Foreign Investment

General antitrust

The UK Parliament enacts the National Security and Investment Act New
Hogan Lovells (London)
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Hogan Lovells (London)
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Hogan Lovells (London)
The UK’s much publicised National Security and Investment Bill has now been granted Royal Assent – passing into law an Act which will significantly affect the way investments in the UK can be reviewed by the Government where they raise national security considerations. The Act introduces a (...)

The UK Government clarifies the scope of the new national security and investment bill
White & Case (London)
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White & Case (London)
In November 2020, the UK published a draft of its new National Security and Investment Bill ("NSIB"), heralding the introduction of a new regime for reviewing investments on national security grounds. The Bill introduced a mandatory pre-screening mechanism for certain deals involving (...)

The UK Government publishes a consultation response which clarifies the national security regime
Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (Brussels)
Since the UK Government published the National Security and Investment Bill (the Bill) in November 2020 (see our earlier briefing), a number of issues have prompted significant debate and investor concerns. Many of these centre on the delicate balance between the UK Government’s desire to (...)

The UK Government publishes revised sector definitions for mandatory notification under the national security screening regime
Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
The UK Government has today published its response to the consultation on mandatory notification in specific sectors under the proposed new national security screening regime contained in the National Security and Investment Bill (NSI Bill). The NSI Bill is currently making its way through the (...)

The UK Government provides greater clarity on new national security screening rules to be introduced by the national security and investment bill
Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (London)
On 2 March 2021, the UK government published its response to a consultation on the sectors of the economy which are to be subject to mandatory notification under the new inward investment regime to be introduced by the National Security and Investment Bill (the Bill), which is currently before (...)

The UK Government introduces a national screening regime for foreign investments
Cleary Gottlieb Steen & Hamilton (London)
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Cleary Gottlieb Steen & Hamilton (London)
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Cleary Gottlieb Steen & Hamilton (London)
On November 11, the UK Government proposed a new national security screening regime that would allow the Government to intervene in “potentially hostile” foreign investments that threatened UK national security while “ensuring the UK remains a global champion of free trade and an attractive place (...)

The UK Government introduces a national investment screening regime
Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
On 11 November 2020 the UK Government introduced the National Security and Investment Bill (NSI Bill) to Parliament, setting out significant legislative reforms which will overhaul the review of transactions and investments on national security grounds in the UK, against a backdrop of (...)

The UK Government announces long-awaited and extensive reforms to the foreign investment regime
Shearman & Sterling (London)
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Shearman & Sterling (Brussels)
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Shearman & Sterling (London)
On 11 November 2020, the U.K. Government announced long-awaited and extensive reforms to the U.K. foreign investment regime. The reforms proposed are more significant than anticipated and include a mandatory notification regime alongside broader “call-in” powers for the Secretary of State. The (...)

The UK Government proposes screening powers for certain deals on national security grounds
Baker Botts (Brussels)
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Baker Botts (Brussels)
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Baker Botts (London)
This week, the UK Government announced new draft powers under the National Security and Investment Bill (the ‘Bill’) to screen certain deals on national security grounds. The proposals apply to takeovers and investments (including minority share acquisitions) by foreign buyers in a wide range of (...)

The UK Government publishes a draft law introducing significant powers to scrutinise foreign direct investment
Covington & Burling (London)
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Covington & Burling (London)
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Covington & Burling (London)
Major Development in UK Foreign Investment Law and Policy The UK government has published long-awaited draft legislation that, if made law, will introduce significant new powers to scrutinise Foreign Direct Investment (“FDI”). The National Security & Investment Bill (the “NSI Bill” or the (...)

The UK Government introduces a regime for screening foreign direct investments
Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (London)
The UK government’s long-awaited National Security and Investment Bill (the Bill), which paves the way to significant changes in the UK’s regime for screening foreign investment, was laid before Parliament on 11 November 2020. While the text of the proposed legislation will require detailed (...)

The UK Government introduces a national security and investment bill to Parliament which affects private equity investments
Herbert Smith Freehills (London)
The implications of the UK’s proposed national security investment screening regime have been widely debated since the National Security and Investment Bill (NSI Bill) was introduced to Parliament on 11 November 2020. However, as the NSI Bill progresses through the House of Lords, there has (...)

The UK Government introduces a national investment screening regime
Hogan Lovells (London)
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Hogan Lovells (London)
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Hogan Lovells (London)
A new National Security and Investment Bill laid before the UK Parliament this week will, on enactment, significantly affect the way investments in the UK can be reviewed by the UK Government where they raise national security considerations. The new legislation replaces stop-gap provisions (...)

The UK Government introduces the national foreign direct investment bill
Ashurst (London)
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Ashurst (London)
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Ashurst (London)
Introduction A new national security notification regime On 11 November 2020, the UK Government introduced its National Security and Investment Bill ("Bill") into Parliament, which will significantly strengthen its powers to investigate and potentially prohibit transactions on national (...)

The UK Government publishes its national security and investment bill
Van Bael & Bellis (Brussels)
On 11 November 2020, the UK Government published the National Security and Investment Bill (“NSIB”). The NSIB proposes the introduction of a standalone foreign direct investment (“FDI”) regime for the first time in the UK. It introduces a hybrid mandatory and voluntary notification regime with (...)

The UK Government proposes national security investment screening regime
Morgan Lewis (London)
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Morgan Lewis (London)
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Morgan Lewis (London)
The proposed regime is a huge departure for the United Kingdom, since it introduces mandatory filings for certain investments raising a national security concern, while it also gives the UK government extensive call-in powers for a period of up to five years for completed transactions, and it (...)

The UK Government introduces a national investment screening regime to restrict foreign investment
Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (London)
On 11 November 2020, the UK Government published its long-awaited National Security and Investment Bill (the Bill) in a significant departure from the 2018 White Paper (see our previous briefing). The Bill establishes a new screening regime for investments in a wide range of sensitive and (...)

The UK Government publishes proposals designed to restrict foreign investment
Bird & Bird (London)
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Bird & Bird (London)
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Bird & Bird (London)
Last week, the UK Government published new proposals designed to restrict foreign investment in the UK and to potentially block securities listings on UK public markets, in each case on grounds of national security. Foreign investment controls On 11 November 2020, the National Security and (...)

The EU Parliament and Council establish a framework for the screening of foreign direct investments
Hogan Lovells (Brussels)
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Hogan Lovells (Brussels)
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Hogan Lovells (Brussels)
The long-awaited application of the European Union (EU) Regulation on a framework for the screening of foreign direct investment (FDI) in the EU started, 11 October 2020. It is still early days to anticipate how the EU rules will be implemented in practice by the member states and the European (...)

The EU Parliament and Council see their framework for the screening of foreign direct investments enter into force
Covington & Burling (Brussels)
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Covington & Burling (Frankfurt)
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Covington & Burling (London)
On October 11, 2020, the EU FDI Screening Regulation (EU) 2019/452 – the “Regulation”) entered fully into force. The Regulation, which was approved and adopted in March 2019, establishes a framework for the screening of foreign direct investments (“FDI”) by EU Member States in which decision-making (...)

The EU Parliament and Council put in force regulation for the screening of foreign direct investments
Van Bael & Bellis (Brussels)
On 11 October 2020, the EU FDI Screening Regulation entered into force. Adopted in March 2019, it covers EU Member States’ procedures to assess, investigate, authorise, condition, prohibit or unwind foreign direct investment ( FDI ). FDI screening protects national security interests by (...)

The EU Parliament and Council release a regulation on foreign direct investment screening regime which enters into force
White & Case (Frankfurt)
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White & Case (Dusseldorf)
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White & Case (Brussels)
While there is still no standalone foreign direct investment (FDI) screening at the EU level, the EU continues to push for a coordinated approach toward foreign direct investments into the EU. The key instrument is the EU Screening Regulation, which has entered into force on October 11, 2020. (...)

The EU Parliament and Council passe a regulation for the screening of foreign direct investments into the Union
Ashurst (London)
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Ashurst (London)
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Ashurst (Brussels)
On 11 October 2020, Regulation (EU) 2019/452 establishing a framework for the screening of foreign direct investments into the Union (the "FDI Regulation") became fully applicable. In the 18 months since the FDI Regulation was enacted, the Regulation and the European Commission’s ("Commission") (...)

The EU Parliament and Council release regulation on foreign direct investments which impacts applications for authorisation of foreign direct investments into Spain including those not undergoing the screening
Herbert Smith Freehills (Madrid)
Introduction Royal Decree-law 8/2020, of 17 March, on urgent extraordinary measures to tackle the economic and social impact of COVID-19 (“RDL 8/2020”) included a new article 7 bis in Law 19/2003, of 4 July, on the legal regime applicable to capital movements and economic transactions abroad and (...)

The EU Parliament and Council enact the EU FDI Screening Regulation which fully enters into force
Van Bael & Bellis (Brussels)
On 11 October 2020, Regulation (EU) 2019/452 establishing a framework for the screening of foreign direct investments into the European Union adopted on 19 March 2019 (the “EU FDI Screening Regulation”) fully entered into force. While the EU FDI Screening Regulation does not itself establish a (...)

The EU Commission publishes the results of its consultation on foreign subsidies
Freshfields Bruckhaus Deringer (Berlin)
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Freshfields Bruckhaus Deringer (Brussels)
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Freshfields Bruckhaus Deringer (Brussels)
The European Commission (’the Commission’) has published the results of the public consultation on its June White Paper on foreign subsidies. The policy document announces a legislative proposal for the control of companies in the EU market that benefit from foreign subsidies. In total, 150 (...)

The UK Competition Authority drafts guidance on its powers and procedures regarding foreign direct investments
Dechert (Brussels)
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Dechert (Brussels)
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Dechert (Brussels)
Key takeaways FDI rules in the UK have recently been tightened in the context of the COVID-19 pandemic. The UK can now intervene in transactions on the grounds of public health emergencies. Also, lower jurisdictional thresholds apply to transactions relating to artificial intelligence, (...)

The Romanian Competition Authority announces public consultation on the amendments of the FDI screening regime
University of Macau - Faculty of Law (Macau)
National competition authorities and FDI screening: the case of Romania* EU FDI Screening Regulation: separating security from competition The Regulation 2019/452 establishing a framework for the screening of foreign direct investments into the Union (EU FDI Screening Regulation) was adopted (...)

The UK Competition Authority consults on draft guidance concerning its powers and procedures in the relation to the post-Brexit foreign direct investments information-request process
Morgan Lewis (London)
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Morgan Lewis (London)
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Morgan Lewis (London)
As noted in our recent LawFlashes, New Powers for UK Government in Transactions Impacting Public Health Emergencies and National Security and Potential UK Reforms Could Increase Screening of Certain Foreign Takeovers, governments are increasing their scrutiny of certain foreign direct (...)

The French Government temporarily reduces the threshold for review of non-EU/EEA investments in French listed companies in the context of the COVID-19 pandemic Free
Cleary Gottlieb Steen & Hamilton (Brussels)
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Cleary Gottlieb Steen & Hamilton (Paris)
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Cleary Gottlieb Steen & Hamilton (Paris)
On July 23, 2020, the French Government published a Decree and a Ministerial Order to temporarily reduce the threshold for review of nonEU/EEA investments in French listed companies in the context of the COVID-19 pandemic. As explained by the French Minister for the Economy, “[w]hile most (...)

The French Government issues interim rules on certain foreign investments in response to COVID-19 Free
Skadden, Arps, Slate, Meagher & Flom (Paris)
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Skadden, Arps, Slate, Meagher & Flom (Paris)
On July 23, 2020, the French government issued decree nº 2020-892 of July 22, 2020 (the Decree), and a ministerial order of the same date (together, the Interim Rules), which lowered the applicable threshold that triggers French foreign investment control for investments by non-European (...)

The German Government further tightens its national foreign direct investment screening regime and introduces sanction mechanisms for non-compliance (AWG)
Morgan Lewis (Frankfurt)
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Morgan Lewis (Frankfurt)
The updated German Foreign Trade and Payments Act enters into effect on July 17 and is the second of three major steps planned for 2020 to reform Germany’s foreign direct investment regime. The updated German Foreign Trade and Payments Act (Außenwirtschaftsgesetz (AWG)) includes the necessary (...)

The Polish Government amends the national foreign investments control scheme and obliges investors from outside the EEA or from non-OECD countries to notify their transaction
Hansberry Tomkiel (Warsaw)
LEAD: Pursuant to the recently amended Polish rules on the control of investments, the Polish Competition Authority (UOKiK) is empowered to review intended investments in Polish companies by investors who are: i) from outside of the European Economic Area, or ii) from non-OECD countries. Such (...)

The Polish Government adopts legislation under which transactions involving Polish companies and non-EEA investors would be subject to a new clearance obligation Free
Bird & Bird (Warsaw)
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Bird & Bird (Warsaw)
Due to the COVID-19 pandemic and the looming economic crisis, Poland is currently adopting legislation, under which transactions involving certain Polish companies and non-EEA investors would be subject to a new clearance obligation. This legislation also temporarily adopts the FDI Screening (...)

The Polish Parliament makes amendments to its foreign investment screening regime to implement the EU FDI screening regulation
University of Macau - Faculty of Law (Macau)
National competition authorities and FDI screening: the case of Poland* Regulation 2019/452 establishing a framework for the screening of foreign direct investments into the Union (EU FDI Screening Regulation) was adopted on 19 March 2019 and will enter into force on 11 October 2020. Its (...)

The EU Commission goes extraterritorial with its new white paper that proposes a new set of tools designed to address distortive effects in the internal market caused by subsidies granted by states outside the EU
Orrick, Herrington & Sutcliffe (London)
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Orrick, Herrington & Sutcliffe (Paris)
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Orrick, Herrington & Sutcliffe (London)
The EU State Aid regime has long protected the EU internal market from anti-competitive subsidies granted by EU Member States. On 17 June 2020, the European Commission published a White Paper that proposes a new set of tools designed to address distortive effects in the internal market caused (...)

The EU Commission works on legislative proposals that would empower it to tackle competition distortions involving foreign government subsidies operating in or entering into the EU’s Internal Market
Morgan Lewis (Brussels)
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Morgan Lewis (Brussels)
The European Commission (EC) is currently working on legislative proposals (the White Paper) that would grant the EC new enforcement powers to address potential competition distortions caused by companies operating in or entering into the EU’s Internal Market, which benefit from subsidies from (...)

The EU Commission proposes new powers of investigation, sanction and control on mergers, market conduct and public contracts to combat foreign subsidies
Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
The European Commission (EC) has proposed far-reaching new powers to investigate and sanction foreign subsidies that have allegedly distortive effects on the European Union’s (EU) internal market. The proposals include: (i) mandatory notification of acquisitions, including potentially minority (...)

The EU Commission proposes to grant new enforcement powers to address competition distortions caused by companies benefiting from subsidies from third-country governments
Morgan Lewis (Brussels)
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Morgan Lewis (Brussels)
The European Commission has published a White Paper proposing to grant the Commission new enforcement powers to address competition distortions caused by companies operating in, or entering into, the European Union’s Internal Market, which benefit from subsidies from third-country governments. (...)

The EU Commission publishes a white paper on leveling the playing field with regards to foreign subsidies
Freshfields Bruckhaus Deringer (Brussels)
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Freshfields Bruckhaus Deringer (Berlin)
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Freshfields Bruckhaus Deringer (Brussels)
Tackling distortive effects caused by foreign subsidies in the EU single market is a top priority of the European Commission. In her first State of the Union address last week, EC President Ursula von der Leyen listed the legislative proposal on levelling the playing field as regards foreign (...)

The EU Commission adopts a white paper with proposals for sweeping enforcement powers to address potential distortive effects of foreign subsidies in the EU
Dechert (Brussels)
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Dechert (Brussels)
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Dechert (Brussels)
Background On 17 June 2020, the European Commission (Commission) adopted a White Paper which contains far-reaching proposals for new enforcement powers against companies benefitting from subsidies granted by non-EU countries. While there are already well-developed systems of anti-trust/merger (...)

The OECD reports on foreign direct investment flow regulation in EU member states during the COVID-19 pandemic Free
Addleshaw Goddard (London)
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Addleshaw Goddard (London)
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Addleshaw Goddard (London)
UK FDI Hub: COVID-19 and foreign direct investment regulation* Introduction The OECD reports that even if economies begin recovering in the second half of the year, foreign direct investment (FDI) flows are expected to fall more than 30% in 2020 from 2019 levels, as a result of the policy (...)

The EU Commission issues guidance on the screening of foreign direct investments in the context of the COVID-19 pandemic Free
Cleary Gottlieb Steen & Hamilton (London)
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Cleary Gottlieb Steen & Hamilton (Paris)
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Cleary Gottlieb Steen & Hamilton (London)
In a March 25, 2020 communication, the European Commission (“EC”) issued guidance on the screening of foreign direct investments (“FDI”) in the context of the COVID-19 pandemic. The communication identifies an increased risk of attempts by non-EU acquirers to obtain control over suppliers of (...)

The EU Commission issues guidance to EU Member states concerning foreign direct investment during the COVID-19 outbreak Free
Hogan Lovells (London)
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Hogan Lovells (Brussels)
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Hogan Lovells (London)
The disruption linked to COVID-19 already affects the global economy significantly, including M&A transactions in Europe and across the globe. On the regulatory side, many deals face challenges caused by national authorities’ reduced capacities, while some authorities struggle to uphold (...)

The Spanish Government publishes an amendment clarifying the reform of the foreign direct investment screening regime following the COVID-19 outbreak Free
Callol, Coca & Asociados (Madrid)
Royal Decree-Law 8/2020, of 17 March, of urgent exceptional measures to face the social and economic impact of COVID-19 (RDL 8/2020), put in place ad hoc public spending, employment measures and set up a new foreign direct investment (FDI) regime applicable to critical infrastructures, (...)

Foreign Investment: An overview of EU and national case law
Akin Gump Strauss Hauer & Feld (London)
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Akin Gump Strauss Hauer & Feld (London)
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Akin Gump Strauss Hauer & Feld (London)
Foreign investment restrictions and National Security laws have become important tools in States’ foreign policy-making, as well as a topic of great interest for investors, politicians, lawyers and economists alike. The US, through the Committee on Foreign Investment in the United States (...)

The Chinese Cyberspace Administration issues new measures for security assessment for cross-border transfer of personal information
King & Wood Mallesons (Beijing)
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King & Wood Mallesons (Beijing)
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King & Wood Mallesons (Beijing)
This article has been nominated for the 2020 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. I. Background Early on the morning of June 13, 2019, Cyberspace Administration of China (“CAC”) issued the Measures for Security Assessment for Cross-border (...)

The EU Parliament and Council enact a regulation establishing a framework for the screening of foreign direct investments into the Union
Cleary Gottlieb Steen & Hamilton (Brussels)
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Cleary Gottlieb Steen & Hamilton (Brussels)
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Cleary Gottlieb Steen & Hamilton (Paris)
On October 11, 2020, the EU Foreign Direct Investment Regulation—which establishes a European framework for the screening of foreign investments into the European Union— entered into force. The legislation attempts to address growing concerns (compounded by the COVID-19 pandemic) regarding (...)

The US FTC and DoJ publish antitrust guidelines for international enforcement and cooperation
McDermott Will & Emery (Washington)
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Crowell & Moring (Washington)
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McDermott Will & Emery (Washington)
On Friday, January 13, 2017, the Department of Justice (DOJ) and Federal Trade Commission (FTC) released the new Antitrust Guidelines for International Enforcement and Cooperation. These guidelines were jointly developed by the agencies and serve to update the Antitrust Enforcement Guidelines (...)

The Chinese State Council publishes a circular on establishing a mechanism of a security review of mergers and acquisitions of domestic enterprises by foreign investors
Pillsbury Winthrop Shaw Pittman (Shanghai)
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Pillsbury Winthrop Shaw Pittman (Beijing)
On February 3, 2011, the PRC State Council (the “State Council”) promulgated the long awaited Circular on the Establishment of Security Review Mechanisms for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《国务院办公厅关于建立外 国投资 者并购境内企业安全审查制度的通知》) (the “State Council SR (...)

The US DoJ issues long-awaited proposed regulations to implement the foreign investment and national security act of 2007
Linklaters (New York)
On April 21, the US Department of the Treasury issued long-awaited proposed regulations to implement the Foreign Investment and National Security Act of 2007 ("FINSA"). FINSA was passed in the wake of several controversial foreign investment transactions that cleared the Exon-Florio national (...)

The US FTC and DoJ issue revised antitrust guidelines for international enforcement and cooperation
Weil, Gotshal & Manges (Washington)
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Weil, Gotshal & Manges (Washington)
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Weil, Gotshal & Manges (Washington)
Revised Antitrust Guidelines for International Enforcement and Cooperation issued by FTC and DOJ* On January 13, 2017, the DOJ and FTC jointly issued final updated Antitrust Guidelines for International Enforcement and Cooperation (Updated International Guidelines), which replace the 1995 (...)

The US FTC and DOJ publish the proposed antitrust guidelines for international enforcement and cooperation
Jones Day (Cleveland)
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Jones Day (Washington DC)
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Jones Day (Washington DC)
The Federal Trade Commission and the Department of Justice have published for public comment proposed Antitrust Guidelines for International Enforcement and Cooperation ("2016 Proposed Guidelines"). This would be the third iteration of international enforcement guidelines, following the (...)

Anticompetitive practices

The EU and Canada sign the Comprehensive Economic and Trade Agreement (CETA) setting out provisions relating to competition policy
Davies Ward Phillips & Vineberg (Toronto)
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International Monetary Fund (Washington)
This article has been nominated for the 2018 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. What does CETA mean for EU and Canadian competition policy?* Introduction With the Comprehensive Economic and Trade Agreement (CETA) having finally been signed (...)

The US Supreme Court clarifies the application of the foreign trade antitrust improvement act (Motorola / AU Optronics)
Wolters Kluwer (Riverwoods)
Supreme Court Has Opportunity to Clarify Application of Foreign Trade Antitrust Improvements Act* Last week, the U.S. Supreme Court was asked, in parallel petitions, to resolve a split between the Seventh Circuit and the Ninth Circuit on the application of the federal antitrust laws to a (...)

The US District Court for the District of New Jersey dismisses price fixing complaint against 16 magnesite producers (Animal Sciences Products / China National Metal & Minerals Import and Export)
McDermott Will & Emery (Chicago)
On July 24, 2014, the district court in Animal Sci. Prod., Inc. et al. v. China Nat’l Metals & Minerals Imp. and Exp. Corp. et al., Case No. 2:05-cv-04376 (D.N.J.), dismissed direct purchaser plaintiff’s Amended Complaint without prejudice in favor of magnesite producers accused of engaging (...)

Unilateral Practices

The EU Commission sends a statement of objections to an operator for allegedly discriminating against foreign companies in the Romanian market for power exchanges (OPCOM / CNTEE Transelectrica)
Van Bael & Bellis (Brussels)
On 30 May 2013, the European Commission announced that it had issued a Statement of Objections against OPCOM S.A. and its parent company CNTEE Transelectrica S.A. regarding OPCOM’s business practice of requiring OPCOM’s electricity spot market participants to hold a Romanian VAT (...)

Mergers

The French Government extends COVID-19 interim rules on foreign investments and rejects the American industrial conglomerate’s acquisition of national optronic technologies firm (Teledyne / Photonis) Free
Skadden, Arps, Slate, Meagher & Flom (Paris)
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Skadden, Arps, Slate, Meagher & Flom (Paris)
France Extends COVID-19 Interim Rules on Foreign Investments and Vetoes Teledyne’s Acquisition of Photonis* On December 18, 2020, French Minister for the Economy (MoE) Bruno Lemaire announced that the COVID-19 interim rules on foreign investment control (interim rules) — which were issued on (...)

The French Government rejects the American industrial conglomerate’s acquisition of a national optronic technologies firm (Photonis / Teledyne)
Delcade Avocats & Solicitors (Paris)
French veto to the acquisition of Photonis par Teledyne* Applying legislative and regulatory measures to control foreign investments in France, the French Government has banned the American Teledyne from buying French Photonis. 1. France established a scheme for controlling investments made (...)

The French Government announces that the COVID-19 interim rules on foreign investment control will be extended Free
Skadden, Arps, Slate, Meagher & Flom (Paris)
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Skadden, Arps, Slate, Meagher & Flom (Paris)
On December 18, 2020, French Minister for the Economy (MoE) Bruno Lemaire announced that the COVID-19 interim rules on foreign investment control (interim rules) — which were issued on July 23, 2020, and were set to expire December 31, 2020 — will be extended to December 31, 2021. The interim (...)

The German Government prohibits the acquisition of a telecommunications company by a Chinese industrial group on the basis of the foreign trade and payments ordinance (IMST / Addsino)
Van Bael & Bellis (Brussels)
On 2 December 2020, the German Government prohibited on public security grounds the sale of the German Institut für Mobil-und Satellitenfunktechnik (“IMST”), a specialist in satellite and communications technologies, to Addsino, a subsidiary of State-owned defence group China Aero- space Science (...)

The German Government prohibits the acquisition of a telecommunication company by a Chinese buyer under the foreign direct investment rules (IMST / Addsino)
Covington & Burling (Brussels)
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Covington & Burling (Frankfurt)
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Covington & Burling (Frankfurt)
On 2 December 2020, the German government prohibited the acquisition of German company IMST GmbH, Kamp-Lintfort (“IMST”) by a Chinese investor. This is the second high profile prohibition decision issued by the German government this year on the grounds of Foreign Direct Investment (“FDI”) rules. (...)

The Dutch Government implements the European regulation establishing a framework for the screening of foreign direct investments into the Union
Van Bael & Bellis (Brussels)
On 17 November 2020, the Dutch Senate passed a law (the “Implementing Law”) implementing Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (the “FDI Regulation”). The (...)

The UK Government introduces a bill which strengthens its ability to investigate and intervene in foreign direct investments that have a potential to threaten national security
United Kingdom’s Competition Authority - CMA (London)
New powers to protect UK from malicious investment and strengthen economic resilience* New Bill will modernise government’s powers to investigate and intervene in potentially hostile foreign direct investment. The National Security and Investment Bill will strengthen the UK’s ability to (...)

The Polish Competition Authority issues first decision authorising a foreign acquisition following its temporary FDI screening mechanism (H&F Corporate Investors VIII / The Center for Electronic Settlements Polish ePayments)
Van Bael & Bellis (Brussels)
On 19 October 2020, the Polish Competition Authority (“UOKiK”) issued a decision authorising the Cayman Islands-based H&F Corporate Investors VIII Ltd. to acquire the Center for Electronic Settlements Polish ePayments S.A. The transaction was not notified to the UOKiK under the normal merger (...)

The Polish Competition Authority clears the first merger under rules for protecting companies of strategic national importance during COVID-19 (H&F Corporate Investors VIII / The Center for Electronic Settlements Polish ePayments) Free
Polish Competition Authority (Warsaw)
Investment control - first decision of the President of UOKIK* H&F Fund from the Cayman Islands granted consent to take over the Center for Electronic Settlements Polish ePayments S.A. The transaction does not pose a threat to security, order or public health. This is the first decision of (...)

The UK Government lowers the notification thresholds of merger control relevant to the UK national security and issues new powers of investigations
Morgan Lewis (London)
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Morgan Lewis (London)
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Morgan Lewis (London)
The UK government passed reforms on 21 July 2020 lowering the thresholds to intervene in mergers and acquisitions considered relevant to UK national security in the artificial intelligence, cryptographic authentication, and advanced materials sectors. Longer term the UK government is planning (...)

The EU Commission proposes a merger control legislation for the acquisition of foreign-subsidised companies’
Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
The European Commission’s (EC) June 2020 white paper proposing wide-ranging controls over foreign-subsidized companies’ access to Europe’s internal market has received fresh impetus. In a report issued earlier this month, the European Union’s (EU) audit body faulted the EC for a hitherto (...)

The German Government tightens foreign direct investment control in light of COVID-19 following the guidance from the EU Commission on possible increased risk of attempts to acquire healthcare capacities Free
Jones Day (Brussels)
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Jones Day (Frankfurt)
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Jones Day (London)
On May 20, 2020, the German Federal government adopted the 15th amendment to the Foreign Trade and Payments Ordinance (AWV). The changes to the AWV will be effective shortly, after publication in the Federal Gazette. Prompted by the COVID-19 pandemic, the amendment expands the scope of (...)

The German Government tightens national foreign direct investment screening regime to better protect security-relevant businesses in the health sector from non-EEA take-overs in light of COVID-19 outbreak Free
Morgan Lewis (Washington)
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Morgan Lewis (Frankfurt)
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Morgan Lewis (Frankfurt)
A recent amendment to Germany’s foreign direct investment ordinance adds new businesses to the existing catalogue of critical infrastructures—in particular, in the health sector—that will be subject to foreign direct investment screening going forward. Germany is taking several legislative (...)

The Chinese State Administration for Market Regulation accepts the first merger filing involving a variable interest entities structure (Shanghai Mingcha Zhegang / Huansheng Information Technology)
King & Wood Mallesons (Beijing)
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King & Wood Mallesons (Beijing)
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King & Wood Mallesons (Beijing)
Preamble On 20 April 2020, China’s State Administration for Market Regulation ("SAMR") formally accepted a filing for the Establishment of a Joint Venture between Shanghai Mingcha Zhegang Management Consulting Co., Ltd. (“SMZ”) and Huansheng Information Technology (Shanghai) Co., Ltd. ("SMZ (...)

The Spanish Government updates foreign investment screening regime in light of COVID-19 and prohibits or severely limits the foreign acquisition of companies active in sectors related to public order, public security or public health Free
Callol, Coca & Asociados (Madrid)
The rapid spread of Covid-19 has led to its consideration as a global pandemic. Spain, currently at the epicenter of the crisis, has declared the state of alarm last Sunday. To ease the effects of the Covid-19 crisis in the economy, the Spanish Government approved yesterday Royal Decree-Law (...)

The Japanese Government gazettes amendments to ministerial orders listing industries requiring prior foreign investment screening
Freshfields Bruckhaus Deringer (Tokyo)
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Freshfields Bruckhaus Deringer (Tokyo)
On 27 May 2019, the Japanese government gazetted amendments to ministerial orders listing industries requiring prior foreign investment screening under the Foreign Exchange and Foreign Trade Law (FEFTL) to include IT and telecommunications technology manufacturing, software development, and (...)

The EU Parliament and Council pass a foreign direct investment regime establishing a framework for the screening of FDI into the Union
Sullivan & Cromwell (London)
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Sullivan & Cromwell (Brussels)
This article has been nominated for the 2020 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Summary On 10 April 2019, Regulation (EU) 2019/452 (the “Regulation”) entered into force, establishing a European Union framework for the screening of foreign (...)

The German Government opposes foreign investment in an electrical infrastructure due to security concerns (State Grid Corp / 50Hertz)
McDermott Will & Emery (Paris)
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Norton Rose Fulbright (Brussels)
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McDermott Will & Emery (Brussels)
Non-EU inward investors in Germany should be aware of recent developments in German Government policy towards foreign investment in strategic infrastructure and security sensitive areas. Electricity infrastructure is an area that is particularly sensitive for strategic and security (...)

The UK Department for Business, Energy & Industrial Strategy (BEIS) publishes its green paper "national security and infrastructure investment review" for consultation containing proposals to extend the UK merger control public interest intervention regime
Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
On 17 October 2017 the Department for Business, Energy & Industrial Strategy (BEIS) published its long-awaited Green Paper National Security and Infrastructure Investment Review for consultation. The Green Paper contains proposals to extend the UK merger control public interest intervention (...)

The Chinese MOFCOM releases a company from conditions previously imposed in an e-commerce merger (Wal-Mart / Yihaodian)
China Competition Bulletin (Beijing)
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University of Melbourne
,
University of Melbourne
On 30 May 2016, the MOFCOM decided to release Wal-Mart from the conditions that it had imposed on Wal- Mart’s acquisition of Yihaodian in 2012. Wal-Mart had applied for release from these conditions in July 2015. When the MOFCOM conditionally approved Wal-Mart’s acquisition in 2012, the (...)

The US Committee on Foreign Investment publishes its annual report and reviews several national security aspects of the increasing number of acquisitions by Asian companies
Freshfields Bruckhaus Deringer (Washington)
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Freshfields Bruckhaus Deringer (Washington)
Parties to transactions that might implicate US national security interests may elect voluntarily to submit a notification to the Committee on Foreign Investment in the United States (CFIUS), the multi-agency committee charged with conducting national security reviews of acquisitions by foreign (...)

The Russian Competition Authority fines a fishing company for failing to notify a merger (Sogra)
Russian Federal Antimonopoly Service (Moscow)
Fishing company jumped the gun with buying* “Sogra” Fishing Company acquired 100% share of the authorized capital of “Magadanflot-2” without preliminary approval by the Government Commission for control over foreign investments in the Russian Federation. On 18th August 2014, the Federal (...)

The Chinese Insurance Regulatory Commission partially relaxes mergers with new acquisition rules in the insurance sector expected to help facilitate market entry by expanding the footprint of private capital
AnJie Law (Beijing)
China Issues New Insurance Merger Rules* Level play ground, optimizing industry structure, promoting competitiveness, and enriching the risk management tool kit of the insurance institutes”, quoting a statement of CIRC posted on its website. Promotion of Competition CIRC’s partially relaxed (...)

The Chinese MOFCOM enforces telecom regulations in a merger review (Wal-Mart / Yihaodian)
Ingram Yuzek Gainen Carroll & Bertolotti (New York)
The notification for the Wal-Mart/Yihaodian transaction was submitted to China’s Ministry of Commerce on 16 December 2011. It was ultimately accepted on 16 February 2012 by MOFCOM after supplementation. At the expiration of the Phase III, or extended Phase II, period, on 13 August 2012, MOFCOM (...)

The Bosnian & Herzegovinian Competition Authority interprets the rules on mandatory notification of concentrations and reveals an inconsistency between the competition act and the merger regulation (Schoenherr)
University of Macau - Faculty of Law (Macau)
On 29 September 2011 the Competition Authority of Bosnia & Herzegovina (KV) issued an opinion in relation to the application of merger notification thresholds in cases involving foreign companies with or without presence on the domestic market. The KV’s opinion was prompted by the request (...)

The Chinese Ministry of Commerce publishes its measures on the implementation of security review of mergers and acquisitions of domestic enterprises by foreign investors
University of Melbourne
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China Competition Bulletin (Beijing)
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Institute of American Studies (Beijing)
The MOFCOM published the Measures on the Implementation of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (Measures) on 25 August 2011. The Measures are effective on 1 September 2011 and replace the Interim Measures on Relevant Matters Concerning the (...)

The Chinese State Council publishes a notice detailing its national security review procedure for the acquisition of domestic companies by foreign investors
Jones Day (Beijing)
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Gibson Dunn (Hong Kong)
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Jones Day (Beijing)
The State Council of the People’s Republic of China has published a notice detailing its national security review («NSR») procedure for the acquisition by foreign investors of domestic Chinese companies («NSR Notice»). The NSR Notice, which implements Article 31 of the PRC Anti-Monopoly Law, will be (...)

The Chinese Ministry of Commerce issues interim measures providing clarifications on key procedural issues of the national security systems and a security review notifications
University of Melbourne
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China Competition Bulletin (Beijing)
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Institute of American Studies (Beijing)
The MOFCOM published the Interim Measures on Relevant Matters Concerning the Implementation of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (商务部实施外国投资者并购境内企业安全审查 制度有关事项的暂行规定) (the Interim Measures) on 4 March 2011. The Interim Measures were promulgated to (...)

The Chinese State Council establishes a national security review system for foreign takeovers
University of Melbourne
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China Competition Bulletin (Beijing)
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Institute of American Studies (Beijing)
The General Office of China’s State Council published the Circular on Establishing a Mechanism of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《国务院办公厅关于建立外国投资者并购境内企业安全审查 制度的通知》) (the Circular) on 12 February 2011. The Circular was promulgated to guide the (...)

The Chinese State Council issues national security review rules for foreign investment
Covington & Burling (Washington)
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Covington & Burling (Washington)
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Covington & Burling (Beijing)
China has established a new process for reviewing the national security implications of foreign investments in Chinese companies. On February 12, 2011, China’s State Council published the “Notice of the General Office of the State Council on Establishment of a Security Review System for the (...)

The Chinese State Council promulgates opinions on the promotion of mergers and the restructuring of enterprises
University of Melbourne
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China Competition Bulletin (Beijing)
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Institute of American Studies (Beijing)
China’s State Council promulgated the Opinions on the Promotion of Mergers and Restructuring of Enterprises (Opinions) on 28 August 2010 and published the Opinions on the Central Government website on 7 September. The Opinions state that certain industries and sectors in China have serious (...)

The Chinese MOFCOM reviews the first two years of implementing the merger control regime under the anti-monopoly law act 2007
University of Melbourne
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China Competition Bulletin (Beijing)
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Institute of American Studies (Beijing)
The Anti-Monopoly Bureau (AMB) of MOFCOM held a press conference on 12 August 2010 to review the first two years of implementing the AML merger control regime. Director General Mr Shang Ming introduced the enforcement and legislative work of the AMB and answered journalists’ questions. (...)

The Chinese MOFCOM denies the merger approval between a US leading soft drink and a national juice manufacturer (Coca Cola / Huiyuan)
Jones Day (Beijing)
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Jones Day (Beijing)
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Winston & Strawn (Washington)
Today the Chinese Ministry of Commerce (MOFCOM) announced that it had denied antitrust approval of The Coca-Cola Company’s proposed acquisition of a famous Chinese Juice manufacturer, China Huiyuan Juice Group Limited («Huiyuan»). MOFCOM’s decision to block the Coke deal, after its conditional (...)

The Chinese MOFCOM blocks the $2.4 billion acquisition of a leading national juice producer by a foreign buyer (Coca-Cola / Huiyuan)
White & Case (Beijing)
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Mattel (Hong Kong)
On March 18, MOFCOM announced that it had blocked Coca-Cola’s proposed $2.4 billion acquisition of China Huiyuan Juice Group, a leading Chinese juice producer. It is MOFCOM’s second reported merger decision under the recently enacted Anti-Monopoly Law (“AML”), which came into effect August 1, 2008 (...)

The Chinese MOFCOM prohibits for the first time since the entry into effect of the new anti-monopoly law, a merger between a US soft drinks manufacturer and a Chinese juice producer (Coca-Cola / Huiyuan)
WilmerHale (Washington)
,
WilmerHale (Washington)
,
Kirkland & Ellis (Washington)
On March 18, 2009, China’s Ministry of Commerce (MOFCOM) announced that it had blocked Coca-Cola’s proposed acquisition of Chinese Huiyuan Juice Group Ltd. (Huiyuan) under Article 28 of China’s Anti-Monopoly Law (AML). This was MOFCOM’s first merger prohibition since the AML came into effect on (...)

The Chinese MOFCOM halts the acquisition of a national leading juice producer by a foreign buyer (Coca-Cola / Huiyuan)
Kastell (Stockholm)
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Linklaters (Beijing)
On March 18 2009, the Anti-Monopoly Bureau of the Ministry of Commerce (MOFCOM) prohibited the acquisition by The Coca-Cola Company of the Huiyuan Juice Group. This is the first prohibition decision under the merger regime in Chinas new Anti-Monopoly Law which came into force on 1 August last (...)

State Aid

The EU Commission approves a €20 million French State aid scheme with private investors support for companies affected by the COVID-19 outbreak Free
DG COMP (Brussels)
State aid: Commission approves French guarantee scheme mobilising up to €20 billion support from private investors for companies affected by coronavirus outbreak* The European Commission has approved, under EU State aid rules, a French State guarantee scheme to support the economy in the (...)

The EU Commission issues its State aid guidance on national recovery and resilience plans and makes it clear that all investment projects must comply with State aid rules Free
Jones Day (Brussels)
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Jones Day (Paris)
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Jones Day (Madrid)
In Short The Situation: The European Commission has launched its largest ever stimulus package to support recovery of EU economies from the COVID-19 pandemic’s unprecedented economic and social disruption. Each EU Member State must submit a recovery plan and funding requests for Commission (...)

The EU Commission concludes that aspects of UK controlled foreign company rules constitute unlawful State aid
Morgan Lewis (London)
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Morgan Lewis (London)
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Morgan Lewis (London)
This article has been nominated for the 2020 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The European Commission has published a summary of its findings in its state aid investigation into the U.K.’s controlled foreign company (CFC) finance company (...)

The EU Commission opens an in-depth investigation into statutory rules exempting some financing incomes earned by foreign subsidiaries
Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (London)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
On 26 October 2017, the European Commission (the Commission) opened an in-depth investigation into UK statutory rules that exempt certain financing income earned by foreign subsidiaries of UK corporate taxpayers from UK tax. The Commission’s investigation will focus on whether the UK Controlled (...)

The EU Council signs a Free Trade Agreement with the government of South Korea containing a comprehensive deal on subsidies of any bilateral trade agreement
DG COMP (Brussels)
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DG COMP (Brussels)
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Kluge (Oslo)
"EU-Korea FTA: a stepping stone towards better subsidies’ control at the international level"* On 15 October 2009 a free trade agreement (FTA) between Korea and the EU, the EU’s first with a trading partner in Asia, was initialled. It is the most ambitious FTA ever negotiated by the EU, (...)

Procedures

The UK Government announces the withdrawal of the draft guidance on the Competition Authority’s powers and procedures on the EU foreign direct investment information sharing regime
Morgan Lewis (London)
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Morgan Lewis (London)
,
Morgan Lewis (London)
The UK government and the Competition and Markets Authority (CMA) have announced the withdrawal of draft guidance on the CMA’s powers and procedures with respect to enforcing an EU regulation for screening foreign direct investment (FDI) into the European Union. The withdrawal follows a European (...)

The EU Commission adopts a formal decision that the UK will not be treated as an EU Member State for FDI regulation purposes
Covington & Burling (London)
The EU Regulation on Foreign Direct Investment (2019/452) (the “EU FDI Regulation”) will enter into force fully on October 11, 2020. Most notably, on this date, a cooperation and information sharing mechanism among Member States and the European Commission in respect of foreign direct investment (...)

The Spanish Government follows up on the EU’s regulation on coordination of foreign investment with a draft regulation
Callol, Coca & Asociados (Madrid)
1. EU Regulation 2019/452 on a framework for the screening of foreign direct investments. Earlier this year, the EU adopted Regulation (EU) 2019/452 of 19 March (Regulation), establishing a framework for the screening of foreign direct investments (FDI) into the EU. The Regulation, dealing (...)

The Russian Competition Authority fines a foreign company for failure to submit information within a designated period (Linenhall Overseas)
Russian Federal Antimonopoly Service (Moscow)
FAS imposed a second fine upon a foreign company in two months* At the end of January 2015, the Federal Antimonopoly Service (FAS Russia) fined “Linenhall Overseas Limited” 500,000 RUB for failure to submit information within the designated period. The company is registered in British Virgin (...)

Regulatory

The Spanish Government extends its temporary foreign direct investment screening mechanism
Van Bael & Bellis (Brussels)
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Van Bael & Bellis (Brussels)
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Van Bael & Bellis (Brussels)
On 19 November 2020, an amendment of the Spanish temporary foreign direct investment (“FDI”) screening mechanism entered into force (the “Amendment”). The Amendment broadens the screening regime introduced in March 2020, notably to also include investments from EU and EFTA investors. First, from (...)

The Spanish Government amends the FDI screening regime and temporarily extends the regime to investments made by EU/EEA investors above given thresholds
Callol, Coca & Asociados (Madrid)
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Callol, Coca & Asociados (Madrid)
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Callol, Coca & Asociados (Madrid)
Royal Decree-Law 34/2020, of 17 November, on urgent measures supporting business solvency and others (RDL 34/2020), has been published today introducing (i) a new amendment to the foreign direct investment (FDI) screening regime applicable to critical infrastructures, supplies, technologies and (...)

The Spanish Government enacts a foreign direct investments mechanism
Ashurst (Madrid)
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Ashurst (Madrid)
In March 2020, the Spanish Government introduced a screening mechanism for certain foreign direct investments in Spain (the "Spanish FDI Regime"), which requires prior administrative authorisation from the Council of Ministers of investments made by non-EU/EFTA investors in Spanish companies (...)

The Spanish Government approves the reform of the legal regime that establishes a screening regime for certain foreign direct investments
Hogan Lovells (Madrid)
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Hogan Lovells (Madrid)
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Hogan Lovells (Madrid)
The Spanish government last week approved a new reform of the legal regime that establishes a screening regime for certain foreign direct investments ("FDI") in Spain, (the "Reform"), through the enactment of Royal Decree-Law 34/2020, of 17 November, on urgent measures to support business (...)

The Chinese Ministry of Commerce adopts rules on handling complaints of foreign-invested enterprises
Ministry of Commerce of the People’s Republic of China
The Ministry of Commerce revised and adopted the Rules on Handling Complaints of Foreign-Invested Enterprises* Recently, the Ministry of Commerce revised and adopted the Rules on Handling Complaints of Foreign-Invested Enterprises (hereinafter referred to as the Rules), which shall come into (...)

The Chinese State Council advances the opening of the financial sector to enhance foreign investments
Chinese State Council (Beijing)
China to advance orderly opening-up of financial sector: official* BEIJING — China will resolutely push forward the opening-up of the financial sector in an orderly manner as it is a rational choice in line with the needs of development, an official with the central bank said on Aug 25. The (...)

The Romanian Government launches a draft law on the authorisation of 5G technology manufacturers with the potential exclusion of certain foreign businesses based on national security grounds resulting in decreased competition in an already oligopolistic market
Maravela, Popescu & Asociatii (Bucharest)
1. Background The Ministry of Transportation, Infrastructure and Communications launched on August 4, 2020 a draft law on measures relating to information and communication infrastructures of national interest and the conditions for the implementation of 5G networks (the “Draft Law”). The Draft (...)

The EU Commission issues guidelines to protect against predatory buyers during the COVID-19 outbreak Free
Morgan Lewis (Frankfurt)
,
Morgan Lewis (Brussels)
,
Morgan Lewis (Frankfurt)
The European Commission on March 25 issued guidelines addressed to its member states outlining an EU-wide approach for foreign direct investment screening. The guidelines seek to protect EU companies as well as critical assets that are essential for the EU’s security and public order, (...)

The EU Commission’s President calls on the Member States governments to either adopt or enforce investment screening mechanisms during the COVID-19 outbreak Free
Debevoise & Plimpton (Paris)
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Debevoise & Plimpton (Londres)
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Debevoise & Plimpton (Londres)
Key takeaways: The President of the European Commission, Ursula von der Leyen, warned this week of the need to protect European companies struggling due to the Covid-19 pandemic from opportunistic acquirers. In a policy paper released on 25 March 2020, the Commission called on EU governments to (...)

The EU Commission publishes its first official guidance on the application of the FDI Regulation and states that during the COVID-19 crisis there could be an increased risk of attempts to acquire healthcare capacities Free
Norton Rose Fulbright (Brussels)
On March 25, 2020, the European Commission (EC) published its first official guidance (the Guidance) on the application of Regulation 2019/452 (the FDI Regulation), which created a new framework for screening foreign direct investments (FDI) into the European Union (EU). The EC noted that, in (...)

The EU Commission puts FDI coordination into operation early by proposing cooperation on an informal and voluntary basis Free
Covington & Burling (London)
,
Covington & Burling (Frankfurt)
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Covington & Burling (Brussels)
The European Commission has added to its call to Member States to act on foreign direct investment (“FDI”) by announcing that it is ready to support EU-level cooperation on FDI now. Spurred on by the COVID-19 crisis and the perceived vulnerability of key EU assets, the informal cooperation (...)

The EU Parliament establishes a bloc-wide framework for the screening by member states of foreign direct investment into the EU (FDI)
Morgan Lewis (Brussels)
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Morgan Lewis (Brussels)
,
Morgan Lewis (Washington)
The European Parliament adopted a new regulation on March 19 establishing a bloc-wide framework for the screening by EU member states of foreign direct investment (FDI) into the European Union (the FDI Regulation). The FDI Regulation seeks to ensure a consistent framework throughout the (...)

The EU Parliament establishes a framework for the screening of foreign direct investments into the EU (FDI)
Jones Day (Brussels)
,
Jones Day (Frankfurt)
,
Jones Day (Paris)
On 21 March 2019, Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (“FDI Regulation”) was published in the Official Journal of the European Union. The FDI Regulation (...)

The EU Council greenlights the regulation on the screening of foreign direct investments into the EU (FDI)
White & Case (Frankfurt)
,
White & Case (Dusseldorf)
,
White & Case (Frankfurt)
The European Council (“Council”) greenlighted the regulation on the screening of foreign direct investments into the EU (“Regulation”) at the beginning of March. Following its publication in the Official Journal on 21 March 2019, the Regulation will go live 20 days thereafter, i.e. on 10 April (...)

The Chinese National People’s Congress adopts a foreign investment law providing stronger protection and a better business environment for foreign investors
AnJie Law (Beijing)
On March 15, 2019, China’s national legislature, the National People’s Congress passed the Foreign Investment Law (the “Law”), a landmark legislation that will provide stronger protection and a better business environment for foreign investors. The Law will take effective on January 1, 2020. Upon (...)

The Chinese National People’s Congress adopts a foreign investment law
White & Case (Beijing)
On March 15, 2019, the National People’s Congress of China adopted the new Foreign Investment Law (“FIL”), with a view toward unifying and streamlining the foreign investment framework in China. The FIL will come into effect on January 1, 2020. The FIL creates a general framework that will place (...)

The French and German governments publish a joint manifesto calling for a new European industrial policy with changes to merger control and State aid rules
Court of First Instance of Namur (Namur)
On 19 February 2019, the French Minister of Economy, Mr Bruno Le Marie, and the German Minister of Economy, Mr Peter Altmaier, published a joint manifesto which calls for the development of a European industrial policy to ensure the global competitiveness of European manufacturing industries. (...)

The German Government tightens further its rules on foreign investments in national business by non-EU and non-EFTA investors
Freshfields Bruckhaus Deringer (Dusseldorf)
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Freshfields Bruckhaus Deringer (Berlin)
On 19 December, the German Government tightened further its rules on foreign investments in German businesses by non-EU/non-EFTA investors. No parliamentary approval was needed and the reforms entered into force on 29 December 2018. The reform lowers significantly the threshold at which the (...)

The EU Parliament, the Council, and the Commission agree on a framework for the screening of foreign direct investments on the grounds of security or public order (FDI)
Norton Rose Fulbright (Brussels)
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McDermott Will & Emery (Paris)
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McDermott Will & Emery (Brussels)
EUROPEAN PARLIAMENT, COUNCIL AND EC PROPOSE EU FRAMEWORK FOR FOREIGN DIRECT INVESTMENT SCREENING On 20 November 2018, the European Parliament, the Council and the EC agreed on a framework for the screening of foreign direct investment (FDI) on grounds of security or public order. This new (...)

The EU Commission and Council discuss enhancements of national security screening of foreign direct investment (FDI)
Cohen & Gresser (United Kingdom)
,
Dechert (Washington)
,
Dechert (Brussels)
The EU has agreed in principle on a strengthened framework to ensure that foreign investment does not threaten security and public order, while keeping the EU open to foreign investment. The draft FDI Regulation does not go as far as introducing an EU screening mechanism whose decisions are (...)

The Chinese MOFCOM publishes the draft new measures which aims at loosening terms regulating foreign strategic investment into Chinese listed companies, further open up the stock market and encourage strategic investments by foreign investors
Freshfields Bruckhaus Deringer (Hong Kong)
,
Freshfields Bruckhaus Deringer (Beijing)
,
Freshfields Bruckhaus Deringer (Beijing)
On 30 July 2018, China’s Ministry of Commerce ("MOFCOM"), together with five other ministries, published the draft of the amended Administrative Measures of Foreign Investors Making Strategic Investment into Chinese Listed Companies ("Draft New Measures") and invited comments to be submitted by (...)

The UK Government introduces draft legislation that will allow it to intervene in a wider range of investments in the military, dual-use, computing hardware, and quantum technology sectors
Freshfields Bruckhaus Deringer (London)
In the same week as President Trump blocked Broadcom’s takeover of Qualcomm on national security grounds, the UK Government introduced draft legislation that will allow it to intervene in a wider range of investments in the military, dual-use, computing hardware and quantum technology sectors. (...)

The EU Commission proposes a new regulation that would allow the Commission and Member States to adopt rules for screening foreign direct investment (FDI)
Van Bael & Bellis (Brussels)
On 14 September 2017, the European Commission proposed a new regulation to allow the Commission and the Member States to adopt rules for screening foreign direct investment (“FDI”) in the EU that raises concerns on grounds of security or public order (the “Proposal”). The Proposal aims to (...)

The EU Commission unveils a set of proposals for the screening of foreign direct investments into the EU
Herbert Smith Freehills (London)
,
Herbert Smith Freehills (Brussels)
,
Herbert Smith Freehills (London)
On 13 September 2017 the EU Commission unveiled a set of proposals for the screening of foreign direct investments into the EU. Whereas the Commission recognises the benefits of foreign direct investment and its importance for growth, jobs and innovation in the EU, it also wants to be in a (...)

The Mexican Parliament adopts sweeping telecom reforms aiming at cracking down dominant operators and induces significant reforms on competition law and agency
Creel García-Cuéllar Aiza y Enríquez SC (Mexico)
,
Amurabi (Paris)
On June 11th, 2013, a significant amendment to the Mexican Constitution known as “the new Telecommunications Act”, which also significantly impacts the competition regime, was enacted, and will enter into force on June, 12th. The amendment is seen as resulting from the "Pact for Mexico", entered (...)

The Chinese MOFCOM, NDRC, and SAIC issue a joint enforcement draft opinion on the policy statements regarding Chinese foreign investment
Sheppard Mullin (Beijing)
Is China Giving Carte Blanche for Anti-Competitive Conduct by PRC Companies Doing Business Overseas?* PRC companies should be careful not to interpret as carte blanche for anti-competitive behavior a recent policy statement by the Chinese government encouraging PRC companies to coordinate (...)

The Chinese MOFCOM and National Development and Reform Commission release a document regulating foreign investments
Covington & Burling (Shanghai)
,
Covington & Burling (Beijing)
On December 24, 2011, China’s Ministry of Commerce and National Development and Reform Commission released the Catalogue for Guiding Foreign Investment (2011 Revision) (“Catalogue”), the nation’s principal document for regulating foreign investment into China. As expected, the final Catalogue (...)

The Chinese MOFCOM publishes the final rules on the national security review of foreign investment in national companies
Jones Day (Beijing)
,
Gibson Dunn (Hong Kong)
,
Jones Day (Beijing)
China has published new rules to implement the national security review that will be conducted as part of the review of mergers and acquisitions by foreign investors and involving Chinese companies. These rules provide for review and potential rejection of acquisitions of Chinese companies by (...)

The Russian Parliament issues a federal law on foreign investments in companies having strategic importance for state security and defence (Federal Law n° 57-FZ)
Donner & Partner (Waiblingen)
The new Federal Law of the Russian Federation on Foreign Investments in Companies Having Strategic Importance for State Security and Defence, n° 57 - FZ (new law), signed by then - president Vladimir Putin on April 29, is effective from 7 May 2008 in Russia. In brief, the law will require (...)

The Chinese National People’s Congress adopts an anti-monopoly law implementing wide-ranging reforms across Chinese antitrust and merger controls
Jones Day (Beijing)
,
Jones Day (Beijing)
,
Winston & Strawn (Washington)
China’s National People’s Congress (« NPC ») finally adopted a new Anti-Monopoly Law (« AML ») in August after more than 10 years of drafting. The law will take effect on August 1, 2008. I. Overview The new AML is a tremendous leap forward for China, bringing it squarely into the modern world of (...)

The EU Commission signs with the Chinese Government an agreement on a structured dialogue on competition to foster the interests of both European and Chinese companies when doing business in each other’s territory
Gibson Dunn (Brussels)
"EU-China dialogue on Competition formalised with the signature of Terms of Reference on May 6 2004"* The European Commission and the Chinese Government signed on May 6 an agreement on a structured dialogue on Competition. This is the first such competition dialogue embarked on by China and it (...)

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