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Untangling the Foreign Subsidies Regulation

Philipp Werner, Henry De La Barre, Kristina Music


Keywords: foreign subsidies, FSR, EU filing, public procurement

This article provides an overview of the main features and implications of the EU Foreign Subsidies Regulation (FSR), which entered into force in 2023 to address the distortive effects of foreign subsidies on the EU internal market. It discusses the key concepts and thresholds for the notification and review of transactions and public procurement procedures involving foreign financial contributions, as well as the ex officio investigation tool and enforcement powers of the European Commission (EC). The article also highlights the challenges and uncertainties that the FSR poses for companies and their counsel, and the need for further guidance and clarification from the EC. The article looks at the decision practice and case law in related areas of EU law, such as State aid, trade, and competition law, to analyse the principles and procedures of the FSR.
Keywords: Foreign subsidies; EU filing; public procurement

Philipp Werner is a partner in the Brussels office of Jones Day. He focuses on German and EU competition law, State aid law, and the Foreign Subsidies Regulation (FSR). Henry de la Barre d’Erquelinnes is an associate in the Brussels office of Jones Day. His practice includes merger control, anticompetitive agreements, abuse of dominance, and State aid. Kristina Music is an associate in the Brussels office of Jones Day. Her practice focuses on German and EU antitrust and competition law matters. Kristina also advises national and international companies on EU State aid law matters, the Foreign Subsidies Regulation, and foreign direct investment regimes. The views and opinions set forth herein are the personal views or opinions of the authors; they do not necessarily reflect views or opinions of the law firm with which they are associated.


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