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 activities in the EU (in particular where they are parties to concentrations, or as bidders in tender proceedings), imposing upon them new obligations and threats of potentially expanded penalties. We shed light on the key features of this new regime as well as on the anticipated consequences for economic actors. Introduction The EU has adopted a final text for a new Regulation on foreign subsidies distorting the Internal Market (“Regulation”). The Regulation will empower, from 12 July 2023, the

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