Foreign Direct Investment

Foreword Foreign Direct Investment: An overview of the EU and national case law

It’s a well-established fact: investment screening mechanisms have existed for a long time. The introduction of such rules, which allow governments to scrutinise individual investment proposals for their potential impact on essential security interests, can be traced back to the 1960s in some countries. Nevertheless, many countries were historically relying on single-sector authorisation requirements or similar mechanisms at most. Therefore, in practice, foreign direct investment (’FDI’) screening mechanisms had rather limited implications on transactional practice areas and only concerned investments in the defense sector.

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Clifford Chance (Paris)
France 28 contributions 10522 visits

General antitrust

 The US Committee on Foreign Investment releases its 2022 Annual Report to Congress
Shearman & Sterling (Washington)
United States 3 contributions 175 visits
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Shearman & Sterling (Washington)
United States 4 contributions 463 visits
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Shearman & Sterling (Washington)
United States 1 contribution 69 visits
Last week, the Committee on Foreign Investment in the United States (CFIUS) released its 2022 Annual Report to Congress. CFIUS reported a record 440 filings in 2022. Although this reflects only a small increase from the 436 filings in 2021, it is considerable given the overall downturn in (...)

The US Senate passes an amendment that requires a notification to the Secretary of the Treasury if a US person is engaged in a "covered activity" related to a "covered sector" and when the activity occurs in a "country of concern" or involves a "covered foreign entity"
Clifford Chance (Washington)
United States 1 contribution 181 visits
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Clifford Chance (Washington)
United States 1 contribution 181 visits
I. Introduction On July 25, 2023, the US Senate passed an amendment (SA 931) as part of the broader National Defense Authorization Act (NDAA) that authorizes appropriations for fiscal year 2024 for military activities by the Department of Defense, among other things. This Senate Amendment (...)

The UK Cabinet Office publishes the annual report on the operation of the National Security and Investment regime
Clifford Chance (London)
United Kingdom 5 contributions 1157 visits
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Clifford Chance (London)
United Kingdom 4 contributions 802 visits
On 11 July 2023, the UK’s Investment Security Unit ("ISU") released its annual report on the operation of the UK National Security and Investment ("NSIA") regime for the period covering 1 April 2022 – 31 March 2023 (here). The Annual Report provides aggregated data on the operation of the (...)

The EU Commission publishes the first ever European Economic Security Strategy
FGS Global (Paris)
France 2 contributions 998 visits
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University of Strasbourg
France 4 contributions 1798 visits
On the 20th of June 2023, the European Commission released its first ever European Economic Security Strategy pushing for tightened control of international operations in critical sectors. This new framework confirms and fuels a growing trend in the EU: the legal appraisal of transnational (...)

The Belgian Federal Chamber of Representatives adopts Bill approving cooperation agreement that creates foreign direct investment screening mechanism
Van Bael & Bellis (Brussels)
Belgium 3 contributions 406 visits
On 9 February 2023, the federal Chamber of Representatives adopted a bill (the “Bill”) which approves the cooperation agreement of 30 November 2022 (the “Agreement”) between the federal government, the regional governments and the communities establishing a foreign direct investment (“FDI”) (...)

The US Congress introduces a discussion draft with a view to increasing trade links and government support for trade with Central and South American businesses
Shearman & Sterling (New York)
United States 1 contribution 60 visits
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Shearman & Sterling (Washington)
United States 3 contributions 175 visits
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Shearman & Sterling (Washington)
United States 1 contribution 60 visits
On January 11, 2023, United States Senator Bill Cassidy (R-LA) and Representative Maria Elvira Salazar (R-FL) released a “discussion draft” of The Americas Trade and Investment Act (“Americas Act”). The objectives reflected in the draft text are notable, because it would create the “Americas (...)

The US President Biden signs into law the 2023 spending bill which includes dramatically increasing funding for antitrust enforcers, and modernizing merger filing fees
Morgan Lewis (Washington)
États-Unis 13 contributions 3196 visites
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Morgan Lewis (New York)
États-Unis 4 contributions 1144 visites
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Morgan Lewis (New York)
États-Unis 10 contributions 2623 visites
In what appears to have been in part a trade for tabling new antitrust legislation, at least for now, the Biden administration dramatically increased funding for the Federal Trade Commission and the Antitrust Division of the Department of Justice. It remains unclear whether this additional (...)

The Canadian Government imposes strict new rules on FDI from Russia in light of the Russo-Ukrainian war
Davies Ward Phillips & Vineberg (Toronto)
Canada 21 contributions 3928 visits
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Davies Ward Phillips & Vineberg (Toronto)
Canada 3 contributions 589 visits
On March 8, 2022, the government of Canada issued a policy statement regarding the review of Russian investments under the Investment Canada Act (ICA). The policy statement was issued in response to Russia’s invasion of Ukraine, which the government called “unprovoked and unjustifiable”, and (...)

The OECD holds a roundtable on trade, development and competition
OECD - Competition Division (Paris)
France 313 contributions 1369873 visits
THE 2021 OECD GLOBAL FORUM ON COMPETITION WILL DISCUSS TRADE, DEVELOPMENT AND COMPETITION Competition can be a powerful force for economic development, growth and productivity. Both competition policy and trade policy can play a role in harnessing competition for these purposes, but the (...)

The EU Commission publishes a white paper proposing anti-subsidy tools received by multinationals in the single market
Norton Rose Fulbright (Brussels)
United States 31 contributions 13946 visits
EU Anti-Subsidy Initiative: Notifications, Investigations – and a No-Deal Brexit Backstop?* Adopting new tools to combat the effects of foreign subsidies is a top European Union (EU) priority for 2021; a no-deal Brexit would raise the stakes for this initiative significantly. The European (...)

Foreign investment: An overview of EU and national case law
Covington & Burling (Brussels)
Belgium 11 contributions 10312 visits
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Linklaters (Düsseldorf)
Germany 2 contributions 8440 visits
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Linklaters (Düsseldorf)
Germany 3 contributions 12010 visits
This foreword provides an overview of the developments of foreign investment (“FI”) regimes globally during 2020 and, more specifically, highlights the trends over the year in the area of FI. Historically, the European Union (“EU”) has had one of the most open investment regimes in the world (...)

Foreign Investment: An overview of EU and national case law
Akin Gump Strauss Hauer & Feld (London)
United Kingdom 1 contribution 1072 visits
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CMS Cameron McKenna (London)
United Kingdom 1 contribution 1072 visits
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Akin Gump Strauss Hauer & Feld (London)
United Kingdom 1 contribution 1072 visits
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 (...)

Mergers

 The Cypriot Competition Authority receives notification of the proposed partial acquisition of an Indian omnichannel communication solutions provider by a Belgian telecommunications operator (Proximus Group / Route Mobile)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
Notification of a concentration regarding the acquisition by Proximus A.A./N.V. of part of the share capital of Route Mobile Ltd via Proximus Opal S.A./N.V..* The Service of the Commission for the Protection of Competition has received notification of a concentration, pursuant to Section 10 (...)

The COMESA Competition Authority prohibits the acquisition of a decorative coatings business in Eswatini, Zambia, and Zimbabwe by a Dutch multinational company (AkzoNobel / Kansai Plascon)
COMESA (Lusaka)
Malawi 3 contributions 326 visits
Mergers: COMESA Competition Commission prohibits AkzoNobel’s acquisition of the Decorative Coatings Business of Kansai Plascon in Eswatini, Zambia, and Zimbabwe* The COMESA Competition Commission (the "Commission") has prohibited the proposed acquisition by AkzoNobel N.V ("AkzoNobel") of the (...)

The Indian Competition Authority approves the acquisition of a company that provides global technology consulting and business solutions by an American limited partnership (Orogen-Brunson / Brillio India Technologies)
Indian Competition Commission (New Delhi)
India 13 contributions 1238 visits
Commission approves the acquisition of certain shareholding in Brillio Holdings, Inc. by Orogen-Brunson L.P. * The proposed combination relates to acquisition of certain shareholding in Brillio Holdings, Inc. by Orogen-Brunson L.P. Acquirer Orogen-Brunson L.P. is a limited partnership (...)

The EU Commission asserts merger control jurisdiction over two landmark non-reportable acquisitions of a semiconductor company and a power trading and clearing business (Qualcomm / Autotalks) (European Energy Exchange / Nasdaq Power)
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 14 contributions 5060 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 19 contributions 20596 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 6 contributions 1539 visits
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European Commission asserts merger control jurisdiction over non-reportable deals for first time after Illumina/Grail* On August 17, 2023, the European Commission (EC) decided to review Qualcomm’s acquisition of the Israeli-based semiconductor company Autotalks, even though the deal was not (...)

The Romanian Competition Authority approves the takeover of a company that manufactures construction concrete products by a foreign rival (Romcim / Bauelemente)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27716 visits
THE COMPETITION COUNCIL APPROVED THE TAKEOVER OF BAUELEMENTE REINVEST BY ROMCIM* The Competition Council approved the transaction whereby Romcim S.A. takes over the company Bauelemente Reinvest S.R.L. and its subsidiary Bauelemente S.R.L. Romcim S.A. manufactures and markets cement, (...)

The US FTC and DOJ extends public comment period on the proposed changes to Hart-Scott-Rodino Form
US Federal Trade Commission (FTC) (Washington)
États-Unis 171 contributions 40171 visites
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US Department of Justice (Washington)
United States 176 contributions 74414 visits
FTC and DOJ Extend Public Comment Period by 30 Days on Proposed Changes to HSR Form* The Federal Trade Commission and Department of Justice’s Antitrust Division are extending by 30 days the deadline for the public to submit comments on proposed changes to the premerger notification form and (...)

The EU Court of Justice clarifies the conditions under which member states can block FDI and rules that FDI screening mechanisms does not apply to EU-based purchasers (Xella Magyarország)
Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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Jones Day (Brussels)
Belgium 20 contributions 7945 visits
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In Short The Situation: On July 13, 2023, the European Court of Justice ("ECJ") issued a judgment (Case C-106/22 - Xella) clarifying the conditions under which EU Member States may screen and block foreign direct investments. The Background: Over the past few years, EU Member States have (...)

The EU Court of Justice holds that freedom of establishment in the EU precludes a national FDI control mechanism which prohibits the acquisition of a company registered in a Member State by another company with a third-country shareholder enjoying a decisive influence (Xella Magyarország)
University of Strasbourg
France 4 contributions 1798 visits
The European Court of Justice holds that freedom of establishment precludes a national foreign investment control mechanism which prohibits the acquisition of a company registered in a Member State by another company registered in the same Member State in which a third-country shareholder (...)

The EU Court of Justice overturns the Hungarian Competition Authority’s decision and reaffirms that FDI screening mechanisms must respect fundamental freedoms of the EU (Xella Magyarország)
Freshfields Bruckhaus Deringer (Berlin)
Germany 1 contribution 65 visits
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Freshfields Bruckhaus Deringer (Berlin)
Germany 7 contributions 5625 visits
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Freshfields Bruckhaus Deringer (Berlin)
Germany 1 contribution 65 visits
Weak cases sometimes make good law. On 13 July, the ECJ in Case C-106/22 held that: Except in specific circumstances, the EU FDI Screening Regulation 2019/452 does not apply to acquisitions by EU-based purchasers; and FDI screening measures which restrict fundamental freedoms can only be (...)

The New Caledonian Competition Authority provisionally approves the takeover of a retail store by a foreign company (BV Distribution / Auchan Belle-Vie)
New Caledonia Competition Authority (Noumea)
Nouvelle-Calédonie 26 contributions 2879 visites
The ACNC authorizes, by way of derogation, the takeover of the Auchan Belle-Vie store in Nouméa, before its final decision* On July 10, 2023, the company BV Distribution notified the Authority of a file relating to the acquisition of the goodwill of the company CMK Distribution, operating (...)

The New Zealand Competition Authority approves a home ventilation systems merger (Volution Group / Proven Systems)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Commission clears home ventilation systems merger* The Commerce Commission has granted clearance for Volution Group plc to acquire 100% of the business and assets of Proven Systems Limited. Volution and Proven both supply home ventilation systems. Volution primarily supplies home (...)

The US FTC and DOJ propose important changes to Hart-Scott-Rodino Act for premerger filings
Jones Day (Washington)
United States 25 contributions 7631 visits
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Jones Day (Washington)
United States 7 contributions 1121 visits
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Jones Day (Washington)
United States 20 contributions 3900 visits
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The Federal Trade Commission (“FTC”) and U.S. Department of Justice Antitrust Division (“DOJ”) have proposed to expand dramatically the scope and burden of preparing a merger filing in the United States. The proposed changes to the Hart-Scott-Rodino (“HSR”) Act rules and filing form would: (i) (...)

The New Zealand Competition Authority amends the authorisation it granted for a cooperation agreement between two horse and greyhound betting companies to also apply to a multinational sports betting company (TAB / Tabcorp / Entain)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Commerce Commission amends TAB/Tabcorp authorisation* Following a request from TAB New Zealand, the Commerce Commission (Commission) has decided to amend the authorisation granted by the Commission to certain arrangements between the New Zealand Racing Board (now called TAB) and Tabcorp (...)

The US FTC and DoJ propose sweeping new HSR Act rules and form which will require parties to provide substantially more information and documents
Morgan Lewis (Washington)
United States 7 contributions 1580 visits
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Morgan Lewis (Washington)
United States 1 contribution 117 visits
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Morgan Lewis (New York)
United States 4 contributions 1144 visits
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The Federal Trade Commission (FTC) has proposed sweeping new Hart­-Scott-Rodino Act (HSR) rules along with a new proposed HSR form that would completely change the HSR process. The proposed form—which the FTC prepared in consultation with the Antitrust Division of the US Department of Justice (...)

The US FTC and DoJ issue a notice to make extensive changes to the information and documents required in connection with premerger notification reports under the HSR Act
Hogan Lovells (Washington)
United States 7 contributions 1950 visits
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Hogan Lovells (Tysons Corner)
7 contributions 1455 visits
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Hogan Lovells (Washington)
United States 2 contributions 795 visits
On 27 June 2023, the Federal Trade Commission (FTC), in coordination with the Antitrust Division of the Department of Justice (DOJ), issued a notice of proposed rulemaking (Notice) to make extensive changes to the information and documents required in connection with premerger notification (...)

The US FTC and DOJ propose amendments to the premerger notification form to request more information on subjects including transaction rationale, previous acquisitions, details surrounding investment and market conditions
US Federal Trade Commission (FTC) (Washington)
United States 171 contributions 40170 visits
FTC and DOJ Propose Changes to HSR Form for More Effective, Efficient Merger Review* New form will implement congressional requirements and modernize information collection The Federal Trade Commission, with the concurrence of the Assistant Attorney General of the Antitrust Division of the (...)

The US FTC and DoJ propose sweeping changes to the premerger notification form and associated instructions, as well as to the rules implementing the Hart-Scott-Rodino Act
Covington & Burling (Washington)
United States 19 contributions 12020 visits
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Covington & Burling (Washington)
United States 25 contributions 3554 visits
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Covington & Burling (Washington)
United States 15 contributions 2172 visits
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On June 27, 2023, the U.S. Federal Trade Commission (“FTC”), with the concurrence of the Antitrust Division of the Department of Justice (“DOJ”) (together, “the Agencies”), issued a Notice of Proposed Rulemaking (the “Notice”) that proposes extensive changes to the Hart-Scott-Rodino (“HSR”) (...)

The US FTC proposes far-reaching changes to HSR form with merging parties facing expansive requirements for HSR filings
White & Case (Washington)
United States 18 contributions 6672 visits
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White & Case (Washington)
United States 34 contributions 19235 visits
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White & Case (Washington)
United States 50 contributions 27677 visits
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If the proposed rule is finalized, merging parties will face expansive requirements for HSR filings and lengthy filing preparation times. On June 27, 2023, the US Federal Trade Commission ("FTC"), with the concurrence of the Antitrust Division of the US Department of Justice, issued a Notice (...)

The US FTC and DoJ propose a dramatic expansion of HSR filing scope which will require parties to provide substantially more information and documents
Skadden, Arps, Slate, Meagher & Flom (Washington)
United States 4 contributions 483 visits
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Skadden, Arps, Slate, Meagher & Flom (New York)
United States 21 contributions 8471 visits
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Skadden, Arps, Slate, Meagher & Flom (New York)
United States 1 contribution 46 visits
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On June 27, 2023, the Federal Trade Commission (FTC) and the Department of Justice (DOJ) (collectively, the Agencies) jointly released a Notice of Proposed Rulemaking (NPRM) proposing sweeping changes to the premerger filings required under the Hart-Scott-Rodino (HSR) Act. According to the (...)

The US FTC and DOJ propose an overhaul of the HSR Form that is likely to dramatically increase the burden on the transaction parties
Shearman & Sterling (Washington)
United States 18 contributions 5040 visits
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Shearman & Sterling (Washington)
United States 23 contributions 12787 visits
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Shearman & Sterling (New York)
United States 22 contributions 8356 visits
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Overview Earlier this week, the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice (the “Antitrust Agencies”) announced proposed changes to the premerger notification process that mark the most significant changes to the Hart-Scott-Rodino (“HSR”) Form since (...)

The Latvian Competition Authority approves the acquisition of the sole domestic natural gas supplier by a foreign gas company (Eesti Gaas / Gaso)
Latvian Competition Council (Riga)
Latvia 122 contributions 23783 visits
Estonian company “Eesti Gaas” AS aquires “Gaso” AS* On June 22, the Competition Council (the CC) decided to allow “Eesti Gaas” AS to acquire a decisive influence over “Gaso” AS. The CC did not find any significant harm to competition and therefore decided to allow the transaction. “Eesti (...)

The French Competition Authority unconditionally clears the acquisition of a clay tiles and bricks producer by a roofing and structural materials manufacturing group (Terreal / Wienerberger)
French Competition Authority (Paris)
France 741 contributions 394650 visits
Production of clay tiles and bricks: the Autorité unconditionally clears the acquisition of sole control of Terreal by the Wienerberger Group* Background On 11 May 2023, the Wienerberger Group, which specialises in the production of clay materials (tiles, bricks, long elements), notified (...)

The Chinese Higher People’s Court of Beijing rules that an ongoing merger review by the Competition Authority will not stop the enforcement of the arbitral awards by the merging parties (Burich / Tobishi / Puyuan / Simcere)
AnJie Broad Law (Beijing)
China 44 contributions 12344 visits
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AnJie Broad Law (Beijing)
China 15 contributions 1827 visits
Does the Ongoing SAMR Merger Review Stop Enforcement of the Arbitral Awards?* A recent ruling rendered by Beijing Higher People’s Court of China, on granting the enforcement of the arbitral awards, has attracted much attention and discussion of the competition law circle. Specifically, this (...)

The German Competition Authority approves the merger of a biopharmaceuticals air transport company and a thermal insulation and cold chain logistics provider (Envirotainer / va-Q-tec)
German Competition Authority (Bonn)
Germany 447 contributions 113623 visits
Bundeskartellamt clears merger between va-Q-tec AG and EQT (Envirotainer)* Bonn, 12 June 2023: The Bundeskartellamt has cleared plans by EQT Fund Management S.à.r.l., Luxembourg, to acquire shares in and sole control of va-Q-tec AG, Würzburg. The target company offers products and solutions (...)

The New Zealand Competition Authority unconditionally clears an acquisition of an eco-friendly consumer products business by a multinational chemical and consumer goods company (Henkel / Earthwise)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Commission grants clearance for Henkel to acquire Earthwise brands* The Commerce Commission has granted clearance for Henkel New Zealand Limited to acquire the Earthwise brand and business from Earthwise Group Limited, comprising the intellectual property in the Earthwise name, logo, bottle (...)

The New Zealand Competition Authority receives an acquisition application from a company making home ventilation systems seeking to take over a rival (Volution Group / Proven Systems)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Volution Group seeks clearance to acquire Proven Systems* The Commerce Commission has received a clearance application from Volution Group plc to acquire 100% of the business and assets of Proven Systems Limited. The parties overlap in the supply of home ventilation systems. Home (...)

The New Zealand Competition Authority receives a request to vary the terms of an existing cooperation agreement between two horse and greyhound betting companies (TAB / Tabcorp / Entain)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
TAB seeks variation to authorisation of its arrangements with Tabcorp to reflect strategic partnership agreement with Entain* The Commerce Commission (Commission) has received a request from TAB New Zealand (TAB) seeking to vary the authorisation granted by the Commission to certain (...)

The New Zealand Competition Authority receives a clearance application from an Australian-based poultry seeking to acquire a day-old chicks seller (Inghams / Bromley Park Hatcheries)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Inghams seeks clearance to acquire certain assets from Bromley Park Hatcheries* The Commerce Commission has received a clearance application from Inghams Enterprises (NZ) Pty Limited (Inghams) to acquire the assets of the Cobb Commercial and Riverland businesses of Bromley Park Hatcheries (...)

The EU Commission clears the acquisition of an aluminium producer by a supplier of aluminium foundry alloys (Hydro / Alumetal)
European Commission - DG COMP (Brussels)
Belgique 1336 contributions 2817335 visites
Mergers: Commission clears Hydro’s acquisition of Alumetal* The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Alumetal by Norsk Hydro. The Commission concluded that the merger would not raise competition concerns in the European (...)

The New Zealand Competition Authority releases a statement of preliminary issues for a proposed acquisition involving a multinational chemical and consumer goods company and an eco-friendly consumer products business (Henkel / Earthwise)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Statement of Preliminary Issues released for Henkel’s proposed acquisition of the Earthwise brand and business* The Commerce Commission has published a statement of preliminary issues relating to an application from Henkel New Zealand Limited seeking clearance to acquire the Earthwise brand (...)

The Romanian Competition Authority approves the proposed acquisition in the production of labels market (All4Labels / Romprix Exim)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27715 visits
COMPETITION COUNCIL APPROVED THE TAKING OVER OF ROMPRIX BY ALL4LABELS GROUP* The Competition Council approved the transaction by which All4Labels Group GmbH from Germany intends to take over Romprix Exim SRL from Ilfov County. All4Labels Group GmbH is part of All4Labels Group, an (...)

The Cypriot Competition Authority receives notification of the proposed acquisition of a 5-star grand resort by a hotel group (Hawaii Hotels / Fattal Hotel Group)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
Notification of a concentration regarding the acquisition of the share capital of Hawaii Hotels Limited by Fattal Limassol Limited* The Service of the Commission for the Protection of Competition has received notification of a concentration, according to Section 10 of the Control of (...)

The Cypriot Competition Authority receives notification of a proposed acquisition of the shares of an American global provider of construction products and technologies from a French-owned SPV (Cyclades / GCP)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
Notification of a concentration concerning the acquisition of the share capital of GCP Applied Technologies Inc., from Compagnie de Saint-Gobain S.A., via Cyclades Parent, Inc.* The Service of the Commission for the Protection of Competition has received a notification of a concentration, (...)

The New Zealand Competition Authority receives a clearance application from a multinational chemical and consumer goods company to acquire an eco-friendly consumer products business (Henkel / Earthwise)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Henkel seeks clearance to acquire the Earthwise brand and business* The Commerce Commission has received a clearance application from Henkel New Zealand Limited (Henkel) to acquire the Earthwise brand and business from Earthwise Group Limited (Earthwise Group). Henkel is a multinational (...)

The Maltese Competition Authority clears the acquisition of a domestic meat processing company by an Irish meat processing firm (Kildare Chilling / Dawn Meats)
Malta Competition and Consumer Affairs Authority (Ħamrun)
Malta 14 contributions 849 visits
COMP-MCCAA/5/2023 -— Acquisition of Kildare Chilling Company Unlimited Company by Dawn Meats Ireland Unlimited Company * Decision on acquisition in terms of Regulations 6 (1) (ii) and 12(4) of the Control of Concentrations Regulations (LN 294 of 2002 as subsequently amended) The Office for (...)

The EU Commission refers a takeover transaction involving French and British sports equipment distributors to the French Competition Authority (GO Sport / Sports Direct)
French Competition Authority (Paris)
France 741 contributions 394650 visits
European Commission refers review of takeover of GO Sport assets proposed by British group Frasers subsidiary Sportsdirect.com to the Autorité de la concurrence On April 5 2023, the European Commission (EC) referred the review of the acquisition of sole control of GO Sport assets proposed by (...)

The New Zealand Competition Authority reviews the bid by a foreign-owned food supply company to acquire a 100% stake in a major player in the catering and hospitality industry (Reward / Southern Hospitality)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23654 visits
Reward seeks clearance to acquire Southern Hospitality* The Commerce Commission has received a clearance application from Reward Supply Co Pty Limited (Reward) to acquire 100% of the shares in Southern Hospitality Limited (Southern Hospitality). Reward is an Australian company that (...)

The Indonesian Competition Authority announces a major overhaul of the national merger regulation
Ashurst (Singapore)
Singapore 14 contributions 16240 visits
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Ashurst (Abū Dhabī)
United Arab Emirates 5 contributions 2177 visits
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Ashurst (Jakarta)
1 contribution 1011 visits
Amendments to Indonesia’s merger regulation are a welcome change, as the Indonesian regulator shifts its focus to transactions more likely to affect competition in local markets. Summary The Indonesia Competition Commission (ICC) has issued two new regulations that introduce significant (...)

The EU Court of Justice AG Ćapeta opines that EU law does not preclude national legislation which allows for the screening of foreign direct investment of third country provenance even if implemented via an EU-based company (Xella Magyarország)
European Court of Justice (Luxembourg)
Luxembourg 329 contributions 102424 visits
Advocate General’s Opinion in Case C-106/22 | Xella Magyarország* Advocate General Ćapeta: EU law does not, in principle, preclude national legislation which allows for the screening of foreign direct investment of third country provenance even if implemented via an EU-based company Such (...)

The Romanian Competition Authority assesses the takeover of a photovoltaic plant owner by two renewable energy companies (Terravis Studio / Terranet / Greenvolt Power Solar)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27715 visits
COMPETITION COUNCIL ASSESSES THE TAKEOVER OF TERRAVIS STUDIO BY RES TERRANET HOLDING AND GREENVOLT POWER SOLAR POLAND* The Competition Council assesses the transaction whereby Res Terranet Holding S.R.L. and Greenvolt Power Solar Poland sp. z o.o. intend to take over Terravis Studio S.R.L. (...)

The Italian Administrative Supreme Court upholds the Government’s veto of a Chinese multinational’s proposed acquisition of a Dutch seed producer (Verisem / Syngenta / ChemChina)
Portolano Cavallo (Milan)
Italy 3 contributions 263 visits
On January 9, 2023, the Italian Administrative Supreme Court upheld the Italian government’s veto under Italian Foreign Direct Investment (“FDI”) rules of the acquisition of the Dutch agri-food sector company Verisem B.V. and its subsidiaries (including some Italian subsidiaries) by the Swiss (...)

The Italian Administrative Supreme Court upholds a veto against an acquisition in the agri-food sector and holds that the Prime Minster has a wide margin of discretion in the application of the national foreign direct investment screening mechanism (Verisem / Syngenta / ChemChina)
Van Bael & Bellis (Brussels)
Belgium 29 contributions 5217 visits
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Van Bael & Bellis (Brussels)
Belgium 3 contributions 406 visits
On 9 January 2023, the Italian highest administrative court (Consiglio di Stato, “COS”), emphatically confirmed that the Italian President of the Council of Ministers (informally also referred to as Prime Minister) enjoys a very wide margin of discretion in the application of the national (...)

The Turkish Competition Authority publishes mergers and acquisitions overview report for 2022
ACTECON (Istanbul)
Turkey 1 contribution 73 visits
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ACTECON (Istanbul)
Turkey 18 contributions 2976 visits
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ACTECON (Istanbul)
Turkey 7 contributions 495 visits
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The Turkish Competition Authority (“TCA”) has published its Mergers and Acquisitions Overview Report for 2022 (“Report”) on January 6, 2023. For ease of reading, we will refer to M&As as mergers. The Report offers an overview of the TCA’s work on mergers and provides comparisons with (...)

The UK Department for Business, Energy and Industrial Strategy orders a Chinese firm to unwind its acquisition of a Welsh semiconductor wafer factory on national security grounds, reversing its original position (Nexperia / Newport Wafer Fab)
Dechert (London)
United Kingdom 6 contributions 2073 visits
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Dechert (London)
United Kingdom 9 contributions 3307 visits
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Orrick, Herrington & Sutcliffe (London)
United Kingdom 8 contributions 2985 visits
The UK government has exercised its powers under the UK’s national security and investment regime to unwind Chinese-owned Nexperia’s acquisition of Newport Wafer Fab (“NWF”), a semiconductor wafer factory located in Newport, Wales. This is the third prohibition under this (new) regime and the (...)

The UK Secretary of State for Business issues the first blocking order under the NSIA regime to prohibit a intellectual property licence agreement between a Chinese company and a British University (Beijing Infinite Vision Technology / University of Manchester)
Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Peter Camesasca Advocaat
Belgium 34 contributions 13083 visits
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Covington & Burling (London)
United Kingdom 5 contributions 1131 visits
Over the summer, the UK Secretary of State for Business, Energy and Industrial Strategy (“BEIS”) delivered the first decisions, in the form of final orders, under the National Security and Investment Act 2021 (“NSIA”). We consider these decisions and other cases in the context of the first (...)

The UK Department for Business, Energy and Industrial Strategy blocks the acquisition of intellectual property relating to vision sensing technology by a Chinese company (Beijing Infinite Vision Technology / University of Manchester)
Clifford Chance (London)
United Kingdom 4 contributions 284 visits
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Clifford Chance (London)
United Kingdom 2 contributions 55 visits
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Clifford Chance (London)
United Kingdom 2 contributions 55 visits
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The Department for Business, Energy & Industrial Strategy ("BEIS") has published a suite of new market guidance as well as an Annual Report, providing increased clarity on the UK’s national security and investment regime and insights into how it is working in practice. THE NATIONAL (...)

The UK Department for Business, Energy and Industrial Strategy imposes landmark conditions on the acquisition of a British telecoms provider to protect sensitive information and technology and provide assurance in the emergency services network (Sepura / Epiris)
Clifford Chance (London)
United Kingdom 4 contributions 284 visits
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Clifford Chance (London)
United Kingdom 2 contributions 55 visits
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Clifford Chance (London)
United Kingdom 2 contributions 55 visits
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The Department for Business, Energy & Industrial Strategy ("BEIS") has published a suite of new market guidance as well as an Annual Report, providing increased clarity on the UK’s national security and investment regime and insights into how it is working in practice. THE NATIONAL (...)

The UK Department for Business, Energy and Industrial Strategy imposes conditions on an acquisition in the British telecoms market to protect sensitive information and provide assurance in the emergency services network (Sepura / Epiris)
Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Peter Camesasca Advocaat
Belgium 34 contributions 13083 visits
,
Covington & Burling (London)
United Kingdom 5 contributions 1131 visits
Over the summer, the UK Secretary of State for Business, Energy and Industrial Strategy (“BEIS”) delivered the first decisions, in the form of final orders, under the National Security and Investment Act 2021 (“NSIA”). We consider these decisions and other cases in the context of the first (...)

The UK Department for Business, Energy and Industrial Strategy clears the proposed acquisition of a UK defence company by a US defence, aerospace, and communications company (Ultra Electronics Holdings / Cobham Ultra Acquisitions)
Department for Business, Energy and lndustrial Strategy (BEIS) (London)
United Kingdom 1 contribution 91 visits
Update on the proposed acquisition of Ultra Electronics Holdings plc by Cobham Ultra Acquisitions Limited* The acquisition of Ultra by Cobham has been cleared to proceed. Following advice from the Ministry of Defence and after careful consideration of responses to a consultation, the (...)

The EU Commission overules the Hungarian Competition Authority’s decision to block a merger on the basis of the national foreign direct investment screening regime (Vienna Insurance / AEGON)
Callol, Coca & Asociados (Madrid)
Spain 170 contributions 46184 visits
Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) decided to acquire AEGON Group’s subsidiaries in Hungary. The acquisition was prohibited by Hungary on the grounds that it threatened Hungary’s legitimate interests and on the basis of its new emergency FDI screening legislation (...)

The EU Commission releases a decision enforcing its exclusive competence to assess mergers with an EU dimension, notwithstanding a breach of a Member State’s FDI rules (AEGON / Vienna Insurance)
Hogan Lovells (Brussels)
Belgique 20 contributions 8700 visites
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Hogan Lovells (Budapest)
Hungary 8 contributions 18501 visits
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Hogan Lovells (Düsseldorf)
Germany 5 contributions 965 visits
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For the first time ever, the EU Commission has issued a decision on the relationship between EU merger control law and national FDI screening rules. It found that the Hungarian Government’s veto of Vienna Insurance Group’s planned acquisition of the Hungarian subsidiaries of Dutch insurer (...)

The EU Commission blocks Hungary’s attempt to veto a transaction in the insurance sector under FDI rules (AEGON / Vienna Insurance)
Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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Jones Day (Brussels)
Belgium 20 contributions 7946 visits
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In Short The Situation: The European Commission ("EC") issued its first decision ("Decision") regarding the intersection of EU merger control rules and the recent growth in national Foreign Direct Investment ("FDI") regimes. The EC found that the Hungarian government’s decision to block a (...)

The German Federal Ministry for Economic Affairs and Climate Action allows a merger between a chip supplier and its rival to fail after the FDI screening procedure took too long (GlobalWafers / Siltronic)
Hogan Lovells (Düsseldorf)
Germany 3 contributions 556 visits
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Hogan Lovells (Brussels)
Belgium 8 contributions 1908 visits
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Hogan Lovells (Düsseldorf)
Germany 5 contributions 965 visits
All good things are worth waiting for? Not in the case of the planned takeover of Munich-based chip supplier Siltronic by its Taiwanese rival GlobalWafers. After more than a year of intense FDI screening, the Federal Ministry for Economic Affairs and Climate Action let the deal fail. (...)

The Brazilian Competition Authority allows a European shipping company to exercise some corporate control over a national logistics company while the Authority considers its proposed acquisition (SAS Shipping Agencies Services / Log-In Logística Intermodal)
Brazilian Administrative Council for Economic Defense (CADE) (Brasilia)
Brazil 63 contributions 18139 visits
CADE allows SAS to exercise some corporate control over the business affairs of Log-In until the case is adjudicated* The authorization ensures the reversibility of the transaction and the competitive conditions of the affected markets On 15 December 2021, the Administrative Council for (...)

The Romanian Competition Authority approves the takeover of a national producer of agricultural goods and equipment by a Czech company and an individual (Agronom / Agrofert / Aarko Aračić)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27715 visits
The Competition Council approved the taking over of Agronom D.O.O. by Agrofert A.S. and DL. Aarko Aračić* The Competition Council approved the transaction by which Agrofert a.s. from the Czech Republic and Mr. Darko Aračić jointly takes over Agronomist d.o.o., Croatia. Agrofert Group a.s. (...)

The Romanian Competition Authority approves the acquisition of a national cosmetic medical company by a Dutch investment fund (Morphosis / Clinica Medical Service)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27715 visits
The Competition Council approved the taking over of Clinica Medical Service S.R.L. By Morphosis Capital Fund I Cooperatief U.A.* The Competition Council approved the transaction through which Morphosis Capital Fund I Cooperatief U.A. takes over Clinic Medical Service S.R.L. and, indirectly, (...)

The UK Government proposes to accept revised national security undertakings offered under the acquisition of a telecommunications equipment company by a Chinese radio manufacturer to ensure maintenance of the TETRA Airwave Network used by national emergency services (Sepura / Hytera)
UK Competition & Markets Authority - CMA (London)
Royaume-Uni 384 contributions 95365 visites
Acquisition of Sepura plc by Hytera Communications Corporation Limited: revised national security undertakings* Consultation description The Secretary of State for Business, Energy and Industrial Strategy, Kwasi Kwarteng MP, announced on 28 September 2021 that he is proposing to accept (...)

The Romanian Competition Authority approves a partial acquisition of a Romanian gas distributor by an international financial institution (EBRD / Vestmoldtransgaz)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27715 visits
Competition Council approved the transaction by which the European Bank For Reconstruction And Development takes over a part of Vestmoldtransgaz SRL* The Competition Council approved the operation by which the European Bank for Reconstruction and Development (EBRD) takes over a part of the (...)

The French Government extends COVID-19 interim rules on foreign investments and rejects an American industrial conglomerate’s acquisition of national optronic technologies firm (Photonis / Teledyne)
Paris Bar
France 2 contributions 374 visits
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Skadden, Arps, Slate, Meagher & Flom (Paris)
France 2 contributions 374 visits
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 an American industrial conglomerate’s acquisition of a national optronic technologies firm (Photonis / Teledyne)
Delcade Avocats & Solicitors (Paris)
France 11 contributions 6700 visits
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 (...)

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)
Belgium 30 contributions 3980 visits
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 (...)

The German Government prohibits the acquisition of a telecommunication company by a Chinese buyer under the foreign direct investment rules (IMST / Addsino)
Peter Camesasca Advocaat
Belgium 34 contributions 13083 visits
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Covington & Burling (Frankfurt)
Germany 12 contributions 6270 visits
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Covington & Burling (Frankfurt)
Germany 7 contributions 2774 visits
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”) (...)

The German Government prohibits the acquisition of a communications technology company by a Chinese communication product manufacturer (IMST / Addsino)
Hogan Lovells (Brussels)
Belgique 20 contributions 8700 visites
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Hogan Lovells (Düsseldorf)
Germany 5 contributions 965 visits
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Hogan Lovells (Brussels)
Belgium 8 contributions 1908 visits
Foreign investment control has become a key factor in M&A deals and 2020 has been an eventful year. A large number of economies have introduced foreign investment control regimes or tightened their existing rules. Now it appears that it is time to make use of them: this week Germany has (...)

The Cypriot Competition Authority finds that a proposed acquisition in the banking sector does not fall under the national merger law because one party has no existing activities in the country (Bain Capital / CAC CORAL)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
On the 10th of November 2020, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of Bain Capital Credit Global ICAV (hereinafter “Bain Capital”), a notification of a proposed concentration. The notification was filed according to Section 10 of (...)

The Polish Competition Authority issues the first decision authorizing a foreign acquisition following its temporary FDI screening mechanism during the COVID-19 pandemic (H&F Corporate Investors VIII / The Center for Electronic Settlements Polish ePayments)
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9506 visits
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 (...)

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)
Polish Competition Authority (Warsaw)
Poland 119 contributions 21726 visits
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 (...)

The UK Government prohibits acquisition of a national supplier of military aircraft components on national security grounds (Gardner Aerospace / Impcross)
Cleary Gottlieb Steen & Hamilton (London)
Belgium 32 contributions 37739 visits
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Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 40 contributions 39303 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 11 contributions 2172 visits
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On 5 September 2020, the UK Government accepted undertakings from Gardner Aerospace Holdings Limited not to proceed with its proposed acquisition of Impcross Limited, a UK-based manufacturer of components for the aerospace industry (including for military aircraft). Gardner is owned by (...)

The UK Government lowers the notification thresholds of merger control relevant to national security and issues new powers of investigations
Morgan Lewis (London)
United Kingdom 8 contributions 1634 visits
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Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United States 13 contributions 5653 visits
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 UK Government introduces measures allowing it to intervene in merger transactions to mitigate the effects of public health emergencies following the COVID-19 pandemic
Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 8 contributions 3089 visits
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Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 13 contributions 3336 visits
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Université Catholique de Lille
Belgium 15 contributions 16392 visits
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On 22 June 2020, the UK Government introduced new measures allowing it to intervene in merger transactions “to maintain in the United Kingdom the capability to combat, and to mitigate the effects of, public health emergencies." The Government will be able to intervene on these grounds in any (...)

The EU Commission proposes a merger control legislation for the acquisition of foreign-subsidized companies
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 60 contributions 26106 visits
,
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 68 contributions 31721 visits
,
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 38 contributions 13003 visits
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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 Competition Authority clears the acquisition of a key European shunter manufacturer by a Chinese state-owned manufacturer of railway vehicles (Vossloh Locomotives / CRRC Zhuzhou Locomotives)
German Competition Authority (Bonn)
Germany 447 contributions 113623 visits
Chinese company CRRC can acquire Vossloh’s shunter division* The Bundeskartellamt has today cleared the acquisition of Vossloh Locomotives GmbH, Kiel, by CRRC Zhuzhou Locomotives Co., Ltd., Zhuzhou (People’s Republic of China). Andreas Mundt, President of the Bundeskartellamt: “In the (...)

The German Competition Authority approves an acquisition between two locomotives (Vossloh / Zhuzhou)
Bird & Bird (Dusseldorf)
Germany 12 contributions 2012 visits
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Bird & Bird (Dusseldorf)
Germany 21 contributions 2517 visits
On 27 April 2020, the Federal Cartel Office ("FCO") approved the acquisition of Vossloh Locomotives by CRRC Zhuzhou Locomotives Co. Ltd. The decision which concerns the market for shunting locomotives is particularly noteworthy because it deals with questions surrounding the acquisition of (...)

The Chinese State Administration for Market Regulation accepts the first merger filing involving a variable interest entity structure (Shanghai Mingcha Zhegang / Huansheng Information Technology)
King & Wood Mallesons (Beijing)
France 19 contributions 4644 visits
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Shihui Partners (Beijing)
China 2 contributions 333 visits
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King & Wood Mallesons (Beijing)
China 2 contributions 333 visits
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 South African Competition Authority recommends approving an acquisition subject to several conditions (PepsiCo / Pioneer)
ICC FraudNet (Johannesburg)
South Africa 7 contributions 4014 visits
South Africa: PepsiCo acquisition of Pioneer recommended for approval, at a price!* On 11 February 2020, the South African Competition Commission (SACC) recommended that PepsiCo’s acquisition of Pioneer Foods, be approved, subject to a number of conditions. Despite there being no material (...)

The Italian Government implements a directive regarding cross-border mergers, demergers and transformations
Hogan Lovells (Milan)
Italy 2 contributions 67 visits
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Hogan Lovells (Milan)
Italy 2 contributions 67 visits
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Hogan Lovells (Rome)
Italy 1 contribution 36 visits
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The Italian Government has approved the Legislative decree no. 19 of 2 March 2023 (the “Decree”) implementing in Italy the Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019, amending the Directive (EU) 2017/1132 regarding, among other things, (...)

The German Government opposes foreign investment in an electrical infrastructure due to security concerns (State Grid / 50Hertz)
McDermott Will & Emery (Paris)
France 134 contributions 65839 visites
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Norton Rose Fulbright (Brussels)
Belgium 37 contributions 7027 visits
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McDermott Will & Emery (Brussels)
Belgium 43 contributions 7538 visits
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 Government proposes greater intervention in national security and infrastructure mergers
Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 40 contributions 39303 visits
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Cleary Gottlieb Steen & Hamilton (London)
Belgium 32 contributions 37739 visits
On October 17, 2017, the UK Government published legislative proposals that would give it greater powers to intervene in mergers that raise national security considerations or involve national infrastructure. In the short-term, any transaction involving a party active in the manufacture or (...)

The UK Government publishes its green paper for consultation containing proposals to extend the national merger control public interest intervention regime
Herbert Smith Freehills (London)
United Kingdom 1 contribution 59 visits
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Herbert Smith Freehills (London)
United Kingdom 9 contributions 1507 visits
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Herbert Smith Freehills (London)
United Kingdom 24 contributions 8242 visits
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 (...)

The Chinese Ministry of Commerce releases a company from conditions previously imposed in an e-commerce merger (Wal-Mart / Yihaodian)
China Competition Bulletin (Beijing)
China 101 contributions 26006 visits
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University of Melbourne
Australia 103 contributions 29048 visits
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University of Melbourne
Australia 68 contributions 15883 visits
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 Indian Competition Authority updates its Combination Regulations
Shardul Amarchand Mangaldas (New Delhi)
India 63 contributions 18387 visits
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Shardul Amarchand Mangaldas (New Delhi)
India 66 contributions 19312 visits
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Shardul Amarchand Mangaldas (New Delhi)
India 67 contributions 19606 visits
The Indian merger control regime under the Competition Act, 2002 has been in force for nearly five years. In addition to the statutory provisions, the Combination Regulations were introduced by the Competition Commission of India in 2011 . These Regulations contain detailed rules on (...)

The French Competition Authority clears an acquisition in the overseas’s mobile telecom market (Iliad / Hiridjee)
French Competition Authority (Paris)
France 741 contributions 394650 visits
THE AUTORITÉ DE LA CONCURRENCE CLEARS THE ACQUISITION OF JOINT CONTROL OF OUTREMER TELECOM’S MOBILE ACTIVITIES BY ILIAD ALONGSIDE HIRIDJEE* The Autorité de la concurrence has reviewed the acquisition by Iliad of 50% of the capital of the company Telecom Reunion Mayotte, which will henceforth (...)

The EU Commission clears a merger beetwen two mobile network equipment manufacturers (Nokia / Alcatel-Lucent)
European Commission - DG COMP (Brussels)
Belgique 1336 contributions 2817335 visites
MERGERS: COMMISSION APPROVES NOKIA’S ACQUISITION OF ALCATEL-LUCENT* The European Commission has approved under the EU Merger Regulation the proposed acquisition of Alcatel-Lucent by Nokia. Both companies are global providers of telecommunications equipment and related services. The (...)

The Russian Competition Authority fines a fishing company for failing to notify a merger (Sogra)
Russian Federal Antimonopoly Service (Moscow)
France 327 contributions 55720 visits
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 Broad Law (Beijing)
China 44 contributions 12344 visits
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 (...)

The Cypriot Competition Authority receives notification of a merger in the telecommunication sector (Rocket Internet Germany / MTN Dubai)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
Notification of concentration regarding the acquisition of share capital of Middle East Internet Holding S.a.r.l. by MTN (Dubai) Ltd* The Service of the Commission for the Protection of Competition received on behalf of Rocket Internet GmbH and MTN (Dubai) Ltd notification of a proposed (...)

The Cypriot Competition Authority receives notification of an international acquisition in the telecom sector (Africa Internet / Millicom)
Commission for the Protection of Competition of the Republic of Cyprus (Nicosia)
Cyprus 64 contributions 8442 visits
Notification of a concentration concerning the joint acquisition of the share capital of Africa Internet Holding GmbH by Mobile Telephone Networks Holdings (Pty) Ltd, Millicom International Cellular S.A. and Rocket Internet Holding GmbH* The Commission for the Protection of Competition (...)

The Chinese Ministry of Commerce approves the merger of a supermarket chainstore and an e-commerce platform (Wal-Mart / Yihaodian)
American Bar Association International Law Section (New York)
United States 2 contributions 968 visits
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 South African Competition Appeal Court upholds the Competition Tribunal’s conditional clearance of a retail market acquisition (Walmart / Massmart)
Meta (Washington)
United States 11 contributions 5214 visits
On 9 March 2012, the South African Competition Appeal Court upheld the Competition Tribunal’s decision to clear the Walmart/Massmart merger conditioned to several obligations that consider public interest needs. The South African Court concluded, after several months of dispute and business (...)

The Chinese MOFCOM publishes measures on the implementation of security review of mergers and acquisitions of domestic enterprises by foreign investors
University of Melbourne
Australia 103 contributions 29048 visits
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China Competition Bulletin (Beijing)
China 101 contributions 26006 visits
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Institute of American Studies (Beijing)
China 52 contributions 15136 visits
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 Chinese State Council publishes a notice detailing its national security review procedure for the acquisition of domestic companies by foreign investors
Jones Day (Shanghai)
China 51 contributions 23647 visits
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Gibson Dunn (Hong Kong)
Hong Kong 26 contributions 12106 visits
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Jones Day (Beijing)
China 44 contributions 20613 visits
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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, (...)

The Chinese MOFCOM issues interim measures providing clarifications on key procedural issues of the national security systems and security review notifications
University of Melbourne
Australia 103 contributions 29048 visits
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China Competition Bulletin (Beijing)
China 101 contributions 26006 visits
,
Institute of American Studies (Beijing)
China 52 contributions 15136 visits
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 (...)

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 (Beijing)
China 2 contributions 270 visits
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Pillsbury Winthrop Shaw Pittman (Beijing)
China 3 contributions 385 visits
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 (...)

The Chinese State Council issues national security review rules for foreign investment
Covington & Burling (Washington)
United States 1 contribution 63 visits
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Covington & Burling (Washington)
United States 1 contribution 63 visits
,
Covington & Burling (Beijing)
China 9 contributions 462 visits
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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 establishes a national security review system for foreign takeovers
University of Melbourne
Australia 103 contributions 29048 visits
,
China Competition Bulletin (Beijing)
China 101 contributions 26006 visits
,
Institute of American Studies (Beijing)
China 52 contributions 15136 visits
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 (...)

The Chinese State Council promulgates opinions on the promotion of mergers and the restructuring of enterprises
University of Melbourne
Australia 103 contributions 29048 visits
,
China Competition Bulletin (Beijing)
China 101 contributions 26006 visits
,
Institute of American Studies (Beijing)
China 52 contributions 15136 visits
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 issues guidelines on the computation of financial merger reporting thresholds together with two key national regulatory agencies
White & Case (Beijing)
China 4 contributions 2382 visits
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Mattel (Hong Kong)
Hong Kong 6 contributions 3395 visits
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White & Case (Beijing)
China 1 contribution 583 visits
As one of the world’s fastest growing economies, China has been a favorite destination for foreign investment since it opened its doors to foreign investors almost three decades ago. While its growth has slowed, the Chinese economy continues to grow moderately amid the global financial crisis, (...)

The Chinese MOFCOM denies the merger approval between a US leading soft drink and a national juice manufacturer (Coca Cola / Huiyuan)
Jones Day (Shanghai)
China 51 contributions 23647 visits
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Jones Day (Beijing)
China 44 contributions 20613 visits
,
Winston & Strawn (Washington)
United States 27 contributions 23220 visits
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 halts the acquisition of a national leading juice producer by a foreign buyer (Coca-Cola / Huiyuan)
Kastell (Stockholm)
Sweden 8 contributions 5408 visits
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Linklaters (Beijing)
China 17 contributions 8146 visits
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 (...)

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)
China 4 contributions 2382 visits
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Mattel (Hong Kong)
Hong Kong 6 contributions 3395 visits
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, (...)

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)
Sidley Austin (Washington)
United States 14 contributions 5541 visits
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WilmerHale (Washington)
United States 13 contributions 5899 visits
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Kirkland & Ellis (Washington)
United States 7 contributions 2939 visits
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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 (...)

The US DoJ issues long-awaited proposed regulations to implement the foreign investment and national security act of 2007
Linklaters (New York)
United States 9 contributions 1520 visits
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 UK Department for Business, Energy and Industrial Strategy prohibits the acquisition of British intellectual property by a Chinese Company (Beijing Infinite Vision Technology / University of Manchester)
Hogan Lovells (London)
United Kingdom 7 contributions 2843 visits
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Hogan Lovells (London)
United Kingdom 14 contributions 4492 visits
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Hogan Lovells (London)
United Kingdom 4 contributions 2863 visits
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The UK Government this week prohibited the acquisition of intellectual property owned by the University of Manchester by a Chinese company – marking the first time the UK Government has exercised its powers to block a transaction under new national security rules. On 20 July 2022, the UK’s (...)

The UK Competition Authority updates its foreign investment review regime
Baker McKenzie (London)
United Kingdom 5 contributions 2588 visits
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Baker McKenzie (London)
United Kingdom 1 contribution 214 visits
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Baker McKenzie (London)
United Kingdom 1 contribution 214 visits
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On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act 2021 (NSI Act) came into force. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of, and investments in, companies active in (...)

State Aid

 The EU Council announces its fifth round of sanctions on Russia following aggression in Ukraine, including a prohibition on State aid to firms where there is at least 50% Russian public ownership and the firm continues to operate in Russia
DalDeWolf (Brussels)
Belgium 1 contribution 812 visits
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Arendt & Medernach (Luxembourg)
Luxembourg 56 contributions 109956 visits
Restrictive measures against individuals The Council adopted restrictive measures against an additional 217 individuals. These include Russian high-net-worth individuals, high-ranking Kremlin officials, individuals responsible for disinformation and information manipulation, as well as (...)

The EU Court of Justice overturns the ruling of the EU General Court paving the pay for infringement proceedings against the UK for breaching the principle of sincere cooperation (Micula)
Van Bael & Bellis (Brussels)
Belgium 10 contributions 1937 visits
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Van Bael & Bellis (Brussels)
Belgium 153 contributions 33946 visits
On 25 January 2022, the Court of Justice of the European Union (“ECJ”) delivered its judgment in the long-running Micula case. Despite being issued by the highest EU Court, the ruling did not put an end to this long-standing saga, as the ECJ annulled the previous judgment of the General Court (...)

The EU Commission launches an in-depth investigation to assess whether the payment of an ICSID arbitral award in favour of Luxembourg and Dutch investors complies with EU rules on State aid (Antin)
Shearman & Sterling (London)
United Kingdom 30 contributions 14035 visits
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Shearman & Sterling (London)
United Kingdom 2 contributions 314 visits
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Shearman & Sterling (London)
United Kingdom 1 contribution 165 visits
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Key Takeaways International investment protection is based on treaty obligations between sovereign states. State parties to those treaties enter into international obligations with one another for the protection of foreign investors and their investments—including the obligation to submit to (...)

The EU Commission expands Temporary Framework to a recapitalization and subordinated debt measures to further support the economy in the context of the COVID-19 outbreak
European Commission - DG COMP (Brussels)
Belgique 1336 contributions 2817335 visites
State aid: Commission expands Temporary Framework to recapitalisation and subordinated debt measures to further support the economy in the context of the coronavirus outbreak* The European Commission has adopted a second amendment to extend the scope of the State aid Temporary Framework (...)

The EU General Court annuls the Commission’s decision for lack of jurisdiction of the Commission on the State aid matter (Micula)
Sheppard Mullin (Brussels)
France 396 contributions 672893 visits
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Sheppard Mullin (Brussels)
Belgium 14 contributions 18368 visits
INTERNATIONAL ARBITRATION, INVESTMENT PROTECTION AND EU STATE AID RULES: THE GENERAL COURT OF THE EU ANNULS THE EUROPEAN COMMISSION’S STATE AID DECISION IN THE MICULA CASE In a long-awaited ruling of June 18, 2019, the General Court of the European Union (“GCEU”) annulled the European (...)

The EU General Court annuls a State aid decision from the Commission concerning the food production sector in Romania (Micula)
Van Bael & Bellis (Brussels)
Belgium 153 contributions 33946 visits
On 18 June 2019, the General Court of the European Union (the “General Court”) handed down its long-awaited judgment in the Micula case (Cases T-624/15, T-694/15 and T-704/15, European Food and Others v Commission, EU:T:2019:423). The case finds its origins in the investment made by the (...)

The EU General Court annuls the Commission’s State aid decision on the basis that it lacked jurisdiction to implement relevant law in a situation where all relevant facts have taken place before Romania’s accession to the EU (Micula)
European Commission - DG ENERGY (Luxembourg)
15 contributions 7236 visits
The Micula case has been used by the opponents of investment treaty arbitration to argue that such arbitration circumvents and breaches EU State aid law. The Micula case was initially about the judicial review of the withdrawal of individual incentives granted to the investor and withdrawn by (...)

The EU Commission decides to refer Romania to the EU Court of Justice for failing to fully recover illegal State aid (Viorel / Ioan Micula)
European Commission - DG COMP (Brussels)
Belgique 1336 contributions 2817335 visites
State aid: Commission refers Romania to Court for failure to recover illegal aid worth up to €92 million* The European Commission has decided to refer Romania to the European Court of Justice for failing to fully recover illegal State aid worth up to €92 million from Viorel and Ioan Micula (...)

The US Government positions itself as a supporter of Ireland regarding the EU Commission’s tax ruling (Apple)
United Nations (New York)
France 1 contribution 205 visits
Digesting the Apple tax ruling* Commissioner Vestager’s edict on Apple’s tax arrangements in Ireland sent forceful ripples through both sides of the Atlantic on August 30th, 2016. The European Commission is no stranger to ruffling corporate and sovereign feathers, most famously by blocking (...)

The EU Council signs a Free Trade Agreement with the South Korean Government containing for the first time WTO+ rules on subsidies that are enforceable through bilateral dispute settlement with commercial sanctions
European Commission - DG COMP (Brussels)
Belgium 13 contributions 27065 visits
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European Commission - DG COMP (Brussels)
Belgium 2 contributions 1556 visits
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CMS Kluge (Oslo)
Norway 1 contribution 551 visits
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, (...)

The EU Commission requests a phasing out of Spain’s export-related tax incentives
Attela (Tallinn)
Estonia 1 contribution 266 visits
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European Commission - Legal Service (Brussels)
Belgium 4 contributions 2058 visits
"Commission requests phasing out of Spain’s export related tax incentives"* On 22 March 2006 the Commission proposed, pursuant to Article 88(1) of the Treaty, appropriate measures to Spain with a view to abolishing the tax incentives in favour of Spanish companies investing abroad. Spain was (...)

The EU Commission adopts a partially negative decision, with recovery, in respect to incompatible export aid granted to a large firm in Italy (Wam)
Dialoghi Europei - European Dialogues (Duino-Aurisina)
2 contributions 454 visits
"No export aid to large firms outside the EU"* Introduction On May 19, 2004 the Commission adopted a partially negative decision (not yet published), with recovery, in respect of incompatible aid granted to a large firm, in Italy. The latter was deemed to take advantage of national funding (...)

Procedures

 The UK Department for Business, Energy and Industrial Strategy orders a Chinese firm to divest its 83% controlling stake in a Welsh semiconductor wafer factory on national security grounds (Nexperia / Newport Wafer Fab)
Van Bael & Bellis (London)
United Kingdom 8 contributions 1621 visits
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Van Bael & Bellis (London)
United Kingdom 11 contributions 2025 visits
On 16 November 2022, the UK Secretary of State responsible for Business, Energy & Industrial Strategy (“BEIS”) effectively blocked another transaction in the semiconductor industry under the National Security and Investment Act 2021 (the “NSI Act”). Nexperia, ultimately owned by Wingtech (...)

The EU Court of Justice delivers several judgments dismissing appeals brought against a ruling of the General Court that upheld the Commission’s decision declaring the tax rule on amortization of financial goodwill in Spain as incompatible State aid (Deutsche Telekom / Banco Santander / Sigma Alimentos Exterior / Prosegur Compañia de Seguridad / Duty Free Group / Santusa)
Legance - Studio Legale (Milan)
Italy 5 contributions 1898 visits
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Van Bael & Bellis (Brussels)
Belgium 153 contributions 33946 visits
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Van Bael & Bellis (Brussels)
Belgium 10 contributions 1937 visits
On 6 October 2021, the European Court of Justice (“ECJ” or the “Court”) delivered a number of judgments (Case C-50/19 P Sigma Alimentos Exterior v Commission; Joined Cases C-51/19 P World Duty Free Group v Commission and C-64/19 P Spain v Commission; Case C-52/19 P Banco Santander v (...)

The EU Court of Justice AG Szpunar considers that the General Court erred in law in concluding that the Commission was not competent to examine, in light of the law on State aid, compensation paid by Romania following an arbitral award (Micula)
European Court of Justice (Luxembourg)
Luxembourg 329 contributions 102424 visits
According to Advocate General Szpunar, the General Court erred in law in concluding that the Commission was not competent to examine, in the light of the law on State aid, compensation paid by Romania following an arbitral award* Arbitration proceedings initiated on the basis of a bilateral (...)

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)
United States 13 contributions 5653 visits
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Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United Kingdom 8 contributions 1634 visits
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 (...)

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)
United Kingdom 11 contributions 2435 visits
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 (...)

The Russian Competition Authority fines a foreign company for failure to submit information within a designated period (Linenhall Overseas)
Russian Federal Antimonopoly Service (Moscow)
France 327 contributions 55720 visits
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 (...)

The Chinese NDRC increases antitrust investigations into foreign companies and starts making case decisions public
Sheppard Mullin (Beijing)
China 5 contributions 755 visits
Antitrust Investigations in China: Putting Things in Perspective* The current press is buzzing with news about the recent increase in antitrust investigations involving foreign companies with operations in China, and reports of foreign companies being told to expect higher fines if they “put (...)

The Romanian Competition Authority releases the results of its market inquiry on road construction services which finds that domestic providers scored significantly higher profits than foreign providers
University of Macau - Faculty of Law
China 284 contributions 224940 visits
On 27 August 2013 the Romanian Competition Authority (CC) has published the results of its market inquiry concerning road construction, maintenance and affiliated services. This brief summarizes the major conclusions and recommendations included in the CC’s report. Based on the highway (...)

Regulatory

 The Luxembourg Parliament sees its FDI screening regime enter into force to establish a mandatory screening system for non-EEA investments
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 30 contributions 32045 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 3 contributions 691 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 6 contributions 2965 visits
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Investments in Luxembourg entities closed after September 1, 2023—including those signed beforehand—will need to factor in potential FDI filings in the Grand Duchy. The Luxembourg FDI law establishes a mandatory screening system for non-EEA investments made on a lasting basis in legal (...)

The US Department of Treasury publishes an Advance Notice of Proposed Rulemaking to develop and implement an outbound investment regime that addresses the national security threat posed by countries of concern
Dechert (Washington)
United States 3 contributions 383 visits
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Dechert (Washington)
United States 2 contributions 146 visits
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Dechert (Washington)
United States 2 contributions 146 visits
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Key Takeaways In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime. The U.S. Department of Treasury (“Treasury”) concurrently published an Advance Notice of Proposed Rulemaking (the (...)

The US Government adopts Executive Order to address security concerns raised by China-bound tech investments from the US
Proskauer (Boston)
United States 1 contribution 58 visits
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Proskauer (Washington)
United States 2 contributions 290 visits
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Proskauer (New York)
United States 1 contribution 58 visits
Executive Order Curbs China-Bound Tech Investment as Treasury Unveils New Rules* On August 9, 2023, President Biden signed Executive Order 14105 addressing investments by U.S. persons in certain identified national security technologies in “Countries of Concern,” initially naming The (...)

The US Government proposes a new regulatory regime for certain outbound investments from the United States
Shearman & Sterling (Washington)
United States 3 contributions 175 visits
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Shearman & Sterling (Washington)
United States 4 contributions 463 visits
After over a year of anticipation, on August 9, 2023, President Biden issued an Executive Order (“EO”) outlining a new regulatory regime for outbound investments from the United States. The EO targets certain U.S. investments in China and Chinese-owned companies. The EO directs the U.S. (...)

The US Government unveils a proposal for an outbound investment regime to scrutinise China-bound tech investments
Cleary Gottlieb Steen & Hamilton (Washington)
United States 1 contribution 49 visits
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Cleary Gottlieb Steen & Hamilton (Washington)
United States 1 contribution 49 visits
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Cleary Gottlieb Steen & Hamilton (Washington)
United States 1 contribution 49 visits
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On August 9, 2023, the Biden Administration issued the long-awaited Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (the “EO”) and accompanying Advance Notice of Proposed Rulemaking (the “ANPRM”) setting (...)

The US Department of Treasury publishes the Committee on Foreign Investment in the United States Annual Report
Dechert (Washington)
United States 3 contributions 383 visits
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Dechert (Washington)
United States 2 contributions 146 visits
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Dechert (Washington)
United States 2 contributions 146 visits
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Key Takeaways On July 31, 2023, the U.S. Department of the Treasury (“Treasury”) published the Committee on Foreign Investment in the United States’ (“CFIUS” or the “Committee”) Annual Report to Congress on key activities, including notices, declarations, and withdrawals through 2022 (“Annual (...)

The EU Court of Justice rules that freedom of establishment trumps national FDI control rules when it comes to intra-EU investment (Xella Magyarország)
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
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Van Bael & Bellis (London)
United Kingdom 11 contributions 2025 visits
On 13 July 2023, the ECJ ruled that a prohibition decision under the national FDI control regime by the Hungarian Ministry of Innovation and Technology of Xella Magyarország Építőanyagipari Kft’s (“Xella”) acquisition of Janes És Társa (“Janes”) constitutes an unjustified restriction of (...)

The UK Parliament publishes the second annual report pursuant to the National Security and Investment Act
Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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Herbert Smith Freehills (London)
United Kingdom 1 contribution 42 visits
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Herbert Smith Freehills (London)
United Kingdom 14 contributions 4203 visits
On 11 July 2023, the Cabinet Office published the second Annual Report on the National Security and Investment Act 2021 (NSIA), covering the period from 1 April 2022 to 31 March 2023 (the Report). As discussed in our earlier detailed briefing, the NSIA introduced a new framework for the review (...)

The EU Commission adopts new rules for implementing the Foreign Subsidies Regulation
European Commission - DG COMP (Brussels)
Belgium 1336 contributions 2817211 visits
Commission adopts rules for implementing the Foreign Subsidies Regulation* The European Commission has adopted today the rules for implementing the Foreign Subsidies Regulation (‘FSR’). The Implementing Regulation details procedural aspects of the implementation of the FSR. It also contains (...)

The EU Commission commences the implementation of the Foreign Subsidies Regulation aimed at preventing foreign subsidies from distorting the EU internal market
Covington & Burling (Brussels)
Belgium 11 contributions 10312 visits
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Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Covington & Burling (Brussels)
Belgium 16 contributions 3382 visits
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The Foreign Subsidies Regulation (“FSR”) enters into force today, 12 July 2023. It creates a new instrument designed to prevent foreign subsidies from distorting the EU internal market (see our blog). The objective is to level the playing field within EU markets between companies subject to (...)

The EU Commission adopts the Implementation Regulation and Notification Forms for reporting transactions and public bids under the Foreign Subsidies Regulation
Herbert Smith Freehills (Brussels)
Belgium 9 contributions 2355 visits
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Herbert Smith Freehills (Brussels)
Belgium 116 contributions 71697 visits
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Herbert Smith Freehills (London)
United Kingdom 15 contributions 5461 visits
Three intervention tools The FSR is a new EU regulatory regime that is essentially intended to “level the playing field” between EU operators and their competitors from non-EU Member States which are not subject to EU State aid rules and are consequently able to provide their companies with (...)

The EU Commission adopts a regulation that introduces rules on the implementation of the Foreign Subsidies Regulation
White & Case (Brussels)
Belgium 57 contributions 57265 visits
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White & Case (Brussels)
Belgium 17 contributions 7120 visits
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White & Case (Brussels)
Belgium 17 contributions 10750 visits
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The adopted FSR Implementing Regulation contains important changes compared to the draft published in February 2023. The focus of the FSR filings for M&A deals and public tenders in the EU will be on companies’ foreign financial contributions ("FFCs") received from non-EU countries (or (...)

The EU Commission adopts the Implementation Regulation for reporting transactions and public bids under the Foreign Subsidies Regulation
Jones Day (Brussels)
Belgium 21 contributions 9521 visits
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Jones Day (Brussels)
Belgium 24 contributions 24195 visits
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Jones Day (Brussels)
Belgium 46 contributions 18544 visits
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In Short The Situation: On July 10, 2023, the European Commission ("EC") adopted the Implementing Regulation ("IR") and the corresponding notification forms (Form FS-CO and Form FS-PP), which specify the information and documents companies will need to disclose as part of notifications under (...)

The EU Commission sees its Foreign Subsidies Regulation implemented
McDermott Will & Emery (Paris)
France 134 contributions 65833 visits
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McDermott Will & Emery (Brussels)
Belgium 22 contributions 4760 visits
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McDermott Will & Emery (Paris)
France 32 contributions 7408 visits
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Last Step Towards a New Regulatory Framework for M&A Transactions Within the European Union On July 10, 2023, the European Commission (the “Commission”) published its final regulation for implementing the Foreign Subsidies Regulation (FSR). The Implementing Regulation (the “IR”) (...)

The EU Commission implements the Foreign Subsidies Regulation that allows it to investigate and remedy subsidies received from third countries that may harm the internal market
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 38 contributions 13003 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 60 contributions 26104 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 68 contributions 31721 visits
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On 12 July 2023, the EU’s Foreign Subsidies Regulation (FSR) enters into force. The FSR allows the European Commission (EC) to investigate and remedy subsidies received from non-EU countries that distort the EU internal market. The FSR introduces a new merger review regime, separate from and (...)

The EU Commission starts implementing the Foreign Subsidies Regulation which creates a mechanism to screen transactions involving investors who have received financial support from third countries
White & Case (Brussels)
Belgium 57 contributions 57265 visits
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White & Case (Brussels)
Belgium 2 contributions 207 visits
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White & Case (Brussels)
Belgium 17 contributions 10750 visits
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The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint. The Foreign Subsidies Regulation ("FSR") is the European Commission’s attempt to level the (...)

The Spanish Council of Ministers introduces a new foreign direct investment screening system applicable to both non-EU and non-EFTA companies
Callol, Coca & Asociados (Madrid)
Spain 170 contributions 46184 visits
In March 2020, Spain put in place a new foreign direct investment (FDI) screening system applicable to non-EU/non-EFTA companies covering also some specific EU investments. The main issue encountered when advising on the FDI screening regime was that of the excessive ambiguity of the law, (...)

The Spanish Council of Ministers issues new developments in the country’s foreign direct investment regime
Ashurst (Madrid)
Spain 14 contributions 2236 visits
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Ashurst (Madrid)
Spain 7 contributions 879 visits
On 4 July, the Council of Ministers approved Royal Decree 571/2023 of 4 July on foreign investments (the "RD"), which implements Law 19/2003 of 4 July on the legal regime for capital movements and economic transactions abroad (the "Law") and repeals Royal Decree 664/1999 of 23 April on foreign (...)

The Spanish government adopts a new foreign direct investment implementing regulation that clarifies key concepts of the existing law and establishes review procedures, including a prefiling consultation period and an abbreviated review procedure
Jones Day (Madrid)
Spain 1 contribution 38 visits
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Jones Day (Madrid)
Spain 8 contributions 713 visits
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Jones Day (Madrid)
Spain 1 contribution 38 visits
In Short The Development: The Spanish government adopted a new foreign direct investment ("FDI") implementing regulation ("Regulation") that clarifies key concepts of the existing law, such as investment, investors, and sectors caught by the FDI screening regime. It establishes review (...)

The Spanish Parliament modifies the provisions for screening foreign investments and introduces a system of prior authorisation
Herbert Smith Freehills (Madrid)
Spain 2 contributions 142 visits
The Spanish government approves a Royal Decree on foreign investments On 5 July, Spain’s Official State Journal (Boletín Oficial del Estado, or BOE) published Royal Decree 571/2023, of 4 July, on foreign investments (RD 571/2023), which implements Law 19/2003, of 4 July, on the legal regime (...)

The Belgian Government implements a new uniform Foreign Direct Investment screening mechanism which imposes pre-closing filing requirements on non-EU investments into various industry sectors in Belgium
Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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Jones Day (Brussels)
Belgium 20 contributions 7945 visits
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In Short The Development: The new Belgian foreign direct investment screening law ("FDI Regime") imposes preclosing filing requirements on non-EU investments into various industry sectors in Belgium, including energy, electronic communication, tech, and defense. The Background: Belgium (...)

The Belgian Government adopts a new uniform screening mechanism for FDI
McDermott Will & Emery (Brussels)
Belgium 49 contributions 9432 visits
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McDermott Will & Emery (Brussels)
Belgium 1 contribution 44 visits
As of July 1, 2023, Belgium has applied a new uniform screening mechanism for FDI, (Foreign Direct Investment) laid down in a Cooperation Agreement, agreed upon by all Belgian regions and the Belgian Federal State. Under this mechanism, direct or indirect investment by foreign investors in a (...)

The Slovenian Parliament adopts the amended Investment Promotion Act to reform the country’s foreign direct investment screening rules
Wolf Theiss (Ljubljana)
Slovenia 1 contribution 58 visits
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Wolf Theiss (Ljubljana)
Slovenia 1 contribution 58 visits
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Wolf Theiss (Ljubljana)
Slovenia 1 contribution 58 visits
Slovenia: New FDI Screening Rules Investment Promotion Act* New FDI screening rules to begin to apply on 1 July 2023 The new FDI screening mechanism introduced by the amended Investment Promotion Act (“ZSInv“) substitutes the legal framework that was introduced in 2020 during the COVID-19 (...)

The Luxembourg Parliament adopts a new Foreign Direct Investment Screening Regime with a suspensory mandatory notification requirement in relation to investments in a broad range of sectors
Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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Jones Day (Brussels)
Belgium 20 contributions 7945 visits
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In Short The Background: Luxembourg has introduced a new foreign direct investment regime with a suspensory mandatory notification requirement in relation to investments in a broad range of sectors. The Result: Investors from outside the European Economic Area ("EEA") will be required to (...)

The Luxembourg Parliament adopts a foreign direct investments screening regime
Arendt & Medernach (Luxembourg)
Luxembourg 56 contributions 109956 visits
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Arendt & Medernach (Luxembourg)
France 3 contributions 3272 visits
On 13 June 2023, the Luxembourg Parliament adopted a law (the “Law”) introducing a Foreign Direct Investment (“FDI”) screening mechanism in Luxembourg. Like its European neighbours, the Luxembourg Ministry of the Economy (“Ministry”) will now review foreign takeovers of critical assets before (...)

The Dutch Government introduces the Security Screening of Investment, Mergers and Acquisitions Act which establishes a mandatory notification requirement
Jones Day (London)
United Kingdom 3 contributions 607 visits
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Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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In Short The Development: On 1 June 2023, the Security Screening of Investment, Mergers and Acquisitions Act (Wet Veiligheidstoets investeringen, fusies en overnames) ("the FDI Act") entered into force, introducing a mandatory notification requirement relating to investments in target (...)

The US Committee on Foreign Investment updates its FAQs to clarify that mandatory filings must be made before a transaction’s “completion date”
Baker McKenzie (Washington)
United States 1 contribution 119 visits
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Baker McKenzie (Washington)
United States 1 contribution 119 visits
On May 11, 2023, the Committee on Foreign Investment in the United States (“CFIUS”) issued a Frequently Asked Question (“FAQ”), which calls into question the use of “springing rights,” a broadly used instrument to expedite financings while complying with mandatory filing requirements. The FAQ (...)

The US Committee on Foreign Investment updates its interpretation of the "completion date" for a transaction to mean the date on which a foreign person obtains any equity interest in a US business
White & Case (Washington)
United States 3 contributions 2270 visits
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White & Case (Washington)
United States 2 contributions 1283 visits
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White & Case (Washington)
United States 2 contributions 1283 visits
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The Committee on Foreign Investment in the United States (CFIUS) recently issued a new Frequently Asked Question (FAQ) that updates CFIUS’s interpretation of the "completion date" for a transaction, which represents a significant change for transaction parties that have for years relied upon (...)

The Swiss Federal Council decides to revise the draft investment control law and limit it to acquisitions of national companies by foreign State-controlled investors in critical sectors
Baker McKenzie (Zurich)
Switzerland 1 contribution 172 visits
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Baker McKenzie (Zurich)
Switzerland 1 contribution 172 visits
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Baker McKenzie (Zurich)
Switzerland 1 contribution 172 visits
In brief Following pressure from parliament, the Swiss Federal Council last year launched a consultation process on new legislation for the review of foreign investments. In May 2023, the Swiss Federal Council has taken note of the results of the consultation on the proposed investment (...)

The French Treasury publishes its annual report on FDI control and screening of foreign investments
FGS Global (Paris)
France 2 contributions 998 visits
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University of Strasbourg
France 4 contributions 1798 visits
On the 9th of May 2023, the French Directorate General of the Treasury (DG Trésor) released its annual report on its foreign direct investment (FDI) screening activity. The report provides key insights on both the priorities and the practices implemented by the Treasury in its screening of (...)

The UK Government publishes updated market guidance
Clifford Chance (London)
United Kingdom 5 contributions 1157 visits
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Clifford Chance (London)
United Kingdom 4 contributions 284 visits
The UK Government has published updated Market Guidance which provides some useful additional information on how the Government will exercise its powers under the NSI Act. The UK Government has published updated Market Guidance on the National Security and Investment Act 2021 ("NSI Act") (...)

The UK Government publishes the updated Market Guidance to provide for more transparency and certainty in the National Security and Investment regime
Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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Herbert Smith Freehills (London)
United Kingdom 1 contribution 57 visits
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Herbert Smith Freehills (London)
United Kingdom 14 contributions 4203 visits
Moves towards greater transparency under the UK National Security and Investment Act?* The National Security and Investment Act 2021 (NSIA) introduced a new standalone UK regime for the review of certain transactions and investments on national security grounds, which entered into force in (...)

The Slovakian Government enacts a law to screen foreign direct investments to ensure the protection of national and EU security and public order
Čechová & Partners (Bratislava)
Slovakia 5 contributions 1821 visits
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Čechová & Partners (Bratislava)
Slovakia 1 contribution 78 visits
On 1 March 2023, Act No. 497/2022 Coll. on Screening of Foreign Investments and on Amendments to Certain Acts (the “FDI Act”) came into force. Slovakia has thus joined several other EU countries, which have already implemented foreign investments screening mechanisms in their laws several (...)

The Belgian Government takes action to screen foreign direct investment on its territory following the adoption of the FDI screening mechanism legislation
Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Covington & Burling (Brussels)
Belgium 16 contributions 3382 visits
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Covington & Burling (Brussels)
Belgium 4 contributions 1679 visits
Belgium introduced an FDI screening mechanism anticipated to enter into force on July 1, 2023, adding yet another jurisdiction in the EU which has adopted national measures to implement the EU’s FDI Regulation (EU) 2019/452. The new Belgian regime may place additional compliance obligations on (...)

The EU Commission puts out for consultation a draft Implementing Regulation on proceedings pursuant to the Foreign Subsidies Regulation
Freshfields Bruckhaus Deringer (Berlin)
Germany 6 contributions 1418 visits
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Freshfields Bruckhaus Deringer (Amsterdam)
Netherlands 2 contributions 846 visits
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Germany 1 contribution 446 visits
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Yesterday the European Commission put out for consultation a draft Implementing Regulation on proceedings pursuant to the Foreign Subsidies Regulation (FSR). Businesses and other interested parties have until 6 March 2023 to feed in their views. The FSR requires companies to notify the (...)

The EU Parliament and Council see the entry into force of their new Foreign Subsidies Regulation which protects the distortion of competition within the internal market
Shearman & Sterling (Brussels)
Belgium 21 contributions 10095 visits
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Shearman & Sterling (London)
United Kingdom 23 contributions 14024 visits
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Shearman & Sterling (London)
United Kingdom 30 contributions 14035 visits
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The EU Foreign Subsidies Regulation (FSR) entered into force on 12 January 2023. It represents a massive expansion in the European Commission’s power to investigate inward investment to the EU. This new regulation—the first of its kind in the world—attempts to assert control over subsidies (...)

The EU Parliament and Council passes into force the Foreign Subsidies Regulation designed to prevent the distortion of the internal market
Covington & Burling (Brussels)
Belgium 16 contributions 3382 visits
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Covington & Burling (Brussels)
Belgium 49 contributions 17659 visits
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Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market (FSR) entered into force on 12 January 2023 and will start to apply as of 12 July 2023. The FSR creates a brand new instrument to fill a regulatory (...)

The EU Commission sees its Foreign Subsidies Regulation enter into force, creating a new regime with the objective of protecting the internal market from distortions created by foreign subsidies
University of Oxford
United Kingdom 1 contribution 56 visits
The EU Foreign Subsidies Regulation (“FSR”) has been published on the 14th of December 2022 and entered into force on 12 January 2023. The Regulation creates a new regime with the objective of protecting the internal market of the European Union from distortions created by foreign subsidies. (...)

The EU Parliament and Council see their Foreign Subsidies Regulation enter into force, imposing new notification requirements for companies from third countries active in the Union
Arendt & Medernach (Luxembourg)
Luxembourg 56 contributions 109956 visits
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Arendt & Medernach (Luxembourg)
France 3 contributions 3272 visits
The EU regulation on foreign subsidies distorting the internal market (“FSR”) enters into force on 12 January 2023. it marks an important legislative evolution for companies from third countries engaged in an economic activity within the EU and aims to ensure a level playing field in the EU (...)

The EU Parliament and Council adopt the final text of the Foreign Subsidies Regulation with significant impact on foreign business activities in the Union, including new obligations and expanded penalties
Hogan Lovells (Brussels)
Belgium 2 contributions 234 visits
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Hogan Lovells (Hamburg)
Germany 5 contributions 1953 visits
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Hogan Lovells (Brussels)
Belgium 3 contributions 824 visits
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The new EU Foreign Subsidies Regulation, which appears to mirror the substantive EU State aid principles set out in Article 107 (1) of the Treaty on the Functioning of the European Union (“TFEU”) and entered into force on 12 January 2023, will have a significant impact on foreign business (...)

The EU Commission publishes its Foreign Subsidies Regulation in the Official Journal
McDermott Will & Emery (Paris)
France 134 contributions 65833 visits
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McDermott Will & Emery (Brussels)
Belgium 22 contributions 4760 visits
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McDermott Will & Emery (Paris)
France 32 contributions 7408 visits
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The Regulation of the European Parliament and of the Council on foreign subsidies distorting the internal market was published in the Official Journal of the EU on December 23, 2022. The Regulation, referred to as “the Foreign Subsidies Regulation”, or “FSR”, aims to redress the perceived (...)

The EU Commission publishes the Foreign Subsidies Regulation in the Official Journal
McDermott Will & Emery (Brussels)
Belgium 22 contributions 4760 visits
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McDermott Will & Emery (Brussels)
Belgium 49 contributions 9432 visits
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Allen & Overy (Brussels)
Belgium 22 contributions 5165 visits
Time to Prepare for A New Regulatory Hurdle for M&A Transactions and Public Procurements Within the European Union On December 23, 2022, Regulation (EU) 2022/2560 of December 14, 2022 on foreign subsidies distorting the internal market (FSR) was published in the Official Journal of the (...)

The EU Council adopts the Foreign Subsidies Regulation and the EU Commission schedules publication of the draft implementing regulation for the start of 2023
Herbert Smith Freehills (Brussels)
Belgium 116 contributions 71697 visits
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Herbert Smith Freehills (Brussels)
Belgium 9 contributions 2355 visits
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Herbert Smith Freehills (London)
United Kingdom 15 contributions 5461 visits
The EU has now formally adopted its new Foreign Subsidies Regulation (“FSR”), which will start to apply from mid-2023. The European Commission will shortly be publishing a draft Implementing Regulation, which will set out what must be included in notifications under the FSR and further (...)

The EU Parliament and Council of the EU adopt their long-awaited Foreign Subsidies Regulation which gives the Commission powers to intervene to tackle foreign subsidies distorting competition in the EU internal market
White & Case (Brussels)
Belgium 57 contributions 57265 visits
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Schibsted (Oslo)
26 contributions 16890 visits
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White & Case (Brussels)
Belgium 17 contributions 7120 visits
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On 28 November 2022, the EU adopted the Foreign Subsidies Regulation, giving the European Commission powers to intervene to tackle foreign subsidies distorting competition in the EU internal market. The FSR, due to apply by mid-2023, will have a major impact on companies that engage in M&A (...)

The EU Commission publishes the Foreign Subsidies Regulation in the official journal, requiring pre-notification of large M&A transactions and public bids involving companies that receive subsidies from governments outside the European Union from October 2023
Jones Day (Brussels)
Belgium 24 contributions 24195 visits
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Jones Day (Brussels)
Belgium 46 contributions 18544 visits
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Jones Day (Dusseldorf)
Germany 19 contributions 6254 visits
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The foreign subsidies regulation ("FSR") requires prenotification of certain large M&A transactions and public bids involving companies that receive subsidies from governments outside the European Union ("EU"). The European Commission ("EC") has published the FSR in the Official Journal (...)

The German Ministry for Economic Affairs and Climate Action partially prohibits Chinese investment in a Hamburg container terminal (COSCO)
Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Covington & Burling (Frankfurt)
Germany 12 contributions 6270 visits
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Covington & Burling (London)
United Kingdom 11 contributions 2435 visits
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On October 26, 2022, the German government permitted (with conditions) an investment by Chinese state-owned COSCO Shipping Group (“COSCO”) in one of Hamburg’s four shipping container terminals. Pursuant to foreign direct investment (“FDI”) laws, the German Ministry for Economic Affairs and (...)

The US House of Representatives passes a legislative package updating legislation on antitrust, FDI and mergers
Covington & Burling (Washington)
United States 1 contribution 279 visits
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Covington & Burling (Washington)
United States 5 contributions 1918 visits
On September 29, 2022, the U.S. House of Representatives passed a package of three antitrust bills (H.R. 3843) by a vote of 242-184. The package includes: (1) the Merger Filing Fee Modernization Act; (2) the Foreign Merger Subsidy Disclosure Act; and (3) the State Antitrust Enforcement Venue (...)

The US Government issues first-ever presidential directive defining national security factors for CFIUS to consider in evaluating transactions
White & Case (Washington)
United States 3 contributions 2270 visits
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White & Case (Washington)
United States 2 contributions 1283 visits
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White & Case (Washington)
United States 2 contributions 1283 visits
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On September 15, President Biden signed an Executive Order (the "EO") identifying national security risks that the Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") must consider when reviewing covered transactions. The EO focuses on five areas: supply chain (...)

The EU Commission takes stock of the foreign direct investment screening rules at both EU and Member State level
Hogan Lovells (Düsseldorf)
Germany 3 contributions 556 visits
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Hogan Lovells (Brussels)
Belgium 8 contributions 1908 visits
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Hogan Lovells (Brussels)
Belgium 20 contributions 8700 visits
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In its Second Annual Report on the screening of foreign direct investment (FDI) into the Union, the EU Commission takes stock of the FDI screening rules at both EU and Member State level. Today, 25 out of 27 Member States either have a screening mechanism in place or are in the process of (...)

The EU Commission releases its second annual FDI report showing increased momentum in FDI regulation and screening in the EU27
European Commission - DG COMP (Brussels)
Belgium 1336 contributions 2817211 visits
On 1 September, the European Commission (EC) issued its Second Annual Report under Article 5(4) of the Foreign Direct Investments (FDI) Screening Regulation along with an EC Staff Working Document (SWD). The Report covers the 2021 period and provides an overview of FDI trends and screening in (...)

The Romanian Competition Authority approves the takeover by a UK Investment company of an Israeli information technology company based on compatibility with foreign investment considerations (Tufin Software / Talon Midco)
Romanian Competition Council (Bucharest)
Romania 158 contributions 27714 visits
The taking over of Tufin software technologies by Talon Midco 3 Limited doesn’t have risks or threats for national security* The Competition Council approved, from the national security point of view, the transaction by which Talon MidCo 3 Limited buys the majority of shares of Tufin (...)

The EU Commission publishes the second annual report on the screening of foreign direct investment into the Union
Herbert Smith Freehills (Brussels)
Belgium 116 contributions 71697 visits
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Herbert Smith Freehills (Brussels)
Belgium 44 contributions 17620 visits
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Herbert Smith Freehills (Brussels)
Belgium 3 contributions 356 visits
This article has been nominated for the 2023 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. On 1 September 2022, the European Commission (“Commission”) published the Second Annual Report on the screening of foreign direct investments (“FDI”) into the (...)

The UK Parliament publishes market guidance for the implementation of the National Securities and Investment Act
Herbert Smith Freehills (London)
United Kingdom 59 contributions 21031 visits
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Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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Herbert Smith Freehills (London)
United Kingdom 3 contributions 1898 visits
The UK National Security and Investment (NSI) Act entered into force on 4 January 2022, introducing a new standalone UK regime for the review of qualifying transactions and investments on national security grounds (see our detailed briefing on the regime here). On 19 July 2022, the UK (...)

The UK Government publishes new market guidance notes in relation to the National Security and Investment Act
Clifford Chance (London)
United Kingdom 4 contributions 284 visits
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Clifford Chance (London)
United Kingdom 1 contribution 126 visits
On 19 July 2022, the UK Department for Business, Energy & Industrial Strategy ("BEIS") published new market guidance notes in relation to the National Security and Investment Act 2021 (the "NSIA"). BEIS’ market guidance notes provide acquirers and their legal representatives with advice (...)

The EU Parliament steps up enforcement against foreign state-backed companies
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 60 contributions 26104 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 68 contributions 31721 visits
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Skadden, Arps, Slate, Meagher & Flom (London)
United Kingdom 24 contributions 6466 visits
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If you (i) receive some form of financial support from foreign (non-EU) governments, and (ii) have activities or are planning to acquire a business in the EU, then you will want to read on. Following political agreement among legislators, the European Union (EU) Foreign Subsidies Regulation (...)

The EU Commission, Council and Parliament reach a political agreement on the text of the proposed regulation on foreign subsidies distorting the internal market
Freshfields Bruckhaus Deringer (Berlin)
Germany 6 contributions 1418 visits
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Freshfields Bruckhaus Deringer (Hong Kong)
Hong Kong 2 contributions 802 visits
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Freshfields Bruckhaus Deringer (Brussels)
Belgium 1 contribution 541 visits
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On 30 June 2022, the three institutions of the European Union (the Commission, the Parliament and the Council) announced their political agreement on the text of the proposed regulation on foreign subsidies distorting the internal market (see their respective press releases here, here, and (...)

The EU Commission reaches agreement on foreign subsidies regulation with the new regime scheduled to enter into force in 2023
Herbert Smith Freehills (Brussels)
Belgium 116 contributions 71697 visits
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Herbert Smith Freehills (Brussels)
Belgium 9 contributions 2355 visits
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Herbert Smith Freehills (London)
United Kingdom 15 contributions 5461 visits
The EU has reached political agreement in relation to the much-anticipated foreign subsidies regulation (the “Regulation”), which should become operational next year. The Regulation essentially creates a new subsidy control regime for third country subsidies affecting the EU market and has the (...)

The EU Commission welcomes an agreement on the regulation of foreign subsidies, including rules governing concentrations, public procurement procedures and all other areas that could lead to unfair competition between member States
European Commission - DG COMP (Brussels)
Belgium 1336 contributions 2817211 visits
Foreign Subsidies: Commission welcomes political agreement on Regulation on distortive foreign subsidies* The Commission welcomes the political agreement reached today between the European Parliament and EU Member States on the Foreign Subsidies Regulation (‘FSR’). The FSR is an important (...)

The EU Parliament and Council reach a political agreement on the proposed new foreign subsidies regulation
McDermott Will & Emery (Brussels)
Belgium 49 contributions 9432 visits
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Allen & Overy (Brussels)
Belgium 22 contributions 5165 visits
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Allen & Overy (Brussels)
Belgium 13 contributions 4722 visits
On June 30, 2022, the Council of the European Union (Council) and the European Parliament (Parliament) reached a political agreement on the Regulation on foreign subsidies distorting the internal market (FSR or Regulation). The FSR aims to redress the perceived regulatory gaps left by (...)

The EU Commission welcomes political agreement reached between the Parliament and Member States on Foreign Subsidies Regulation
Dechert (Brussels)
Belgium 9 contributions 12195 visits
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Dechert (Brussels)
Belgium 3 contributions 932 visits
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Dechert (Brussels)
Belgium 2 contributions 3218 visits
Key Takeaways The EU institutions have reached political agreement on a new regulation or foreign subsidies regime (the “FSR”) that will allow the European Commission (“EC”) to review the effects of non-EU government subsidies given to businesses active in the EU and remedy any possible (...)

The UK Government publishes a report summarising FDI under the new screening regime
Van Bael & Bellis (London)
United Kingdom 16 contributions 3482 visits
On 16 June 2022, the UK Government published its first – and slightly misleadingly titled – annual report (the “Report”) in relation to the operation of the National Security and Investment Act (the “NSI Act”). The Report summarises the functioning of the extremely wide-ranging UK foreign (...)

The EU Parliament signs the Commission’s proposal which would allow the Commission to examine whether foreign subsidies have a potential negative impact on the internal market
Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Covington & Burling (Brussels)
Belgium 16 contributions 3382 visits
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Parnima Consuting (Brunnen)
Switzerland 14 contributions 4378 visits
On 4 May 2022, the European Parliament (the “Parliament”) adopted its position on the proposal of the European Commission (the “Commission”) for a Regulation on foreign subsidies distorting the internal market (the “Foreign Subsidies Regulation”) (see our alert on the proposal). It confirms (...)

The EU Commission publishes guidance indicating Russian and Belarusian investments are a potential threat to EU security and public order
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
On 6 April 2022, the European Commission published its Guidance to the Member States concerning foreign direct investment from Russia and Belarus in view of the military aggression against Ukraine and the restrictive measures laid down in recent Council Regulations on sanctions (“Guidance”). (...)

The UK Competition Authority updates its guidance as the National Security and Investment Act enters into force
Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Covington & Burling (London)
United Kingdom 11 contributions 2435 visits
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Covington & Burling (London)
United Kingdom 5 contributions 1360 visits
The UK’s new National Security and Investment Act (“NSIA”) entered into force on January 4, 2022. The NSIA marks a considerable change in the UK’s investment screening powers and adds to an increasingly complex European and global landscape of investment regulation (or FDI) filings necessary (...)

The UK Competition Authority introduces a new investment screening regime which significantly enhances the Government’s powers to intervene in transactions on the grounds that they could threaten national security
Freshfields Bruckhaus Deringer (London)
United Kingdom 3 contributions 515 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 2 contributions 2158 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 6 contributions 5716 visits
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The UK’s National Security and Investment Act (the NSI Act), which came into force on 4 January 2022, introduced a new investment screening regime which significantly enhances the Government’s powers to intervene in transactions on grounds that they could threaten the UK’s national security. (...)

The UK Government publishes an open letter to businesses providing more clarity on its upcoming national security and investment regime
Van Bael & Bellis (London)
United Kingdom 8 contributions 1621 visits
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Van Bael & Bellis (London)
United Kingdom 16 contributions 3482 visits
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Van Bael & Bellis (London)
United Kingdom 11 contributions 2025 visits
On 20 December 2021, the UK government published an open letter to businesses providing more clarity on its upcoming national security and investment regime. The new legal framework, which the UK government calls “the biggest shake-up in 20 years of the UK’s system for screening investments”, (...)

The EU Commission publishes its first annual report on the new European cooperation mechanism regarding the screening of foreign direct investment
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 30 contributions 32045 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 3 contributions 691 visits
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Cleary Gottlieb Steen & Hamilton (Rome)
Italy 6 contributions 2120 visits
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The European Commission (“EC”) recently published its first annual report on the new European cooperation mechanism regarding the screening of foreign direct investment (“FDI”) into the EU (the “Report”). The Report shows that four out of every five FDI filings screened at the EU level were (...)

The EU Commission releases its first annual FDI Screening Report on the screening of foreign direct investment in the Union
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
On 23 November 2021, the European Commission published its first Annual Report on the screening of foreign direct investment (“FDI”) into the Union. Key messages of the report are: (i) a growing number of Member States are introducing new, or broadening the scope of existing, FDI screening (...)

The UK Government releases the National Security and Investment Act, introducing a new foreign direct investment regime with standalone powers for the review of FDI
Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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Herbert Smith Freehills (London)
United Kingdom 9 contributions 1507 visits
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Herbert Smith Freehills (London)
United Kingdom 59 contributions 21031 visits
On 4 January 2022 the UK National Security and Investment (NSI) Act enters into force, introducing a new foreign direct investment (FDI) regime with standalone powers for the review of FDI in the UK. The new regime replaces the existing public interest merger regime provisions of the (...)

The EU Commission proposes an updated list of projects and programs of EU interest annexed to the FDI Screening Regulation
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
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Van Bael & Bellis (Brussels)
Belgium 3 contributions 370 visits
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Legance - Studio Legale (Milan)
Italy 5 contributions 1898 visits
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Foreign Direct Investment: Recent Developments at European Union, United Kingdom and EU Member State Level EUROPEAN UNION LEVEL European Commission proposes updated list of projects and programmes of EU interest annexed to FDI Screening Regulation On 29 September 2021, the European (...)

The UK Government introduces the National Security & Investment Act enhancing its power to review foreign investments
Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Covington & Burling (London)
United Kingdom 5 contributions 1360 visits
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Covington & Burling (London)
United Kingdom 11 contributions 2435 visits
The UK Government has announced that the National Security & Investment Act (“NSIA”) will come into force on January 4, 2022. The NSIA introduces mandatory notification and pre-clearance requirements for certain qualifying acquisitions of control of companies active in 17 ‘core’ sectors. (...)

The UK government announces the date on which the National Security and Investment Act will enter into force
Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United States 13 contributions 5656 visits
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Morgan Lewis (London)
United Kingdom 8 contributions 1636 visits
The UK government announced on 20 July that the National Security and Investment Act will enter into force on 4 January 2022. This act introduces mandatory filings for certain investments raising national security concerns, grants the UK government extensive call-in powers for up to five years (...)

The UK Government announces the date on which the investment-screening regime envisaged by the National Security and Investment Act will come into operation
White & Case (London)
United Kingdom 27 contributions 13384 visits
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White & Case (London)
United Kingdom 12 contributions 2820 visits
Having received Royal Assent on 29 April 2021, the Secretary of State for Business Energy and Industrial Strategy ("SoS") has announced that the investment-screening regime envisaged by the National Security and Investment Act 2021 ("NSIA") will become operational from 4 January 2022. The (...)

The UK Government announces the date of the coming into operation of the National Security and Investment Act, one of the most wide-ranging regimes for review of investments on national security grounds in the world
Cleary Gottlieb Steen & Hamilton (London)
Belgium 32 contributions 37739 visits
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Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 40 contributions 39303 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 12 contributions 2760 visits
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On 20 July 2021, the UK Government announced that the National Security and Investment Act 2021, which was passed on 29 April 2021, will come into force on 4 January 2022. This new regime for review of investments on national security grounds will be among the most wide-ranging in the world. (...)

The UK Government publishes its Subsidy Control Bill following Brexit
Hogan Lovells (London)
United Kingdom 2 contributions 313 visits
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Covington & Burling (London)
United Kingdom 19 contributions 11597 visits
The UK Government has been busy adding flesh to the bare bones of the domestic subsidy control regime that has been in place since the start of 2021 following the signing of the EU/UK Trade and Cooperation Agreement (TCA). The Subsidy Control Bill introduced before Parliament on 30 June (...)

The EU Commission proposes a new merger and public procurement control legislation to combat foreign subsidies
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 60 contributions 26104 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 68 contributions 31721 visits
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Skadden, Arps, Slate, Meagher & Flom (Hong Kong)
China 7 contributions 2345 visits
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The European Commission (EC) has proposed legislation to curb M&A, public procurement and market conduct by foreign-subsidized companies that may distort the European Union’s internal market. New requirements include: Mandatory notification of acquisitions where the target’s EU turnover (...)

The EU Commission proposes a far-reaching regulation to tackle foreign subsidies
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 6 contributions 1539 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 30 contributions 32045 visits
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2 contributions 451 visits
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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”). The Proposed Regulation reflects the EU’s policy priority to (...)

The EU Commission adopts far-reaching proposals to control foreign subsidies
White & Case (Brussels)
Belgium 57 contributions 57265 visits
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White & Case (Brussels)
Belgium 10 contributions 2989 visits
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White & Case (Düsseldorf)
Germany 36 contributions 14342 visits
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On 5 May 2021, the European Commission ("Commission") issued a proposal for a far-reaching Regulation to tackle foreign subsidies, which, if adopted, will increase the regulatory risk for companies operating or investing in the EU with backing from non-EU States. The new instrument targets (...)

The EU Commission proposes a regulation that introduces more scrutiny for companies receiving foreign subsidies
Peter Camesasca Advocaat
Belgium 34 contributions 13082 visits
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Covington & Burling (Seoul)
North Korea 4 contributions 1284 visits
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Parnima Consuting (Brunnen)
Switzerland 14 contributions 4378 visits
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Companies that benefit from non-EU state support or subsidies will soon face heightened scrutiny in the European Union (EU) as the European Commission unveiled on May 5 its proposed Regulation on foreign subsidies distorting the internal market. As its name suggests, the proposed Regulation (...)

The EU Commission unveils its proposed regulation on foreign subsidies
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9506 visits
On 5 May 2021, the Commission adopted a proposal for a Regulation on foreign subsidies distorting the internal market (“Proposed Regulation”), following on from an initial framework laid out in a White Paper in June 2020. Broadly speaking, through the Proposed Regulation, the Commission aims (...)

The EU Parliament and Council debate the Commission’s proposed regulation on foreign subsidies, which covers subsidies granted by third countries that have the potential to distort competition in the EU
European Commission - DG COMP (Brussels)
Belgium 3 contributions 245 visits
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Oxera (Brussels)
Belgium 13 contributions 13194 visits
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Oxera (Amsterdam)
Netherlands 6 contributions 1674 visits
Third country, second thoughts? The EU’s foreign subsidies regulation The European Parliament and the Council are currently debating the European Commission’s proposed regulation on foreign subsidies, which covers subsidies granted by third countries that have the potential to distort (...)

The EU Commission adopts a proposal for a regulation on foreign subsidies that might be distorting the internal market
Jones Day (Paris)
France 3 contributions 697 visits
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Jones Day (Brussels)
Belgium 30 contributions 21649 visits
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Steptoe & Johnson (Brussels)
Belgium 9 contributions 2720 visits
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In Short The Situation: The European Commission ("Commission") has faced significant pressure from stakeholders to quickly address growing concerns over the distortive effects of foreign subsidies and to ensure a level playing field in the EU. The Result: As anticipated in our recent (...)

The EU Commission issues its proposal to create wide-ranging powers to tackle non-EU subsidies which may distort competition in the Single Market
Dechert (Brussels)
Belgium 26 contributions 35567 visits
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Dechert (Brussels)
Belgium 7 contributions 6335 visits
On May 5 the European Commission issued its proposal to create wide-ranging powers to tackle non-European subsidies which may distort competition in Europe. The proposal introduces three different regimes: An ex officio investigation up to 10 years after the subsidy was received. A mandatory (...)

The EU Commission proposes a regulation to address the distortions caused by foreign subsidies in the single market
European Commission - DG COMP (Brussels)
Belgium 1336 contributions 2817211 visits
Commission proposes new Regulation to address distortions caused by foreign subsidies in the Single Market* The European Commission proposes today a new instrument to address potential distortive effects of foreign subsidies in the Single Market. Today’s legislative proposal follows the (...)

The EU Commission adopts a proposal for a regulation to combat distortions of competition caused by subsidies granted by non-EU states
Norton Rose Fulbright (Brussels)
United States 31 contributions 13946 visits
"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 (...)

The UK Government see its National Security and Investment Act receive Royal Assent
Ashurst (London)
United Kingdom 34 contributions 16805 visits
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Ashurst (London)
United Kingdom 18 contributions 6214 visits
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Ashurst (London)
United Kingdom 21 contributions 4294 visits
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Introduction A new national security new regime On 29 April 2021, the UK National Security and Investment Act ("Act") received Royal Assent. When brought into force, which is not expected until late 2021, the Act will significantly strengthen the UK Government’s powers to investigate and (...)

The UK Parliament welcomes the National Security and Investment Act to review transactions on national security grounds, and potentially prohibit their completion or require remedies to allow them to proceed
Herbert Smith Freehills (London)
United Kingdom 1 contribution 238 visits
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Herbert Smith Freehills (London)
United Kingdom 1 contribution 238 visits
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Herbert Smith Freehills (London)
United Kingdom 1 contribution 238 visits
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On 29 April 2021 the National Security and Investment (NSI) Bill received Royal Assent. The NSI Act 2021 introduces significant legislative reforms which will overhaul the ability of the UK Government to review transactions on national security grounds, and potentially prohibit their (...)

The UK Parliament enacts the National Security and Investment Act
Hogan Lovells (London)
United Kingdom 17 contributions 3168 visits
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Hogan Lovells (London)
United Kingdom 14 contributions 4492 visits
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Hogan Lovells (London)
United Kingdom 7 contributions 2843 visits
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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 Parliament enacts the National Security and Investment Act after receiving the Royal Assent
Freshfields Bruckhaus Deringer (London)
United Kingdom 6 contributions 5716 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 11 contributions 1815 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 1 contribution 174 visits
On 29 April 2021, the principal legislation establishing the UK’s new national security regime – the National Security and Investment Act 2021 (the Act ) – received Royal Assent. Although the new regime is not expected to come into force until much later in 2021, the granting of Royal Assent (...)

The UK Parliament approves the National Security and Investment Act
Covington & Burling (London)
United Kingdom 3 contributions 558 visits
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Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Covington & Burling (London)
United Kingdom 5 contributions 1360 visits
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On 29 April, the UK Parliament adopted the National Security & Investment Law (“NS&I Law”). The law received Royal Assent the following day and will come into legal effect in late 2021. The NS&I Law will introduce mandatory notification and pre-clearance requirements for (...)

The UK Parliament’s Act on foreign direct investment receives Royal Assent
Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United States 13 contributions 5656 visits
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Morgan Lewis (London)
United Kingdom 8 contributions 1636 visits
The UK National Security and Investment Act 2021 (NSI Act) received royal assent on 29 April 2021. Expected to come into force in late 2021, the NSI Act will introduce a standalone UK foreign direct investment and national security screening regime, replacing the current regime that links (...)

The UK Parliament adopts the National Security and Investment Act
Bird & Bird (London)
United Kingdom 4 contributions 465 visits
On 29 April 2021, the UK National Security and Investment Bill was granted Royal Assent and has therefore formally become law. The new National Security and Investment Act (NSIA), is not yet in force but it is expected to become effective later this year. The NSIA establishes a new security (...)

The German Government passes a revised regulation on foreign investment control
Hogan Lovells (Brussels)
Belgium 20 contributions 8700 visits
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Hogan Lovells (Brussels)
Belgium 8 contributions 1908 visits
Regulators are becoming increasingly active in imposing measures on deals or prohibiting them altogether under FDI rules – with prohibitions happening in the EU’s largest economies Germany, France, and Italy in the past months. Against this backdrop, Germany is moving forward on its plans for (...)

The German Government introduces a significant amendment of foreign direct investment rules
Herbert Smith Freehills (Düsseldorf)
Germany 1 contribution 196 visits
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Herbert Smith Freehills (Düsseldorf)
Germany 1 contribution 196 visits
Germany is continuing to tighten and develop its FDI regime: After various legislative actions in the course of 2020, the German Federal Government agreed on significant amendments of the existing FDI rules which will enter into force with its publication in the Federal Gazette (...)

The German Government adopts a 17th amendment to the Foreign Trade and Payment Ordinance
Jones Day (Frankfurt)
Germany 17 contributions 3841 visits
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Jones Day (Paris)
France 9 contributions 1254 visits
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Jones Day (Milano)
Italy 7 contributions 769 visits
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The 17th amendment to the German Foreign Trade and Payment Ordinance ("AWV") adopted by the federal government on April 27, 2021, included—compared to the original draft—a number of changes relevant to M&A transactions with a nexus to Germany. A draft 17th amendment to the AWV was (...)

The UK Government clarifies the scope of the new national security and investment bill
White & Case (London)
United Kingdom 27 contributions 13384 visits
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White & Case (London)
United Kingdom 12 contributions 2820 visits
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 revised sector definitions for mandatory notification under the national security screening regime
Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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Herbert Smith Freehills (London)
United Kingdom 14 contributions 4203 visits
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 publishes a consultation response which clarifies the national security regime
Freshfields Bruckhaus Deringer (London)
United Kingdom 6 contributions 5716 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 11 contributions 1815 visits
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Freshfields Bruckhaus Deringer (Brussels)
Belgium 5 contributions 1116 visits
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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 German Government introduces a draft bill on foreign direct investment
Hogan Lovells (Brussels)
Belgium 20 contributions 8700 visits
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Hogan Lovells (Brussels)
Belgium 8 contributions 1908 visits
Foreign investment control has become a key factor in M&A deals and 2020 was a particularly eventful year. A large number of countries have recently introduced foreign investment control regimes (or tightened their existing rules) and made use of them with, for example, prohibitions (...)

The Spanish Government enacts a foreign direct investments mechanism
Ashurst (Madrid)
Spain 14 contributions 2236 visits
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Spanish Competition Authority (CNMC) (Madrid)
Spain 8 contributions 1403 visits
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)
Spain 47 contributions 92215 visits
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KPMG (Madrid)
24 contributions 2748 visits
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Hogan Lovells (Madrid)
Spain 2 contributions 172 visits
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 Spanish Government extends its temporary foreign direct investment screening mechanism
Van Bael & Bellis (Brussels)
Belgium 1 contribution 95 visits
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Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
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Van Bael & Bellis (Brussels)
Belgium 1 contribution 95 visits
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, (...)

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)
Spain 170 contributions 46184 visits
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Callol, Coca & Asociados (Madrid)
Spain 61 contributions 3938 visits
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Callol, Coca & Asociados (Madrid)
Spain 65 contributions 22019 visits
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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 (...)

The Dutch Government implements the EU regulation establishing a framework for the screening of foreign direct investments
European Court of Justice (Luxembourg)
Luxembourg 9 contributions 1944 visits
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 Spanish Government introduces a foreign direct investment screening regime
Callol, Coca & Asociados (Madrid)
Spain 170 contributions 46184 visits
In the framework of a larger urgent legislative package to ease the effects of the Covid-19 crisis in the economy in the spring of 2020, the Spanish Government put in place a new foreign direct investment (FDI) screening system applicable to non-EU/non-EFTA companies. This screening system (...)

The Spanish Parliament approves a new reform of the Foreign Direct Investment regime through the enactment of a Royal decree on urgent measures to support business solvency, the energy sector and tax matters
Hogan Lovells (Madrid)
Spain 47 contributions 92215 visits
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Hogan Lovells (Madrid)
Spain 2 contributions 172 visits
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KPMG (Madrid)
24 contributions 2748 visits
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 UK Government publishes a bill introducing significant powers to scrutinize foreign direct investment
Covington & Burling (London)
United Kingdom 3 contributions 558 visits
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Covington & Burling (London)
United Kingdom 16 contributions 3938 visits
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Covington & Burling (London)
United Kingdom 11 contributions 2435 visits
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 UK Government introduces a Bill that strengthens its ability to investigate and intervene in foreign direct investments which have the potential to threaten national security
UK Competition & Markets Authority - CMA (London)
United Kingdom 384 contributions 95362 visits
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 UK Government introduces a national investment screening regime
Hogan Lovells (London)
United Kingdom 17 contributions 3168 visits
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Hogan Lovells (London)
United Kingdom 7 contributions 2843 visits
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Hogan Lovells (London)
United Kingdom 4 contributions 362 visits
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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 Parliament publishes the National Security and Investment Bill with impact on transactions with intangible assets
Norton Rose Fulbright (London)
United Kingdom 2 contributions 420 visits
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Norton Rose Fulbright (London)
United Kingdom 6 contributions 1263 visits
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Norton Rose Fulbright (London)
United Kingdom 1 contribution 49 visits
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This article has been nominated for the 2022 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Introduction The National Security and Investment Bill (the Bill) is currently making its way through the legislative process in the House of Lords. It is (...)

The UK Government introduces a regime for screening foreign direct investments
Skadden, Arps, Slate, Meagher & Flom (London)
United Kingdom 24 contributions 6466 visits
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Skadden, Arps, Slate, Meagher & Flom (London)
United Kingdom 2 contributions 572 visits
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Skadden, Arps, Slate, Meagher & Flom (London)
United Kingdom 2 contributions 572 visits
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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 investment screening regime to restrict foreign investment
Freshfields Bruckhaus Deringer (London)
United Kingdom 6 contributions 5716 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 11 contributions 1815 visits
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Freshfields Bruckhaus Deringer (London)
United Kingdom 3 contributions 515 visits
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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 introduces a national investment screening regime
Herbert Smith Freehills (London)
United Kingdom 1 contribution 145 visits
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Herbert Smith Freehills (London)
United Kingdom 1 contribution 145 visits
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Herbert Smith Freehills (London)
United Kingdom 24 contributions 8241 visits
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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 introduces a national screening regime for foreign investments
Cleary Gottlieb Steen & Hamilton (London)
Belgium 32 contributions 37739 visits
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Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 40 contributions 39303 visits
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Cleary Gottlieb Steen & Hamilton (London)
United Kingdom 26 contributions 8330 visits
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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 (...)

The UK Government proposes screening powers for certain deals on national security grounds
Baker Botts (Brussels)
Belgium 29 contributions 48951 visits
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Baker Botts (Brussels)
Belgium 27 contributions 20015 visits
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Baker Botts (London)
United Kingdom 9 contributions 2465 visits
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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 (...)

The UK Government announces long-awaited and extensive reforms to the foreign investment regime
Shearman & Sterling (London)
United Kingdom 30 contributions 14035 visits
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European Commission - DG COMP (Brussels)
Belgium 13 contributions 10884 visits
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Shearman & Sterling (London)
United Kingdom 23 contributions 14024 visits
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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 UK Government publishes proposals designed to restrict foreign investment
Bird & Bird (London)
United Kingdom 28 contributions 3398 visits
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Bird & Bird (London)
United Kingdom 1 contribution 110 visits
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Bird & Bird (London)
United Kingdom 1 contribution 110 visits
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 UK Government proposes a national security investment screening regime
Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United States 13 contributions 5653 visits
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Morgan Lewis (London)
United Kingdom 8 contributions 1634 visits
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 Security and Investment Bill to Parliament which affects private equity investments
Herbert Smith Freehills (London)
United Kingdom 1 contribution 96 visits
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 publishes its National Security and Investment Bill that will introduce significant legislation reforms to review of foreign investments and mergers
Matheson (Dublin)
Ireland 1 contribution 23 visits
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Matheson (Dublin)
Ireland 1 contribution 23 visits
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Matheson (Dublin)
Ireland 6 contributions 1341 visits
On 11 November 2020, the UK Government introduced the National Security and Investment Bill (NSI Bill) to Parliament. Once enacted, the NSI Bill will introduce significant legislative reforms which will overhaul the review and regulation of M&A activity on national security grounds in the (...)

The UK Government introduces the National Foreign Direct Investment Bill
Ashurst (London)
United Kingdom 34 contributions 16805 visits
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Ashurst (London)
United Kingdom 18 contributions 6214 visits
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Ashurst (London)
United Kingdom 13 contributions 3938 visits
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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
Government Legal Department (London)
United Kingdom 18 contributions 2460 visits
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 German Government further aligns its foreign direct investment screening regime with the EU regulation
Morgan Lewis (Frankfurt)
Germany 8 contributions 2902 visits
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Morgan Lewis (Frankfurt)
Germany 4 contributions 1469 visits
The 16th Amendment to the German Foreign Trade and Payments Ordinance entered into effect on October 28, 2020, the third step in the German government’s efforts to tighten its foreign direct investment review regime in 2020. Earlier this year, Germany took action in aggravating its foreign (...)

The EU Commission’s new FDI regulation becomes directly applicable in Malta
Fenech & Fenech Advocates (Valletta)
Malta 3 contributions 217 visits
The global nature of many corporate transactions involving subsidiaries and affiliates located all around the world has spurred the need for the enactment of Regulation (EU) 2019/452 (the “Regulation”). Foreign direct investment controls vary in different countries across the globe but prior (...)

The EU Parliament and Council establish a framework for the screening of foreign direct investments
Hogan Lovells (Brussels)
Belgium 3 contributions 824 visits
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Hogan Lovells (Brussels)
Belgium 20 contributions 8700 visits
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Hogan Lovells (Brussels)
Belgium 2 contributions 622 visits
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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 put in force a regulation for the screening of foreign direct investments
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
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 pass a regulation for the screening of foreign direct investments into the EU
Ashurst (London)
United Kingdom 18 contributions 6214 visits
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ADNOC Group (Abu Dhabi)
United Kingdom 29 contributions 5364 visits
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Ashurst (Brussels)
Belgium 45 contributions 45868 visits
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 (...)

The EU Parliament and Council release a regulation on foreign direct investment screening regime
White & Case (Frankfurt)
Germany 2 contributions 526 visits
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White & Case (Düsseldorf)
Germany 36 contributions 14344 visits
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White & Case (Brussels)
Belgium 50 contributions 37865 visits
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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 see their framework for the screening of foreign direct investments enter into force
Peter Camesasca Advocaat
Belgium 34 contributions 13083 visits
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Covington & Burling (Frankfurt)
Germany 12 contributions 6270 visits
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Covington & Burling (London)
United Kingdom 11 contributions 2435 visits
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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 (...)

The EU Parliament and Council release regulation on foreign direct investments which impacts their applications into Spain including those not undergoing the screening
Herbert Smith Freehills (Madrid)
Spain 2 contributions 142 visits
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 (...)

The EU Parliament and Council enact the EU FDI screening regulation
Van Bael & Bellis (Brussels)
Belgium 30 contributions 3980 visits
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 Parliament and the Council establish a framework for the screening of foreign direct investments into the Union
University of Macau - Faculty of Law
China 284 contributions 224940 visits
This article has been nominated for the 2021 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The Regulation 2019/452 establishing a framework for the screening of foreign direct investments into the Union (EU FDI Screening Regulation) was adopted on 19 (...)

The Romanian Competition Authority announces a public consultation on the amendments to the FDI screening regime
University of Macau - Faculty of Law
China 284 contributions 224940 visits
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 (...)

The UK Competition Authority drafts guidance on its powers and procedures regarding foreign direct investments
Dechert (Brussels)
Belgium 26 contributions 35568 visits
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Dechert (Brussels)
Belgium 7 contributions 6335 visits
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Dechert (Brussels)
Belgium 3 contributions 932 visits
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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 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)
United States 13 contributions 5653 visits
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Morgan Lewis (London)
United Kingdom 26 contributions 9853 visits
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Morgan Lewis (London)
United Kingdom 8 contributions 1634 visits
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 Chinese MOFCOM adopts rules on handling complaints of foreign-invested enterprises
Ministry of Commerce of the People’s Republic of China
China 1 contribution 192 visits
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 2 contributions 527 visits
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 French Government issues interim rules on certain foreign investments in response to COVID-19
Skadden, Arps, Slate, Meagher & Flom (Paris)
France 2 contributions 374 visits
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Paris Bar
France 2 contributions 374 visits
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 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
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 30 contributions 32045 visits
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Cleary Gottlieb Steen & Hamilton (Paris)
France 14 contributions 11361 visits
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Cleary Gottlieb Steen & Hamilton (Paris)
France 5 contributions 1791 visits
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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 German Government further tightens its national foreign direct investment screening regime and introduces sanction mechanisms for non-compliance
Morgan Lewis (Frankfurt)
Germany 8 contributions 2902 visits
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Morgan Lewis (Frankfurt)
Germany 4 contributions 1469 visits
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 (...)

The Polish Government amends the foreign investment screening regime to implement the EU FDI screening regulation
University of Macau - Faculty of Law
China 284 contributions 224940 visits
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 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)
Poland 6 contributions 1154 visits
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
Bird & Bird (Warsaw)
Poland 19 contributions 2973 visits
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Bird & Bird (Warsaw)
Poland 19 contributions 2973 visits
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 EU Commission proposes new powers of investigation, sanction, control on mergers, market conduct, and public contracts to combat foreign subsidies
Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 11 contributions 4508 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 78 contributions 58564 visits
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Belgium 38 contributions 13004 visits
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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 (...)

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)
Belgium 26 contributions 35568 visits
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Dechert (Brussels)
Belgium 3 contributions 2580 visits
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Dechert (Brussels)
Belgium 9 contributions 12195 visits
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 (...)

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)
Belgium 9 contributions 3847 visits
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Morgan Lewis (Brussels)
Belgium 5 contributions 2605 visits
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 opens a public consultation on a new tool to protect the EU from unfair international competition
Latham & Watkins (Hambourg)
Germany 4 contributions 171 visits
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Sumitomo Electric Industries (London)
United Kingdom 1 contribution 40 visits
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Latham & Watkins (Brussels)
Belgium 1 contribution 40 visits
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This article has been nominated for the 2021 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The European Commission (the Commission) is consulting the market on a proposal to add a new tool to the EU protective gear against international competition. (...)

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)
Belgium 9 contributions 3847 visits
,
Morgan Lewis (Brussels)
Belgium 5 contributions 2605 visits
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. (...)