Jurisdiction(s):
United Kingdom

Sweden’s foreign investment screening and security-sensitive transfers: FDI Regulation 2023 and Protective Security Act - scope, triggers, process, penalties, and merger control interaction

Published by a LexisNexis Competition expert

Practice notes

1. What is the applicable legislation?

Sweden operates two principal investment control frameworks. The Swedish FDI Regulation (the FDI Regulation), effective from 1 December 2023, is the primary scheme governing foreign direct investment in Sweden. Its protective remit is Sweden’s security and public order or public safety in Sweden, capturing any undertaking whose operations need safeguarding to maintain that security, order or safety. The Protective Security Act (the PSA), in force since 1996, is narrower than the FDI Regulation and targets only deals involving businesses that carry out security-sensitive activities. The PSA’s protected interest is Sweden’s security, covering activities that are significant for Sweden’s security or that fall under an international protective security commitment binding on Sweden. The FDI Regulation and the PSA partially overlap in scope. Both extend to security-sensitive activities and, to differing extents, essential services. However, the PSA is confined to activities that matter for Sweden’s security, while the FDI Regulation casts a wider net by also encompassing activities relevant to public order and public security in Sweden...

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Mattias Wiklund Matala

Setterwalls Advokatbyrå AB

Since 2011, Mattias has been working with infrastructure projects and other societal projects, on both client and supplier sides. He works mainly with infrastructure projects and large-scale construction. He is experienced in providing advice in all stages of projects, from strategic procurement and tender issues to contract negotiations, day-to-day project management and dispute resolution. Many of Mattias' clients operate internationally, and he has substantial experience of helping clients understand and manage the conditions on the Swedish market. He has extensive experiences from working with companies in the building and construction sector, but also works with companies and actors in the transport industry, and in particular the railway sector. ...

Vincent Gedeon

Setterwalls Advokatbyrå AB

Vincent is an Associate in Setterwalls Advokatbyrå’s EU & Competition Group, advising Swedish and international clients on EU, competition, and foreign investment law. Vincent is also part of the firm’s Dispute Resolution Group, working mainly as an arbitrator in major infrastructure and renewable energy projects. Vincent has previous experience from Brussels where he worked at a Magic Circle firm and the Swedish top tier firm. The work in Brussels mainly consisted of national and multi-jurisdictional transaction notifications under merger and investment control regimes, as well as litigating EU cartel investigations and state aid cases in against the European Commission. Vincent works in Swedish, English and German. ...

Web page updated on 21/05/2026

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