The transaction notification regime under the EU Foreign Subsidies Regulation (FSR) is now over a year old. To date, intervention levels are low. But assessing whether a filing is required, and gathering the extensive...more
Regulatory intervention levels are rising. The concerns of antitrust authorities and foreign investment (FDI) regulators are evolving and can be unpredictable. Allocation of merger control execution risk in deal documents...more
3/5/2025
/ Antitrust Division ,
Antitrust Provisions ,
Competition ,
Department of Justice (DOJ) ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Merger Controls ,
Mergers ,
Regulatory Requirements ,
Risk Management ,
Sellers
Merger control and foreign investment hurdles contributed to a challenging 2024 for M&A. 2025 looks more promising, with pro-business agendas and regulatory easing in key jurisdictions expected to fuel a surge in dealmaking...more
On January 15, 2025, the European Commission (EC) issued a Recommendation (the Recommendation) urging European Union (EU) Member States to scrutinize their companies' investments in non-EU countries (also referred to as...more
On 24 January 2024, the European Commission (EC) published its proposed reform of foreign investment screening in the EU. The proposal introduces more comprehensive rules for the review of foreign investments and strengthens...more
1/26/2024
/ Biden Administration ,
Critical Infrastructure Sectors ,
Dual Use Goods ,
EU ,
EU Screening Regulation ,
European Commission ,
European Court of Justice (ECJ) ,
Executive Orders ,
Export Controls ,
Foreign Direct Investment ,
Foreign Investment ,
Greenfield Projects ,
Indirect Investors ,
International Harmonization ,
Investors ,
Member State ,
New Regulations ,
Research and Development ,
Risk Assessment ,
Semiconductors ,
Sensitive Personal Information ,
Technology Sector ,
Treaty on the Functioning of the European Union (TFEU)
The European Commission (EC)’s third annual report on EU foreign direct investment (FDI) screening covers the operation of the screening mechanism in 2022. Together with a Commission Staff Working Document, it details...more
The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU that could distort competition in EU markets.
The Foreign Subsidies Regulation (FSR) establishes a new suspensory notification...more
To address concerns around the transparency and predictability of the National Security and Investment Act 2021 (NSIA) regime, the UK government has published the second edition of its “market guidance notes”. Following the...more
Navigating the international foreign direct investment (FDI) landscape is becoming ever more complex. In 2022 we saw a proliferation of new FDI regimes, a stream of revisions to existing rules and unprecedented levels of...more
The UK government has announced that it will require Chinese-owned technology company Nexperia BV to sell the 86% shareholding it acquired in July 2021 in the UK’s largest semiconductor plant, Newport Wafer Fab (since...more
President Biden recently issued “formal Presidential direction” on the risks that the United States will consider when evaluating in-bound foreign investment....more
The UK’s new national security screening tool has been in force for over 9 months and its impact on deal making is being felt. Determining whether notification is required can be complex and while the notification process...more
With the EU FDI Regulation close to celebrating its second year anniversary, the European Commission (EC) has published its second annual report on EU FDI screening covering the operation of the mechanism in 2021. In...more
The UK National Security and Investment Act 2021 (NSIA) has been in force for over six months. We know that within the first three months, the UK government received 221 notifications and “called-in” 17 deals for a more...more
The UK’s strengthened national security regime will commence on 4 January 2022. From that date there will be a dramatic expansion of the UK Government’s ability to scrutinise investments. This will include a power for the UK...more
On 5 May 2021, the European Commission (EC) published a draft Regulation aimed at remedying distortions in the EU single market caused by companies receiving subsidies from non-EU entities.
...more
On 29 April 2021, the National Security and Investment Act 2021 (the Act) received royal assent. The Act dramatically expands the UK Government’s powers to scrutinise investments. The regime that the Act puts in place has not...more
The European Commission published on 19 April 2021 a template notification form that EU Member States should use in the context of the cooperation mechanism put in place by the EU FDI Regulation....more
The UK government has finally delivered on its promise to tighten the scrutiny of transactions on national security grounds....more
The table below sets out an overview, based on our current awareness of the position as regards foreign investment control, of the different approaches being taken by authorities around the world in response to the Covid-19...more
The table below sets out an overview, based on our current awareness of the position as regards foreign investment control, of the different approaches being taken by authorities around the world in response to the Covid-19...more
The table below sets out an overview, based on our current awareness of the position as regards foreign investment control, of the different approaches being taken by authorities around the world in response to the Covid-19...more
On 11 November 2020 the UK Government published its groundbreaking National Security and Investment Bill (Bill). The Bill will drastically expand the Government’s powers to scrutinise investment on national security grounds,...more
11/12/2020
/ Corporate Sales Transactions ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Foreign Investment ,
Investment ,
Investment Funds ,
Legislative Agendas ,
National Security ,
Private Equity ,
Regulatory Reform ,
UK
The European Parliament approved on 14 February 2019 a new Regulation, aimed at harmonizing and coordinating the various national foreign investment screening mechanisms across the economic bloc. The Regulation does not...more
The proliferation of merger control regimes around the world – and the resulting need to consider potential notification requirements in multiple jurisdictions – poses an increasing burden for businesses seeking to make...more