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ARTICLE · 13 OCTOBER 2023

FSR's Notification System In Effect Since 12 October 2023

Schoenherr (Schönherr Rechtsanwälte)
Schoenherr (Schönherr Rechtsanwälte)
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Today marks a turning point for the EU's anti-subsidy regime. The Foreign Subsidies Regulation (FSR) will now become fully operational. As of 12 October 2023, the European Commission...

European UnionCorporate/Commercial Law
Volker Weiss
Volker Weiss
Jan Kupčík
Jan Kupčík
Marko Jakšić
Marko Jakšić
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Today marks a turning point for the EU's anti-subsidy regime. The Foreign Subsidies Regulation (FSR) will now become fully operational. As of 12 October 2023, the European Commission (EC) can review deals and tenders under the FSR's M&A and public procurement tools. Businesses are now also able and, where applicable, required to submit notifications on transactions and tenders in public procurement procedures. In this edition of our series, we explain why today is so significant.

M&A notifications

The FSR's M&A tool applies to transactions signed after 12 July 2023 (see here). It allows the EC to intervene in foreign state-backed M&A transactions. Deals that were signed after 12 July but have not been closed before today (12 October) are – if the notification thresholds are met – subject to the mandatory filing and review process. It is only as of today that notifications can be submitted to the EC under the FSR and the EC can formally review these deals.

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