The Foreign Subsidies Regulation (FSR), which will be fully applicable as of October 12, 2023, provides the European Commission with extensive intervention powers to examine foreign subsidies that distort competition on the EU internal market. It will impact participants in many public tenders in the European Union and have a significant effect on mergers and acquisitions as, in addition to merger control and foreign direct investment screening, it introduces a new system of mandatory notification and even allows the European Commission to call in transactions that do not meet the applicable thresholds when they suspect distortive foreign subsidies are at play.

Stéphane Dionnet and Hendrik Viaene guide us through navigating this new regulatory obstacle that may also present an opportunity in an event in tandem with ACC.