The discussion of foreign investment law in Canada usually centres around the net benefit and national security review provisions of the Investment Canada Act (ICA). However, foreign investors must also be aware of different sector-specific laws in Canada that impose limits on foreign ownership of businesses in those sectors, including whether they exercise “control in…
Switzerland is one of the world’s largest recipients of foreign investments – but does not yet have a general regime for the systematic screening of foreign investments. As mandated by Parliament, the Federal Council, the Swiss government, has now issued a preliminary draft legislation for public consultation proposing to introduce a foreign investment regime in…
On March 8, 2022, the government of Canada issued a policy statement regarding the review of Russian investments under the Investment Canada Act (ICA): https://www.ic.gc.ca/eic/site/ica-lic.nsf/eng/lk81228.html. The policy statement was issued in response to Russia’s invasion of Ukraine, which the government called “unprovoked and unjustifiable”, and affects the application of both the ICA’s “net benefit” review…
The past year generated substantial interest in the operation of Canada’s principal legislation governing the review of foreign investments, the Investment Canada Act (“ICA”). In particular, attention was focused on the ICA’s national security review process, which authorizes the Canadian government to block investments by non-Canadians that would be “injurious” to Canada’s national security. We…
We are happy to announce the new International Law Talk Podcast episode on the interrelations between merger control, FDI, subsidy control & EU trade law. In the episode, I discuss with competition and trade experts and my former colleagues François-Charles Laprévote and Wanjie Lin from Cleary Gottlieb Steen & Hamilton LLP. We focus on the…
Regulation 2019/452 (as amended, the FDI Regulation) inserted the European Commission (the Commission) into a hitherto jealously guarded area of EU Member State authority – screening of foreign direct investment (FDI) for threats to security and public order. The FDI Regulation set out minimum requirements for Member States’ FDI screening mechanisms and a mechanism for…
Background Another day, another ground-breaking change in Spain’s FDI rules. November 2021 has been an eventful month for FDI in Spain. The following two developments are likely to be consequential in the evolution of the country’s policy as regards foreign investments: (i) More than a year after the establishment of the Spanish 2020 FDI ex-ante…
There is a lot of hype about the Spanish FDI regulations introduced by a number of Royal Decrees in 2020: fines of up to the value of the deal, non-controlling acquisition of shares can potentially trigger a filing, etc. And yet, prior to 2020, Spain already had FDI provisions on the books. These pre-2020 FDI…
On 10 September 2021, certain significant changes to Austria’s competition law entered into force, although some of the merger control related changes will apply only as of 1 January 2022: Merger control. The amendments include a revision of Austria’s revenue-based merger control threshold, the introduction of the significant lessening of competition test, and a broadening…
The newest episode of the competition edition of the International Law Talk Podcast focuses on the revival of the Dutch clause and other current issues of merger control. For this highly topical issue, I interviewed merger control star Tilman Kuhn from White & Case. Earlier this year, the European Commission encouraged Member States to use…
