"Anti-Subsidy” Regulation – A New Big Stick in the EU Regulatory Arsenal"* On May 5, 2021, the European Commission (the Commission) adopted a proposal for a regulation (the Anti-Subsidy Regulation) to combat distortions of competition in the European Union (EU) caused by subsidies granted by non-EU Member States to companies doing business in the EU. The Anti-Subsidy Regulation is an important part of the von der Leyen Commission’s industrial strategy, which was also updated on May 5. The Anti-Subsidy Regulation will create a unique hybrid of trade and antitrust tools, filling a hole in the EU’s current toolkit. The Commission’s trade defense rules offer no protection when non-EU subsidies distort investment decisions, market operations or pricing policies in beneficiaries’ European

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