The new EU Foreign Subsidies Regulation (FSR)

With the new EU Foreign Subsidies Regulation ("FSR") entering into force as of July 12, 2023, it is important for companies that are active in the EU to understand what it means and to start preparing rapidly. This is particularly important for companies planning M&A with counterparties active in the EU or those participating in EU public procurement tenders as they may need to notify the European Commission as of October 12, 2023.

Under the FSR, companies who receive "foreign subsidies" from non-EU Governments (e.g., industry-specific tax credits, state capital or loans, guarantees or even concessions at below market prices) can be deemed to distort competition with companies who have not received such subsidies. To demonstrate that any foreign contributions received do not tilt the competitive playing field, recipients of foreign contributions need to first understand what potential subsidies they receive, how they could be viewed as impacting on competition and then prepare to engage with the EC. Companies need to also prepare for investigations started by the EC.

Please join Norton Rose Fulbright's antitrust and corporate legal team members Ward Atterbury, Sophie Bertin and Miranda Cole as they delve into the requirements and learn how best to prepare your business for the FSR.

If there is anything specific that you would like covered during the webinar please do not hesitate to reach out to the speakers below.

Speakers

Ward Atterbury, Partner, New York

Sophie Bertin, Legal Consultant, Brussels

Miranda Cole, Brussels and London