Union and whose main activity consists in air transport, exclusively or in conjunction with any other commercial activity that involves the exercise or repair or maintenance of aircraft.
[...]
Art. 781. (( (Diritti di traffico).)) 
 ((Per lo svolgimento dei servizi aerei di linea e non di  linea  di cui al presente capo sono riconosciuti ai vettori aerei  titolari  di licenza comunitaria diritti di traffico sulle rotte  all'interno  del territorio nazionale ai sensi del regolamento (CEE)  n.  2408/92  del Consiglio, del 23 luglio 1992, e successive modificazioni.))[...] " (Navigation Code (ROYAL DECREE 30 March 1942, n. 327), last amended by DECREE-LAW 14 August 2020, n. 104, Articles 756, 776, 778 and 781 [google translation])
Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f)
Navigation Code (ROYAL DECREE 30 March 1942, n. 327), last amended by DECREE-LAW 14 August 2020, n. 104, Articles 756, 776, 778 and 781
[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02008R1008-20201218">Regulation</a>],[<a href="http://www.normattiva.it/uri-res/N2Ls?urn:nir:stato:regio.decreto:1942-03-30;327!vig=2014-09-12">Code</a>]