EU Foreign Subsidy Regulation Concentration Notifications, Turnover and FFC Thresholds, Form FS-CO, Reporting Duties, Balancing Test, Review Timelines, Standstill, and Commission Investigatory Powers
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Practice notes
On 12 January 2023, Council Regulation (EU) 2022/2560 of 14 December 2022 on foreign subsidies that distort the internal market (the FSR) came into effect.
On 10 July 2023, the European Commission (Commission) adopted Council Regulation (EU) 2023/1441, the Implementing Regulation, which lays down detailed arrangements for how the Commission conducts proceedings under Regulation (EU) 2022/2560 of the European Parliament and of the Council on foreign subsidies distorting the internal market, setting out procedural rules for putting the FSR into practice.
The FSR establishes a new framework to tackle distortions of competition within the EU internal market arising from foreign subsidies. It introduces mandatory notification and clearance obligations for takeovers of significant EU businesses and for sizeable EU public procurement, and grants the Commission wide-ranging powers to open ex officio inquiries. The notification obligations have applied since 12 October 2023.
This Practice Note summarises the principal aspects of the FSR, including the compulsory notification and approval regime for M&A deals and the Commission’s capacity to initiate its own investigations into problematic foreign subsidies.
Notification obligation for concentrations
M&A transactions are notifiable under the FSR where the below conditions are met...
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Web page updated on 21/05/2026
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