On May 5, 2021, the European Commission (“EC”) proposed a new draft regulation that, if adopted, would introduce sweeping measures aimed at controlling the impact of foreign subsidies on the EU single market (“Proposed Regulation”). [1] The Proposed Regulation reflects the EU’s policy priority to pursue an “open strategic autonomy” and fits into the EU Industrial Strategy, updated on the same date. [2] The Proposed Regulation follows the June 2020 White Paper on foreign subsidies and a public consultation process. It (i) introduces a merger control regime for vetting transactions affected by foreign subsidies; (ii) grants the EC broad powers to investigate and impose remedies concerning foreign subsidies that distort competition in the EU; and (iii) allows the EC to suspend or block public
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The EU Commission proposes a far-reaching regulation to tackle foreign subsidies
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