Foreign subsidies

Enforcement, European Commission, Foreign subsidies, Foreign Subsidy Regulation, Merger control, Mergers, State aid, Subsidies

, , (Simmons & Simmons)/ /Leave a comment

With the introduction of the Foreign Subsidies Regulation (FSR), the European Union (EU) embarked on a new regulatory era. This landmark regulation aims at addressing the distortive effects of subsidies granted by foreign – non-EU – countries to companies operating within the EU, and ensuring a level playing field and fair competition across the internal…

Conference, European Commission, Foreign subsidies, Foreign Subsidy Regulation, Geopolitics, Merger control, Merger notification, Merger Thresholds, State aid, State owned enterprise (SOE), Subsidies, Tender, Trade Law

(Simmons & Simmons) and (University of Antwerp)/ /Leave a comment

Adopted in November 2022, the Foreign Subsidies Regulation (FSR) is the latest arrival in the EU competition toolbox. Having just celebrated its second anniversary and with a few cases under its belt, the FSR is still the object of much discussion and curiosity from practitioners and stakeholders. To contribute to this debate, an expert panel…

Foreign subsidies, Foreign Subsidy Regulation

(Norton Rose Fulbright, Belgium) and (Norton Rose Fulbright)/ /Leave a comment

Introduction Since October 2023, the European Commission has been aggressively enforcing a revolutionary new European Union (EU) law, the Foreign Subsidies Regulation (FSR). The FSR is designed to prevent “foreign” – meaning non-EU — subsidies from distorting the EU internal market.  The FSR introduced new legal concepts, in particular, the “foreign financial contribution” (FFC), and…

European Commission, European Union, Foreign subsidies, Foreign Subsidy Regulation, Guidance

(Norton Rose Fulbright, Belgium)/ /Leave a comment

The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.  The FSR draws on EU merger control, State aid and trade law, but it also introduces new legal concepts and procedures not…

European Commission, Foreign subsidies, Foreign Subsidy Regulation

, (Hogan Lovells)/ /Leave a comment

It was only a matter of time before the European Commission (“EC“) launched its first ever in-depth investigation of an M&A transaction under the Foreign Subsidies Regulation (“FSR“). On 10 June 2024, that time came: The EC referred the acquisition of the Czech telecom operator PPF Telecom Group B.V. (“PPF“) by the Emirates Telecommunications Group…

Dawn raids, Foreign subsidies, Foreign Subsidy Regulation

, (Dentons)/ /Leave a comment

At the crack of dawn, the European Commission embarked on a milestone enforcement endeavor: the first unannounced inspection under the new EU Foreign Subsidies Regulation (FSR)! The European Commission, in tandem with national competition authorities, conducted its first dawn raids under the FSR at the Polish and Dutch offices of Nuctech, a Chinese company specialized…

China, European Champions, European Commission, Foreign subsidies, Foreign Subsidy Regulation

(Stibbe)/ /Leave a comment

The FSR and public procurement The primary objective of the Foreign Subsidies Regulation (FSR) is to address the influence of foreign subsidies that may distort the integrity of the EU’s internal market. This encompasses scenarios where recipients gain an unfair advantage enabling them to secure public procurement contracts within the EU at the expense of…

European Union, Foreign subsidies, Foreign Subsidy Regulation, Mergers

(College of Europe, Bruges)/ /Leave a comment

It is often said that one of the greatest things about watching an important character is people wondering when he is going to make his comeback. In 2019, thirteen days after the prohibition of Siemens’ proposed acquisition of Alstom was published by the European Commission, Germany and France issued a public Manifesto ‘for a European industrial…

European Commission, Foreign subsidies, Foreign Subsidy Regulation

, , (White & Case) and (White & Case, Belgium)/ /Leave a comment

The first months of application of the EU Foreign Subsidies Regulation (FSR) have involved a large number of notifications, lengthy and wide-ranging requests for information, and the opening of the first in-depth investigation. We take a look at the key highlights from the FSR’s opening period and practical implications for companies navigating the still quite…

Foreign direct investment, Foreign investment, Foreign subsidies

(Norton Rose Fulbright, Belgium)/ /Leave a comment

The European Commission’s third annual report (the Report) on experience with Regulation 2019/452 (as amended, the FDI Regulation) reflects the growing importance of foreign direct investment (FDI) screening in the European Union (EU).  Together with a staff working document, the Report provides valuable insights into the FDI Regulation’s practical impact and the Commission’s role in FDI screening…