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ARTICLE · 13 JULY 2023

Ready For Take Off: Final Implementing Regulation For New EU Foreign Subsidies Regime Published

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This week, the first tranche of rules in the European Commission's Foreign Subsidies Regulation ("FSR") package begins to take effect. This imposes on businesses a new set of rules seeking to combat...

European UnionCorporate/Commercial Law
Nikolay Mizulin
Nikolay Mizulin
Aymeric de Moncuit
Aymeric de Moncuit
Andrea Pomana
Andrea Pomana
Paulette Vander Schueren
Paulette Vander Schueren
Sarah Wilks
Sarah Wilks
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Introduction

This week, the first tranche of rules in the European Commission's Foreign Subsidies Regulation ("FSR") package begins to take effect. This imposes on businesses a new set of rules seeking to combat the effects of potentially distortive subsidies granted by third countries to companies operating in the EU. In particular, it imposes obligations on merging parties to notify the European Commission ("Commission") before closing their transaction when certain turnover and financial contribution thresholds are met. In brief, the Commission will investigate whether the internal market is distorted by any foreign subsidies either in relation to the competitive bidding process, or in markets where the target operates. Businesses may need to repay the subsidy or offer other remedies to obtain clearance before closing their deal.

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