The EU Foreign Subsidies Regulation came into force on 12 January 2023, and will apply from 12 July 2023 onwards. Under the new regime, the European Commission will be able to scrutinize subsidies granted by third (non-EU) countries to players which are active in the EU. On 12 October 2023, the new notification obligations for M&A deals will become effective.
The new merger review will place significant burden on the parties in international M&A transactions. The scope of the new rules is extremely broad. Despite the instrument’s focus on third countries, both non-EU and EU companies will be subject to the new rules. It is therefore about time to prepare yourself for the new system, which comes on top of other regulatory work streams, such as merger control, foreign direct investment rules and export control.
The European Commission will give us a flavor of what to expect in terms of “red tape”. The regulator intends to publish its long-awaited draft implementing acts, including draft filing forms. These documents will contain further practical guidance on how the Commission intends to apply the filing thresholds and what type of information companies need to provide for the notification.
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