A very nice example whatever it actually is...
"Made In Italy" seems to indicate a commercial export model; no military designation (RE/RA/RM) or police marking (PS). POTW says "The Model 1934 was also sold commercially but only in relatively small numbers, since most of the production was taken by the Italian forces"...
There was also a model 1935, in 7.65mm (32 ACP)...Identical to the 1934 but for the chambering...[POTW]...