On January 15, 2025, the European Commission ("EC") published a Recommendation ("EU Recommendation") urging European Union Member States to start reviewing outbound investments outside of the EU in three strategic sectors:...more
The Development: On January 24, 2024, the European Commission ("EC") unveiled a package of five fresh initiatives aimed at strengthening the European Union's ("EU") economic security (the "Package"). This will likely increase...more
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...more
On October 3, 2023, the European Commission ("Commission") unveiled a list of 10 technology areas qualified as "critical" to the European Union's ("EU") economic security, out of which four (Semiconductors, AI, Quantum...more
10/17/2023
/ 5G Network ,
Artificial Intelligence ,
Biotechnology ,
Critical Infrastructure Sectors ,
Cybersecurity ,
Economic Reform ,
EU ,
European Commission ,
Export Controls ,
Foreign Direct Investment ,
Foreign Investment ,
Investment Controls ,
Risk Assessment ,
Semiconductors
In Short -
The Background: Luxembourg has introduced a new foreign direct investment regime with a suspensory mandatory notification requirement in relation to investments in a broad range of sectors....more
In Short -
The Situation: On July 13, 2023, the European Court of Justice ("ECJ") issued a judgment (Case C-106/22 - Xella) clarifying the conditions under which EU Member States may screen and block foreign direct...more
In Short -
The Development: The new Belgian foreign direct investment screening law ("FDI Regime") imposes preclosing filing requirements on non-EU investments into various industry sectors in Belgium, including energy,...more
In Short -
The Development: On 1 June 2023, the Security Screening of Investment, Mergers and Acquisitions Act (Wet Veiligheidstoets investeringen, fusies en overnames) ("the FDI Act") entered into force, introducing a...more
On September 9, 2022, the French Ministry of Economy released its guidelines ("Guidelines") on the regulation of foreign direct investments ("FDI"). These Guidelines come a few months after the French Ministry of Economy made...more
The 17th amendment to the German Foreign Trade and Payment Ordinance ("AWV") adopted by the federal government on April 27, 2021, included—compared to the original draft—a number of changes relevant to M&A transactions with a...more
The changes will expand the notification requirements for tech-related transactions significantly.
The German federal government published a draft 17th amendment to the Foreign Trade and Payment Ordinance ("AWV"), which is...more
One effect of the COVID-19 pandemic has been to accelerate the implementation of new or stricter controls on inward-bound foreign direct investment activity ("FDI"), particularly in the European Union. For example, in March...more
The economic crisis caused by the spread of the coronavirus triggered an unprecedented response from European governments to support their economies with various measures of support.
This overview summarizes the various...more
7/6/2020
/ Business Interruption ,
Coronavirus Large Business Interruption Loan Scheme (the CLBILS) ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Infectious Diseases ,
Member State ,
Public Health Emergency ,
Relief Measures ,
State Aid ,
State of Emergency
The Situation: The French government issued on December 31, 2019, new rules substantially revising the French Foreign Direct Investments ("FDI") regulation. These new provisions mostly implement the recent PACTE law and the...more
2/10/2020
/ Acquisitions ,
Critical Infrastructure Sectors ,
Dual Use Goods ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Ministry of Economy ,
National Security ,
New Regulations ,
New Rules ,
PACTE Act ,
Screening Procedures
Italy is ranked one of the top destinations for investment in the European union. Still, the Italian government wields the authority to review, and even prevent, investments by foreign entities seeking assets in certain...more
6/17/2019
/ Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Dual Use Goods ,
EU ,
Export Controls ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Entities ,
Foreign Investment ,
Investors ,
Italy ,
National Security ,
Screening Procedures
The Situation: Recent foreign investments in Italian blue chips led the Italian government to intervene to protect strategic assets.
The Result: Decree 148/2017 introduced new disclosure requirements regarding...more
12/4/2017
/ Acquisitions ,
Anti-Raiding ,
Board of Directors ,
CONSOB ,
Corporate Governance ,
Disclosure Requirements ,
Foreign Acquisitions ,
Investors ,
Italy ,
National Security ,
Regulatory Oversight ,
Transparency
The Situation: In July 2016, the Market Abuse Regulation ("MAR") came into effect, introducing detailed requirements for EU listed issuers regarding disclosure of inside information, with a view to fighting market...more
11/6/2017
/ CONSOB ,
Corporate Officers ,
Derivatives ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Insider Trading ,
Italy ,
Market Abuse ,
New Guidance ,
Policies and Procedures
Legislative Decree No. 254 ("Decree") was approved by the Italian government on December 30, 2016, and implemented the European Union framework on the disclosure of nonfinancial and diversity information by certain large...more