The new regime extends the list of strategic sectors and amends the application process timeline, among other new features.

Key Points:

..The list of strategic sectors has been extended to include (i) activities pertaining to agricultural products that contribute to national food safety objectives, (ii) print and online press services for political and general information, (iii) quantum technologies, and (iv) energy storage.

..Review by the Minister of the Economy and Finance (MINEFI) is now triggered when a non-EU or non-EEA investor (directly or indirectly) acquires 25% of the voting rights in a French target with a sensitive activity instead of being triggered by the (direct) acquisition of 33.33% of the share capital or voting rights under the former regime.

..The timeline for the application process has been amended — there is now a two-step review with a first 30-business day period, which could potentially be followed by a second 45-business-day period at the MINEFI’s option.

..The MINEFI’s right to modify or impose new conditions of previously granted authorizations has been formalized.