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ARTICLE · 05 DECEMBER 2023

Ireland Introduces Foreign Investment Screening Regime

Jones Day
Jones Day
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The Screening of Third Country Transactions Act 2023 (the "STCT Act") was signed into law on October 31, 2023, introducing a new investment screening regime in the Republic of Ireland...

IrelandGovernment, Public Sector
Vica Irani
Vica Irani
Jason Beer
Jason Beer
Jürgen Beninca
Jürgen Beninca
Nicolas Brice
Nicolas Brice
Serge Clerckx
Serge Clerckx
Stefano Crosio
Stefano Crosio
Mark Jones
Mark Jones
Laura A. Pembridge
Laura A. Pembridge
Rick van 't Hullenaar
Rick van 't Hullenaar
+2 more
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The Development: The Screening of Third Country Transactions Act 2023 (the "STCT Act") was signed into law on October 31, 2023, introducing a new investment screening regime in the Republic of Ireland ("Ireland") with a mandatory filing system and a broad call-in power.

The Result: Transactions involving the acquisition of assets or undertakings active in specified sectors in Ireland by "third country" acquirers will need to be notified for clearance to the Minister for Enterprise, Trade, and Employment (the "Minister") prior to their implementation.

Looking Ahead: The Irish government has indicated that the STCT Act is expected to come into force in the second quarter of 2024. Parties involved in transactions that might not be closed by this period will need to factor in the possibility of a mandatory Irish notification requirement. The Minister will also be able to call in transactions that completed up to 15 months before the legislation takes effect, so

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