On 17 October, the European Commission (EC) issued its Fourth Annual Report under Article 5(4) of the Foreign Direct Investments (FDI) Screening Regulation (the Regulation) along with an EC Staff Working Document (SWD). The...more
France continues to be an important destination for foreign direct investments (“FDI”) with 1,194 inbound investments projects last year. For the fifth consecutive year, France has been recognised as the most attractive...more
The Belgian FDI screening regime, introduced by the Cooperation Agreement of November 30, 2022 ("Cooperation Agreement") became effective on July 1, 2023. Similar to many other European foreign direct investment ("FDI")...more
Continuing the work from the Joint Communication on a European Economic Security Strategy published in June 2023, the European Commission unveiled a comprehensive package with five proposed initiatives to strengthen the EU's...more
Foreign direct investment ("FDI") screening was one of the major topics of 2023 as a myriad of new regimes joined the FDI club and its more seasoned members continue to strengthen scope and enforcement, with the impacts felt...more
Foreign direct investment (FDI) regimes continue to grow in number and complexity around the world, and FDI has become a key global regulatory consideration that must be carefully understood, assessed and managed in...more
The past two years have witnessed significant geopolitical fracturing and macroeconomic difficulties that continue to hamper certain dealmaking. Several sectors have posted transactional lows throughout 2023, and persistent...more
12/11/2023
/ Acquisitions ,
CFIUS ,
China ,
Cross-Border Transactions ,
Debt Financing ,
EU ,
Foreign Direct Investment ,
Foreign Subsidies ,
Global Dealmaking ,
Hong Kong ,
International Trade ,
Mergers ,
Regulatory Agenda ,
Taiwan ,
Trade Secrets ,
United States
The European Court of Justice (“ECJ”) has ruled that Hungary’s foreign investment screening law is incompatible with EU law, in particular the freedom of establishment enshrined in Article 54 TFEU. In striking down a...more
Now in its seventh year of annual publication, White & Case's Foreign Direct Investment Reviews provides a comprehensive look into rapidly evolving foreign direct investment (FDI) laws and regulations in approximately 40...more
3/22/2023
/ Acquisitions ,
Anti-Monopoly ,
Asia Pacific ,
Australia ,
Austria ,
Belgium ,
Canada ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cross-Border ,
Cybersecurity ,
Czech Republic ,
Denmark ,
EMEA ,
Estonia ,
EU ,
EU Screening Regulation ,
Finland ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Hungary ,
Iceland ,
India ,
Investment ,
Investors ,
Italy ,
Japan ,
Korea ,
Latvia ,
Legislative Agendas ,
Lithuania ,
Luxembourg ,
Malta ,
Member State ,
Mergers ,
Mexico ,
Middle East ,
National Security ,
Netherlands ,
New Legislation ,
New Zealand ,
Norway ,
Poland ,
Popular ,
Portugal ,
Romania ,
Slovakia ,
Slovenia ,
Spain ,
Sweden ,
Switzerland ,
Taiwan ,
Turkey ,
UK ,
United Arab Emirates (UAE) ,
United States
Foreign direct investment (FDI) regimes continue to proliferate and mature globally. Given their increasing ubiquity and potential impact on deals, parties must prioritize FDI when considering cross-border M&A transactions....more
12/8/2022
/ CFIUS ,
EU ,
Foreign Corporations ,
Foreign Direct Investment ,
Foreign Investment ,
International Regulatory Standards ,
Investors ,
Mergers ,
Popular ,
Taiwan ,
United States
In an unprecedented double-strike, the German government recently blocked two transactions pertaining to Chinese investments in German semiconductor facilities. Just two weeks before, the cabinet had already intervened...more
11/17/2022
/ Canada ,
CFIUS ,
China ,
EU ,
European Commission ,
Foreign Direct Investment ,
Germany ,
Investment ,
Investors ,
National Security ,
Prohibited Transactions ,
Semiconductors ,
UK
In September, the French Directorate-General of the Treasury published new guidelines on the screening of foreign direct investments (FDI) in France (the "Guidelines"). Highly anticipated, the Guidelines were issued following...more
On 1 September, the European Commission (EC) issued its Second Annual Report under Article 5(4) of the Foreign Direct Investments (FDI) Screening Regulation along with an EC Staff Working Document (SWD). The Report covers the...more
Following major reforms, the French Foreign Investments Control regime is now reaching cruising speed -
Since 2014, the scope of the French Foreign Investments Control regime has been substantially expanded. In May 2019,...more
Member States are introducing or expanding investment screening regimes, and the European Commission is now playing an active role -
While there is no standalone foreign direct investment (FDI) screening at the EU level, the...more
12/27/2021
/ EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Foreign Subsidiaries ,
Investors ,
Member State ,
Popular ,
Proposed Regulation ,
Screening Procedures ,
Threshold Requirements
The European Commission (EC) issued its first Annual Report pursuant to Article 5(3) of the Screening Regulation on foreign direct investment (FDI) in the EU on 23 November 2021. The Report provides transparency around the...more
11/29/2021
/ Annual Reports ,
Cross-Border Transactions ,
EU ,
EU Screening Regulation ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Investors ,
Member State ,
Popular ,
Transparency
In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment -
While there is still no standalone foreign direct investment (FDI) screening at...more
11/10/2020
/ Acquisitions ,
Critical Infrastructure Sectors ,
EU ,
EU Screening Regulation ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Member State ,
Merger Controls ,
Mergers ,
National Security ,
National Security Review Proceedings
The French Foreign Investments Control regime has recently been reinforced following a reform of 2019, and other measures have been adopted in view of the COVID-19 pandemic -
Since 2014, the scope of the French Foreign...more
On 25 March 2020, the European Commission issued guidelines to coordinate the EU's approach to investment screening in light of the COVID-19 crisis and to protect the EU's critical assets and technologies from potential...more
Further to the Decree of 29 November 2018, which expanded the list of strategic sectors, and to the so-called « PACTE » law of 22 May 2019, which strengthened the enforcement powers of French authorities with respect to the...more
1/13/2020
/ Critical Infrastructure Sectors ,
Dual Use Goods ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
National Security ,
National Security Review Proceedings ,
New Rules ,
PACTE Act ,
Technology Sector
In December 2018, a new decree expanded the scope of the French national security review, especially in the technology sector
In May 2019, the so-called “PACTE” Law strengthened the powers of French authorities in case of...more
1/3/2020
/ Defense Sector ,
Dual Use Goods ,
EU ,
Filing Requirements ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Member State ,
Mergers ,
Ministry of Economy ,
National Security ,
National Security Review Proceedings ,
PACTE Act ,
Prior Authorization
A new European Foreign Direct Investment regulation harmonizing investment controls came into force .
In response to increased foreign direct investments (FDI) into European technology assets and an increased call for the...more
12/31/2019
/ Critical Infrastructure Sectors ,
EU ,
European Commission ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Freedom of the Press ,
Harmonization Rules ,
Member State ,
National Security ,
National Security Review Proceedings ,
Reporting Requirements ,
Screening Procedures ,
Sensitive Business Information ,
Supply Chain ,
Technology Sector
New legislation broadens the scope of foreign investments control review in France and reinforces the sanctions in case of infringement. As a next step, French authorities are likely to adopt new regulations by the end of...more
7/22/2019
/ Critical Infrastructure Sectors ,
EU Directive ,
European Commission ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Infringement ,
Interim Measures ,
Member State ,
National Security ,
National Security Review Proceedings ,
PACTE Act ,
Penalties ,
Sanctions ,
Suspensions ,
Voting Rights
Following completion of the Trilogue process, the three main EU institutions have agreed on a compromise for a new Regulation that gives the EU a largely procedural and coordinating function in connection with foreign direct...more
1/8/2019
/ CFIUS ,
Cooperation ,
Critical Infrastructure Sectors ,
EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Harmonization Rules ,
Member State ,
National Security ,
National Security Review Proceedings ,
New Regulations ,
Reporting Requirements ,
Screening Procedures ,
Technology Sector