CELIS-Blog
Evaluation Report on Amendments to the German Investment Screening Mechanism
By Jonas Fechter, University of Münster / CELIS Deputy Assistant Director I. Legislative changes and reporting duties Over the past couple of years, investment screening has become a central legislative instrument for promoting security and public order in many Western countries. When Germany first introduced its two-tier screening system in 2004 (military sector) and…
Read More ...The ECJ’s Judgment in Xella – Judicial Cherry Picking?
By Alexia Crivoi, Vienna University of Economics and Business Introduction In the much-discussed Xella judgment of July 13 2023, the Court of Justice decided two things: that the scope of the EU FDI Screening Regulation does not extend to ‘indirect FDI’, rejecting arguments relating to the company structure of an EU-based but foreign-owned investor…
Read More ...The Special Economic Zones in the Gulf Region and their Significance for the Global Economy
By Gianmatteo Sabatino, Zhongnan University of Economics and Law Among the economic institutions most involved in the ongoing mutation of global supply chains and development models are the Special Economic Zones (SEZs). Among the areas most critical for the shaping of economic and political geographies in the near future is the Gulf Region. Therefore,…
Read More ...CELIS Update on Investment Screening – September 2023
Estonia – FDI regime coming into force on 1 September 2023 Several FDI regimes came into force at the beginning of the month of September 2023. The Estonian Act establishing a new FDI regime in Estonia came into force on 1 September 2023. The Estonian Parliament adopted the Foreign Investment Reliability Assessment Act on 25…
Read More ...CELIS Update on Investment Screening – August 2023
Luxembourg – FDI Regime coming into force on 1 September 2023 The Luxembourg law of 14 July 2023 introduces a new foreign direct investment regime with a suspensory mandatory notification requirement in relation to investments in a broad range of sectors. Luxembourg is the latest European jurisdiction to pass broad FDI legislation and its FDI…
Read More ...National Interest and Freedom of Establishment: The CJEU’s Judgment in Xella
By Bálint Kovács In its judgment[1] published on 13 July 2023, the Court of Justice of the European Union (CJEU) ruled that Hungary’s decision to prohibit an investment by a foreign-owned Hungarian company aiming to acquire a Hungarian company violated the freedom of establishment. The prohibition involved the use of the novel foreign direct investment…
Read More ...CELIS Update on Investment Screening – July 2023
Spain – Spanish FDI Regulation enacted on 4 July 2023 Over the past three years, Spain has significantly strengthened its FDI regime. On 4 July 2023, the Spanish Council of Ministers approved the Royal Decree 571/2023 of 4 July on foreign investments and therewith amended and developed a number of rules that had been introduced…
Read More ...CELIS Update on Investment Screening – June 2023
Belgium – FDI screening regime enters into force 1 July 2023 As almost all EU Member States have introduced a foreign direct investment screening mechanism into their law, it is now Belgium’s turn: on July 1 2023, Belgium’s new FDI screening regulations, drafted in June 2022, will take effect. As there is a significant increase…
Read More ...CELIS Update on Investment Screening – May 2023
Netherlands: Investment screening act comes into force on 1 June 2023 On 1 June 2023 the Dutch general investment screening control rules will come into force. The Netherlands adopted the act already in 2022 and has therewith implemented the EU’s FDI Regulation 2019/452. Future investments in critical infrastructure or sensitive technology will have to be…
Read More ...CELIS Update on Investment Screening – April 2023
EU – Commission considers introducing an outbound investment screening mechanism On 30 March 2023, European Commission President Ursula von der Leyen gave a speech in which she announced that the EU is preparing a mechanism for screening outbound investment. The speech was made during her visit to China on 5-6 April and addresses the threats…
Read More ...CELIS Update on Investment Screening – March 2023
France – Considerable increase in international investments On 27 February 2023, the French government announced that the number of international investments in France had increased in 2022 compared to 2021: 1,725 investment decisions were recorded in France that year, an increase of 7% compared to 2021. Projects in the energy and recycling sectors have grown…
Read More ...CELIS Update on Investment Screening – February 2023
Estonia – Introduction of new FDI-regime On 25 January 2023, the Estonian Parliament has passed the Foreign Investment Reliability Assessment Act which will enter into force on 1 September 2023. The act will introduce the very first Foreign Direct Investment Screening (FDI) regime in Estonia. Under the new law foreign direct and indirect investments from…
Read More ...CELIS Update on Investment Screening – January 2023
France – Extension of temporary FDI framework for another year On 23 December 2022, the French government published Decree No. 2022-1622 concerning the extension for another year of the temporary framework lowering the threshold for acquiring voting rights that may trigger FDI screening procedure in France from 25% to 10%. While this temporary regime, which…
Read More ...CELIS Update on Investment Screening – November 2022
EU – Commission prepares revision of the EU’s FDI Screening Regulation In a communication on its work programme for 2023 dated 18.10.2022, the European Commission announced that it is ready to review the EU FDI Screening Regulation two years after its entry into force. The aim is to identify the necessary modifications that would improve…
Read More ...CELIS Update on Investment Screening – October 2022
USA – Treasury publishes CFIUS Enforcement and Penalty Guidelines On 20 October 2022 the Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), has released the first-ever CFIUS Enforcement and Penalty Guidelines. The Guidelines provide the public with information about how the Committee assesses…
Read More ...CELIS Briefing Note: Cyprus – Republic of Cyprus’ FDIS Bill: State of Play – Interim Update
Dr. Thomas Papadopoulos and Mr. Pantelis Christofides, CELIS Country Reporter for Cyprus, provide an update on the current state of play of the process on legislation to screen foreign direct investment in Cyprus.
Read More ...CELIS Briefing Note: Cyprus – Republic of Cyprus’ FDIS Bill: State of Play
Dr. Thomas Papadopoulos and Mr. Pantelis Christofides, CELIS Country Reporter for Cyprus, report on the current state of play of the process on legislation to screen foreign direct investment in Cyprus.
Read More ...CELIS Update on Investment Screening – September 2022
EU – European Commission publishes Second Annual Report on the screening of foreign direct investments into the Union On 1 September 2022, the European Commission (EC) published the Second Annual Report on the Screening of Foreign Direct Investment into the Union. The report contains besides the most recent data on foreign direct investment inflows into…
Read More ...CELIS Update on Investment Screening – August 2022
Czechia – First Annual Report on Foreign Direct Investments Screening in the Czech Republic On 1 August 2022, the Ministry of Industry and Trade of the Czech Republic published the first Annual Report on Foreign Investments Screening in the Czech Republic. The report provides some interesting insights on the FDI Act that has been in effect for one…
Read More ...CELIS Update on Investment Screening – June 2022
Belgium – Introduction of a general FDI regime The next EU member state is about to implement the EU Foreign Direct Investment (FDI) regulation and to present its first FDI regime. On 1 June 2022, the federal and regional governments of Belgium agreed on a draft legislative text that will introduce a mandatory FDI regime…
Read More ...CELIS Update on Investment Screening – May 2022
EU – Commission singles out “hostile investors” As a reaction of the war against Ukraine, for the first time ever, the European Commission has taken the step of singling out two hostile investor countries for Member States to consider in applying foreign direct investment (“FDI”) screening laws. In its communication from 6 April 2022 the Commission…
Read More ...CELIS Briefing Note: Switzerland – Swiss Federal Council initiates consultation on legislation to screen foreign investment
Phil Baumann, CELIS Country Reporter for Switzerland, briefly reports on the initiation of the consultation process on legislation to screen foreign direct investment by the Swiss Federal Council.
Read More ...CELIS Briefing Note: Italy – Latest amendments to the Italian golden powers: a significant set of new rules
Andrea Sacco Ginevri, CELIS Country Reporter for Italy, Federico Riganti, CELIS Assistant Country Reporter for Italy, and Linda Lorenzon, CELIS Assistant Country Reporter for Italy, shortly brief us on the latest amendments of the Italian “golden powers” regulations.
Read More ...CELIS Update on Investment Screening – February 2022
EU – Commission proposes European Chips Act On 8 February 2022, the European Commission published multiple documents relating to the Proposal for a Regulation establishing a framework of measures for strengthening Europe’s semiconductor ecosystem (European Chips Act). Due to their importance in the production of many goods in the technology sector, such as cars or…
Read More ...CELIS Briefing Note: EU – EU merger control limits member states’ FDI screening competence
Wessel Geursen, CELIS Country Reporter for the Netherlands, examines the interaction between national investment screening legislation on the one hand and EU law on the other. He focuses on the possible tension between the EU Merger Regulation (EUMR) and free movement provisions in the Treaty on the Functioning of the European Union (TFEU).
Read More ...