CELIS-Blog
CELIS Update on Investment Screening – September 2024
European Union – European Commission has granted conditional approval in first in-depth review for an M&A transaction On 24 September 2024, the European Commission has approved the acquisition by Emirates Telecommunications Group Company PJSC (ETGC) of sole control of PPF Telecom Group B.V. (PPF), excluding its Czech business, under the Foreign Subsidies Regulation. The approval is conditional on…
Read More ...Towards a centralisation of FDI screening in the EU? On the functioning and effects of the cooperation mechanism in the Commission’s proposal for a revised screening regulation
By Steffen Hindelang and Jan Philipp Huth[i] A. Introduction To those arguing, before the backdrop of increasing geopolitical tension, in favour of a security-oriented European industrial policy, it may seem like a relic of bygone times. However, Art. 63 para. 1 TFEU – still – provides for free movement of capital between the EU and…
Read More ...The Growing “Informalisation” of EU Trade and Investment Law: The End of a Rules-Based Order?
By Sophie Bohnert, Vienna University of Economics and Business I. Introduction Since approximately 2017, EU trade and investment law has not only taken a “unilateral turn”[i] but has also experienced a “softening”. The EU appears to be adopting an increasingly informal approach to pursuing its policy objectives, alongside other major players such as the United…
Read More ...CELIS Update on Investment Screening – August 2024
EU – European Commission publishes Commission Staff Working Document giving clarifications on the application of Art. 4 (1), Article 6 and Article 27(1) of Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market On 26 July 2024, the European Commission (“EC”) published the Commission Staff Working Document on foreign subsidies distorting the internal market…
Read More ...CFIS 24: Paris Insights – The Current Global Regulatory & Investment Environment: The OECD Countries’ Perspective on Economic Security
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...Mapping FDI Screening Practices in Advanced Economies
By Lorenzo Bencivelli (Banca d’Italia), Violaine Faubert, Florian Le Gallo and Pauline Négrin (Banque de France) Disclaimer: The views expressed are those of the authors and do not necessarily reflect those of the Banque de France or the Banca d’Italia. In recent years, most advanced economies have adopted or tightened their existing foreign investment screening…
Read More ...The ‘Protecting Americans from Foreign Adversary Controlled Applications Act’ (PAFACAA): ‘TikTok Ban’ or New Milestone in US Economic Security Law?
By Paolo Mazzotti, PhD candidate and Research Fellow, Max Planck Institute for Comparative Public Law and International Law (Heidelberg) The recently adopted ‘Protecting Americans from Foreign Adversary Controlled Applications Act’ (PAFACAA) marks a new step in the evolution of US economic security law. While often referred to as a ‘TikTok ban’, PAFACAA puts in place…
Read More ...CFIS 24: Paris Insights – Investment Screening in Defense Sector: Promoting National Security and Neoliberalism
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...CFIS 24: Paris Insights – FDI and EU Strategic Autonomy
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...CFIS 24: Paris Insights – Sovereign Wealth Funds and Investment Screening
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...CELIS Update on Investment Screening – July 2024
Romania – Romanian Parliament introduces new law revising and reinforcing the approach towards EU investors On 17 July 2024, the President of Romania officially promulgated the new law Nr. 231. It took effect three days after its publication in the Official Gazette on 18 July 2024. One of the most important aspects of the new…
Read More ...CFIS 24: Paris Insights – A firm-level perspective on investment screening in the EU
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...CFIS 24: Paris Insights – Background Paper on Foreign Subsidies Regulation
The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is the flagship event…
Read More ...CFIS 24: Paris Insights – Investment Screening and Economic Security in the Majority World
From the Editors The CELIS Blog is launching its very first special series of blog posts ahead of this year’s CELIS Forum on Investment Screening (CFIS). Our Programme Sherpas, promising young academics and practitioners in the field, share their views on the topics we will be discussing in the various panels during CFIS. CFIS is…
Read More ...The First Court (Interim Reliefs) Decision on the Dutch FDI Screening Regime: Setting the Boundaries
By Najibullah Zamani, Radboud University Introduction In recent years, mostly due to geopolitical developments, the perception of FDI by states has changed fundamentally. FDI is used increasingly as a tool to pursue geopolitical and security interests rather than as an objective in itself. As a consequence of this geo-politicization and securitization of FDI, more and…
Read More ...The U.S. Prohibition of the MineOne-Acquisition: What would be the treatment under EU and German Foreign Direct Investment Legislation?
By Benedikt Sichla, Research assistant at Clifford Chance 1. Introduction On May 13, 2024, President Biden issued an order prohibiting for national security reasons the acquisition of real estate and the operation of a cryptocurrency mining facility in close proximity to a U.S. Air Force base. The foreign ownership of the acquirer by nationals of…
Read More ...CELIS Update on Investment Screening – June 2024
European Union – European Commission opens first in-depth investigation On 10 June 2024, the European Commission (EC) opened its first in-depth investigation into the planned acquisition of sole control of PPF Telecom Group (PPF), a European telecommunications company headquartered in Czechia, by a state-controlled buyer from the United Arab Emirates (UAE), the Emirates Telecommunications Group…
Read More ...The European Union’s Critical Raw Materials Act: How Effective In Addressing Supply Chains Risks?
By Cecilia Nota, PhD Candidate University of Turin 1. Introduction In May 2024, Regulation (EU) 2024/1252, establishing a framework for ensuring a secure and sustainable supply of Critical Raw Materials, came into force. This contribution aims to assess how effectively this regulation addresses the current supply chain risks faced by the European Union (EU).…
Read More ...Commission’s Discretion, Court’s Self-restraint. On the EU Court’s Approach to Reviewing Fines in Competition Cases
By Robert Foyle, University College Dublin* The General Court consistently defers to the European Commission’s discretion and fining guidelines when imposing fines. This change limits judicial intervention and may undermine defendants’ rights. A reliance on the Commission’s Guidelines has contributed to this restrained approach, raising concerns about the implications for fair competition enforcement. …
Read More ...Updated guidance on the UK’s investment screening regime: key takeaways
By Veronica Roberts, Andre Pretorius and Ruth Allen, Herbert Smith Freehills LLP On 21 May 2024 the UK Government published updated versions of two key documents for investors seeking to assess how the UK National Security and Investment (NSI) screening regime may apply to a proposed transaction: an updated statement on how the Secretary…
Read More ...The Carbon Border Adjustment Mechanism of the European Union
By Helge Wieggrefe, Research Assistant at the University of Münster and Co-Founder of kolum.earth In May last year, the European Union agreed to introduce the Carbon Border Adjustment Mechanism (CBAM), the first border tax adjustment for carbon pricing. To this end, a second emissions trading scheme will be set up that will apply to…
Read More ...Extended Screening of Foreign Investment in France: A Risk of Incompatibility with Company Law?
By Sabine Naugès and Professor Rémi Dalmau with contribution from Marie Soriano | McDermott Will & Emery Control of foreign direct investments in France (FDI) has been steadily tightened since 2014. The provisions of Articles L. 151-3 and R. 151-1 et seq. of the French Monetary and Financial Code (CMF), as supplemented by the…
Read More ...CELIS Update on Investment Screening – May 2024
Netherlands – First interim relief court ruling to restrict the retroactive FDI enforcement by Dutch Minister Only two weeks after the Investments, Mergers and Acquisitions Act (FDI Act) came into force on 15 June 2023, the Minister made use of the possibility under the FDI Act to retroactively ‘call-in’ transactions that took place before the…
Read More ...Foreign Direct Investment in Thailand
By Lukas Baumgärtner, Mag. Iur, LL.M., Attorney at Law at Luther Rechtsanwaltsgesellschaft (Bangkok and Yangon) I. INTRODUCTION Thailand has demonstrated a significant trajectory of economic development over recent decades, with foreign direct investment (ʺFDIʺ) being an important contributor to this success. FDI inflows stood at USD 10 billion in 2022, down by 31.5% compared…
Read More ...The First Court Decision on the Austrian FDI Screening Regime
By Dr. Johannes Barbist, Binder Grösswang I. Introduction A regular CELIS blog reader will know already: Austria is at the forefront of EU jurisdictions when it comes to FDI filings submitted to the EU cooperation mechanism (counted by population, see here for a compilation of the data). However, until very recently there were no…
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