THE EUROPEAN COMMISSION PUBLISHES FINAL IMPLEMENTING REGULATION ON PROCEEDINGS PURSUANT TO THE FOREIGN SUBSIDIES REGULATION -

On July 10, 2023, the European Commission (the “Commission”) published its final regulation for implementing the Foreign Subsidies Regulation (FSR). The Implementing Regulation (the “IR”) clarifies practical and procedural aspects related to the application of the new EU rules to address distortions caused by foreign subsidies in the EU internal market. This much-awaited text provides businesses and their advisors with guidance on how the new regime will work in practice. On July 12, 2023, just a few days after the release of the IR, the Commission released a new Communication with further details concerning the conduct of proceedings under the FSR, including the submission of documents.