For more than a year, Canada’s foreign investment review regime has been on the cusp of a dramatic expansion that will supercharge foreign investors’ obligations to obtain pre-closing national security non-objection or...more
The National Security and Investment Act 2021 (NSIA) came into force a year ago, ushering in a new era of investment control in the UK. Though not without teething issues, the NSIA appears to be working well, and is...more
With 2023 only a few days old, many predictions are out there about what the New Year holds for investment and M&A activity. While it is hard to prophesy, particularly in such unprecedentedly turbulent times, one legal trend...more
On December 7, 2022, François-Philippe Champagne, the Minister of Innovation, Science and Industry (the Minister), announced several proposed amendments to the national security regime under the Investment Canada Act (ICA)...more
The UK Government recently published its Annual Report on the application of the National Security and Investment Act 2021 (NSIA). This first annual report covers the period from the commencing of the NSIA (4 January 2022) to...more
China China has increased its efforts to scrutinize global transactions that may implicate national security concerns using its foreign investment security review ("FISR") process....more
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,...more
Following our prior client alerts regarding the U.K.’s new investment screening regime under the National Security and Investment Act 2021 (the Act), the U.K. government has announced that the Act will come into force on 4...more
On December 19, 2020, China's National Development and Reform Commission ("NDRC") and the Ministry of Commerce ("MOFCOM") jointly issued the Measures for the Security Review of Foreign Investments ("New FISR Measures"), which...more
In response to the COVID-19 emergency, the screening powers of the Italian government were significantly expanded - The Italian government, which is led by the President of the Chamber of Ministries, together with any...more
The Federal Antimonopoly Service strengthens enforcement of foreign investments legislation - Established by the Russian government in 2008, the Government Commission on Control over Foreign Investments in the Russian...more
Increased awareness of safety concerns related to foreign direct investments has prompted a ramp-up toward the implementation of a general FDI screening regulation - As of this writing, Sweden does not have a general FDI...more
The UK has published a draft of its new National Security and Investment Bill, together with explanatory notes, heralding the introduction of a new regime for reviewing investments in the UK. The new regime would introduce,...more
In 2020, Japan tightened foreign direct investment review but also introduced a prior notification exemption scheme - Japan's Ministry of Finance (MOF), and its ministries with jurisdiction over the target entity's...more
Most deals are approved, but new rules covering more types of transactions and requiring mandatory filings in certain cases have changed the landscape - The Committee on Foreign Investment in the United States (CFIUS),...more
Since COVID-19, deals involving foreign state-owned enterprises or enterprises related to public health or the supply of critical goods and services are increasingly subject to review - The Investment Review Division...more
China has moved to strengthen its review of foreign direct investments in 2020 - The PRC Foreign Investment Law (FIL) and its implementation regulations, which establishes the new foreign investment regulatory framework in...more
In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at...more
The French Foreign Investments Control regime has recently been reinforced following a reform of 2019, and other measures have been adopted in view of the COVID-19 pandemic - Since 2014, the scope of the French Foreign...more
The COVID-19 pandemic has changed most governments' views on the strategic relevance of the domestic healthcare sectors across the globe. Although the European Commission, and also the German government, have re-emphasized...more
Prior to the outbreak of the COVID-19 pandemic, there had been a growing and global trend of established Western economies increasingly scrutinising foreign investment in key sectors. FDI restrictions have been on the...more
On April 8, 2020, in response to the COVID-19 emergency and following EU Commission guidelines issued on March 25, 2020 on the protection of European strategic assets and technologies, the Italian government issued Law Decree...more
Japan expanded the scope of industries subject to prior notification for Inward Direct Investment in 2019 - Under the Foreign Exchange and Foreign Trade Act (FEFTA), the Ministry of Finance (MOF) and the relevant...more
Further to the Decree of 29 November 2018, which expanded the list of strategic sectors, and to the so-called « PACTE » law of 22 May 2019, which strengthened the enforcement powers of French authorities with respect to the...more