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ARTICLE · 17 JULY 2023

Spain Approves New Foreign Direct Investment Regulation

Jones Day
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The General Directorate of International Commerce and Investments will begin enforcing the new Regulation on September 1, 2023. The authority will review transactions already filed by that date...

SpainGovernment, Public Sector
Sergio Cires
Sergio Cires
Raimundo Ortega
Raimundo Ortega
Blanca Puyol Martínez-Ferrando
Blanca Puyol Martínez-Ferrando
Iratxe Rueda
Iratxe Rueda
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In Short

The Development:The Spanish government adopted anew foreign direct investment ("FDI") implementing regulation ("Regulation") that clarifies key concepts of the existing law, such as investment, investors, and sectors caught by the FDI screening regime. It establishes review procedures, including a prefiling consultation period and an abbreviated review procedure.

The Background:Spain was one of the first European Union ("EU") Member States to adopt an FDI regulation in 2020 in response to deals driven by the negative impact of COVID on the value of strategic Spanish companies. The rush to adopt the FDI regulation led to broad thresholds and lengthy proceedings, resulting in increased uncertainty for foreign investors.

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