The article provides an overview of recent developments in foreign direct investment (“FDI”) review across Europe. In describing what is meant by FDI review, it outlines that there is no unilateral definition for the concept of FDI, but a common trend towards more rigorous screening and extended mandatory filing requirements. Specific jurisdictional updates follow, concerning amendments to existing FDI regimes in the UK and Germany respectively, alongside recent enforcement practice in those jurisdictions. Newly-introduced FDI regimes in the Czech Republic, Denmark, the Netherlands, and Slovakia are summarized and finally, the authors take an outlook to other policy developments, like the European Commission’s Foreign Subsidies Proposal, and explore their implications on M&A transactions.

By Peter Camesasca, Horst Henschen & Martin Juhasz1

 

I. INTRODUCTION

The European Union (“EU”) has traditionally been one of the world’s most open economies for foreign direct investments (“FDI”). While it remains an attractive and open destination for investment, public officials continue to voice their concerns about investments into strategic companies and key technologies within the EU. The European Commission (“Commission”) has recently presented its EU trade policy reflecting the concept of open strategic autonomy.2 Therein, the Commission maintains its aim to strengthen multilateralism while emphasizing that the EU will take a more assertive stan

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