On 23 December 2022, the EU published the final text of its new regime to fight foreign subsidies distorting the internal market. The so-called Foreign Subsidies Regulation targets foreign-subsidised M&A transactions, but also any kind of foreign-subsidised activity affecting EU markets, including the bidding for public contracts in the EU, and complements existing EU antitrust (merger control) and trade law rules in force. The new rules will apply from 12 July 2023. The mandatory filing regime for certain M&A deals and public procurement bids will kick off from 12 October 2023.

We address the key pillars of the new regime and practical implications for international businesses and investors in our recent client alert.