Competitive Edge: Competition & EU Law - FDI special edition - October 2024
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Keeping you up to date on Competition & EU law developments in Europe and beyond.
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Dear readers,
In this climate of increased geopolitical uncertainty and rivalry combined with the exponential growth of emerging technologies, investors can expect close scrutiny of foreign investments by Governments across the globe. Review is no longer limited to traditional military, dual-use technology or defence sectors, but also can include generative AI, quantum computing, energy supply chains, access to AI chips and semiconductors and critical infrastructure, as well as other sectors.
In a similar way to merger control, investors, acquirers and sellers need to familiarise themselves with applicable foreign direct investment (FDI) screening regimes as part of any transactional due diligence, and build in time for any required clearances. To make matters more complicated, each country has its own FDI regime with different rules.
In this special "FDI" edition of our Newsletter, we examine emerging trends and developments in FDI screening regimes with FDI experts from across our Bird & Bird offices. Whilst the vast majority of deals are still cleared, increased scrutiny can make risk assessment more challenging. We are seeing that Governments are seeking to expand the scope of their FDI regimes, minority investments as well as internal restructurings and asset deals are captured, and some Governments are also considering whether to address outbound investments.
From reforms to policy shifts, we provide an overview of the factors shaping FDI scrutiny and the global investment landscape. Our insights aim to equip you with the knowledge you need to navigate the complexities of cross-border investments.
As always, please reach out to us if you have questions or comments.
The Competitive Edge newsletter team
Foreign Direct Investment
EU
EU Commission takes cautious steps towards Screening of Outbound Investments
For more information or further guidance in this area, please contact Baptist Vleeshouwers and Tialda Beetstra.
EU to strengthen its Foreign Investment Screening regime
This article was published in February 2024. For more information or further guidance in this area, please contact Anthony Rosen and Tamy Tietze.
Australia
FIRB Your Enthusiasm: Reforms Announced to Australia’s Foreign Direct Investment (FDI) Framework
For more information or further guidance in this area, please contact Aaron Chan and Alex Lazar.
Belgium
Navigating Belgium's Blackbox: the FDI Screening Mechanism 15 months in
For more information or further guidance in this area, please contact Paul Hermant, Baptist Vleeshouwers and Claire De Neve.
Czech Republic
Foreign Direct Investments in the Czech Republic - Insights
For more information or further guidance in this area, please contact Ľubomír Brečka and Kristýna Opolzerová.
Denmark
The Danish FDI Act – what’s happening
For more information, or further guidance in this area, please contact Morten Nissen or Nanna Sofie Krabbe.
France
A Practical Perspective on How to Deal with the FDI Regime in a M&A Transaction in France
For more information or further guidance in this area, please contact Carole Bodin.
Finland
Introducing the Foreign Direct Investment regime with latest trends
For more information, please contact Katia Duncker, Riikka Aarikka or Maria Karpathakis.
Germany
Germany expected to tighten grip on FDI
For more information or further guidance in this area, please contact Dr Stephan Waldheim and Tamy Tietze.
Hungary
FDI Regimes in Hungary
For more information or further guidance in this area, please contact Dániel Arányi and Balázs Rudinszky.
Italy
FDI in Italy: Insights on the application of the Italian “Golden Power” regime
For more information or further guidance in this area, please contact Simone Cadeddu and Jacopo Nardelli.
Netherlands
Navigating Dutch FDI Notification: Are Internal Restructurings captured?
For more information or further guidance in this area, please contact Janneke Kohlen, Tialda Beetstra, and Sander Wagemakers.
Poland
Updated Guidelines for Polish FDI Screening Mechanism
For more information or further guidance in this area, please contact Marcin Alberski or Szymon Golebiowski.
Slovakia
Early stages of the new FDI regime
For more information or further guidance in this area, please contact Ivan Kisely and Róbert Čuperka.
Spain
Updates and trends - Spanish Foreign Direct Investment
If you need more information or further guidance in this area, please contact Candela Sotés.
Sweden
The Swedish FDI Act – What we’ve learnt
For more information or further guidance in this area, please contact Michael Butler, Caroline Grotenfelt and Lukas Holmberg.
UAE
FDI regime in the United Arab Emirates
For more information or further guidance in this area, please contact Surabhi Singhi and Abdulla Alhashili.
UK
Shaking Up the Bottle: CMA's Examination of the UK Infant Formula Market
For more information, please contact Anthony Rosen and Tenisha Cramer.
Visit our Foreign Direct Investment (FDI) webpage
Bird & Bird news and publications
Navigating the Complex Landscape of Merger Control and Foreign Direct Investment in Life Sciences in the EU and UK
Read this article written by Dr Saskia King and James Baillieu here
Events and webinars
Webinar
Navigating Employment Issues in Investigations: A Guide for InHouse Counsel
16 October | Online
10:00 - 11:00 GMT | 17:00 – 18:00 CST
It's easy to overlook employment law requirements in investigations, especially when an authority carries out an unannounced search at a company’s premises (“dawn raid”) or when a whistleblower report triggers a hasty internal investigation. However, failing to consider employment issues in an investigation can create legal and reputational risks for the company and damage employee morale.
This Lexology-hosted masterclass walks you through the typical stages of an investigation starting with an unannounced search of the company’s offices and explains how to deal with employment law requirements at each stage.
Speakers Anne Federle and Paweł Sawicki will share their experience in competition/criminal law investigations and Emily Clark will discuss the employment law requirements.
If you cannot make it to the live webinar, you can still register to receive the recording afterwards.
Full webinar description
Register for the free webinar
IBA 2024 Conference
15 - 20 September | Mexico City, Mexico
At this year's IBA conference, our Brussels-based partner Hein Hobbelen will be co-chairing, together with Jorge Kargl, a panel entitled “Emerging Digital Regulations: first lessons learned on the DSA, DMA, Data Act, AI Act.”.The panelists will discuss the new EU digital regulations (DSA, DMA, Data Act, AI Act, etc.), their impact on other countries, and the initial lessons learned.
The International Bar Association's annual conference is open to all legal professionals, at any stage in their career. It offers the opportunity to discuss the latest issues in the legal field and build valuable international connections. This year Bird & Bird is also sponsoring the LGBTI Law Committee dinner at the event.
More information on the conference here
Florence Competition Autumn School
Recent Developments in Competition Policy
14-17 October | Fiesole, Italy
If you are a mid-career professional looking to advance your knowledge in competition law and economics, this event will help you to stay at the forefront of this ever-evolving field.
Among a distinguished lineup of instructors is our senior associate Tialda Beetstra, who will be presenting on Leniency and Dawn Raids and leading an interactive Dawn Raid Simulation exercise on 16 October. The event is organised by the Centre for a Digital Society of the EUI (European University Institute).
More information on the event here
8th International Competition Law & Policy Conference
17 - 18 October | Athens, Greece
This annual event organized by Nomiki Bibliothiki gathers competition experts, academics, practitioners, and members of national and EU authorities to discuss the latest trends in competition law. Bird & Bird partner Jose Rivas will be speaking on State aid developments.
The key topics of this conference are:
- Overview of last year’s developments from the regulators’ perspective
- Key antitrust developments from the practitioners’ perspective
- Antitrust / Abuse of Dominance
- The DMA & DSA new era / Algorithms and AI ACT
- Merger Control
- State aid developments
This event is supported by the Hellenic Competition Commission, Hellenic Investors Association, and Hellenic Federation of Enterprises.
More information on the event here
Florence Competition Autumn Conference
The Digital Markets Act one year after: Where do we stand?
18 October | Fiesole, Italy and hybrid
Join this conference for a stimulating discussion on the status of the implementation of the Digital Markets Act (DMA), one year after the first gatekeepers’ designation decisions by the European Commission.
Our Brussels-based partner Hein Hobbelen will join a panel of experts discussing Gatekeepers designation: lessons learnt after one year. The event is organised by the Centre for a Digital Society of the EUI (European University Institute).
More information and registration
