In August 2025, the European Commission launched a review of the Foreign Subsidies Regulation (FSR).
EU Merger Guidelines Consultation – Our Views on Sustainability and Clean Technologies
As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper D – on Sustainability and Clean Technologies.
Our Views on the EU Foreign Subsidies Regulation Guidelines
In July 2025, the Commission published its draft Foreign Subsidies Regulation (FSR) guidelines for consultation. The guidelines discuss the FSR’s distortion and balancing tests and the EC’s powers to call in “below threshold” mergers and public tenders for ex ante review.
MOFCOM Issues Final Determination on Trade and Investment Barrier Investigation into the EU’s Foreign Subsidies Regulation
On January 9, 2025, the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) released its decision in a trade and investment barrier investigation into the European Union’s Foreign Subsidies Regulation (“FSR”).
EU Consults on Foreign Subsidies Regulation Guidelines
On March 5, 2025, the European Commission (EC) launched a public consultation on the EU Foreign Subsidies Regulation (FSR). The consultation will run to April 2, 2025.
The EU Foreign Subsidies Regulation: 2024 in Review and Predictions for 2025
In 2024, the FSR’s first year in operation saw a large number of filings but limited enforcement, with only a handful of Phase 2 reviews, one conditional merger clearance and two ex officio cases. With the FSR now up and running, in 2025, we expect the EC’s focus to be on demonstrating the FSR’s value and delivering practical results by stepping up enforcement, building a corpus of reasoned decisions, and – it is hoped – developing a more streamlined process for non-issue cases.
First Merger Commitments Adopted under the EU Foreign Subsidies Regulation
On September 24, 2024, the European Commission (EC) conditionally approved, under the Foreign Subsidies Regulation (FSR), the acquisition of PPF Telecom Group (PPF) by Emirates Telecommunications Group Company PJSC (e&).[1] The EC’s clearance is subject to commitments valid for 10 years, which may be extended by another 5 years. This is the EC’s first Phase II conditional clearance decision under the FSR, which started to apply on July 12, 2023.[2].
The EU Foreign Subsidies Regulation in Practice: First Cases and Enforcement Trends
Almost eight months since taking full effect, the EU’s enforcement agenda for the Foreign Subsidies Regulation (FSR) is coming into focus. The European Commission (EC) has launched several in-depth and ex officio cases, and reviewed over 150 notifications.
Commission Powers Up FSR Enforcement: Launches Two In-Depth Investigations Into Chinese Solar Photovoltaic Producers
On April 3, 2024, the European Commission (“Commission”) launched two in-depth investigations into tenders by Chinese solar photovoltaic suppliers under the EU Foreign Subsidies Regulation (“FSR”).[1] The investigations relate to a public procurement procedure launched on September 27, 2023 by a Romanian contracting authority (Societatea Parc Fotovoltaic Rovinari Est S.A.) for the design, construction, and operation of a photovoltaic park with an installed capacity of 454.97 MW.[2]
Notification Obligations under the EU Foreign Subsidies Regulation Take Effect
On October 12, 2023, the notification obligations under the EU Foreign Subsidies Regulation (FSR) took effect. Businesses must notify all M&A deals (if signed on or after July 12 and not yet implemented by October 12) and public procurement tenders (for offers submitted on or after October 12) meeting the relevant thresholds.