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ARTICLE · 28 JANUARY 2026

European Commission Publishes Final FSR Guidelines: Key Takeaways For M&A, Procurement, And Subsidy Control

Goodwin Procter LLP
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On 9 January 2026, the European Commission (the Commission) unveiled its final Guidelines on the application of certain provisions of the EU Foreign Subsidies Regulation (FSR), a document intended to bring order, clarity, and light to what has become increasingly contentious terrain for businesses operating across borders.

European UnionAntitrust/Competition Law
Stephen Mavroghenis
Stephen Mavroghenis
Hyunseok Doh
Hyunseok Doh

On 9 January 2026, the European Commission (the Commission) unveiled its final Guidelines on the application of certain provisions of the EU Foreign Subsidies Regulation (FSR), a document intended to bring order, clarity, and light to what has become increasingly contentious terrain for businesses operating across borders. The aim is straightforward: to increase predictability and transparency for companies navigating the Commission's scrutiny of foreign state support. The Guidelines follow a public consultation conducted in 2025, which Goodwin contributed detailed commentsto.

At its core, the text answers three questions that now define the FSR landscape: how the Commission determines whether a foreign subsidy distorts competition; how it balances any distortive effects against potential benefits; and when it may require notification of transactions or procurement procedures even when the formal thresholds are not met.

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