François-Charles Laprévote

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On September 9, 2022, the French Ministry of Economy (the “Minefi”) issued its first guidelines on the regulation of foreign investment control in France (“FDI Regulation”) (the “Guidelines”).[1]

The Guidelines were eagerly awaited as certain provisions of the FDI Regulation leave room for discretion and there is no published decision-making practice on which the relevant stakeholders may rely.  While the Guidelines do not constitute an element of hard law, they provide useful insight into the official interpretation of certain elements of the FDI Regulation.  By contrast, clarifications regarding the identification of “sensitive activities” remain underwhelming.…

Continue Reading French Government Issues Guidelines on FDI Regulation

On April 6, 2022, the European Commission (“EC”) issued a communication calling for greater vigilance towards foreign direct investment (“FDI”) from Russia and Belarus, and guiding Member States on how best to screen and examine these investments going forward.[1]  The EU FDI alert follows the recently adopted EU sanctions package against both countries.[2]…
Continue Reading EU On Alert Towards Russian FDI

On May 5, 2021, the European Commission proposed a new draft regulation that, if adopted, would introduce sweeping measures aimed at controlling the impact of foreign subsidies on the EU single market.  The Proposed Regulation reflects the EU’s policy priority to pursue an “open strategic autonomy” and fits into the EU Industrial Strategy,…

The EU Foreign Direct Investment Regulation came into force this week. It establishes a European framework for the screening of foreign investments into the European Union. In this memorandum we provide an overview of the legislation, and its expected practical impact on foreign investment review in the EU.

Please click here to read the full…

On July 23, 2020, the Government published a Decree no. 2020-892 (the “Decree”)[1] and a Ministerial Order (the “Ministerial Order”)[2] both of July 22, 2020 on the temporary lowering of the threshold triggering control of foreign investments in French listed companies.  The Decree aims to temporarily reduce the threshold triggering review of non-EU/EEA investments when targeting French listed companies in the context of the COVID-19 pandemic.  As explained by the French Minister for the Economy, “[w]hile most foreign investment transactions are opportunities for French companies, the volatility of financial markets and the very sharp decline in the valuations of a large number of companies make them particularly vulnerable to potential unfriendly transactions, which calls for increased vigilance ».[3]…
Continue Reading France Foreign Investment Control – New Rules Temporarily Applicable to non-EU/EEA Investments Enter Into Force Today

In a March 25, 2020 communication, the European Commission (“EC”) issued guidance on the screening of foreign direct investments (“FDI”) in the context of the COVID-19 pandemic. The communication identifies an increased risk of attempts by non-EU acquirers to obtain control over suppliers of essential products, in particular healthcare sector products. The EC calls on Member States to make use of pre-existing FDI regimes, and to introduce robust screening mechanisms where they do not already exist, to protect “critical health infrastructure, supply of critical inputs, and other critical sectors.”  The communication builds on the increasing coordination among Member States that was already encouraged by the EU FDI Screening Regulation that comes into effect in October 2020.
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Continue Reading European Commission Urges Member States to Protect Suppliers of Essential Products from Foreign Takeovers

Regulation 2017/2321,[1] which introduced a new methodology for calculation of normal value[2] in trade defence cases (“New Methodology”), entered into force on December 20, 2017 (see here). Two years on, a review of the Commission’s implementation practice provides useful insight into questions of evidentiary burden, practical application, and selection of representative third country.
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Continue Reading Two Years On: Implementation of the New Methodology in Anti-Dumping Cases

On August 5, 2019, the European Commission (“Commission”) published its official Guidance on Internal Compliance Programmes (“Guidance”).[1] The Guidance aims to clarify and harmonize implementation of Regulation 428/2009 on Dual-Use Goods[2] (“Dual-Use Regulation”) by competent Member State authorities (“national export authorities”) and EU-based exporters of dual-use goods (“exporters”). While the Guidance is non-binding, national export authorities will take it into careful account when considering applications to export, transit or broker dual-use items.
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Continue Reading EU Publishes Non-Binding Guidance on Internal Compliance Programmes for Dual-Use Trade Controls

On November 14, 2018, almost a year and a half after the British public voted to exit the EU, the UK and EU reached agreement on the terms of separation manifested in a draft Withdrawal Agreement.  This draft text updates an earlier version published in March 2018. Subsequently, on November 22, the EU and UK published the accompanying draft Political Declaration that sets out key principles of the future relationship.  On November 25, the European Council endorsed these two texts.  This post summarizes the key outcomes with respect to trade in goods, the continued applicability of EU law and European Court of Justice jurisdiction, and dispute settlement during the transition period, as well as the framework for the EU and UK’s future relationship.
Continue Reading The EU and UK Agree on Arrangements for Brexit Transition Period and Future Relationship Framework

Over the past few months a number of developments have highlighted the growing pressure in favour of reactive sanctions implementation in the EU and the UK.

New EU chemical weapons sanctions regime

On October 15, 2018, the Council of the EU adopted a new programme of restrictive measures (Council Regulation (EU) 2018/1542). Where necessary to address the use or proliferation of chemical weapons, the EU is now able to impose asset freezes and travel bans on persons and entities anywhere, regardless of their nationality and location, and forbid EU persons and entities from making funds available to them.…

Continue Reading Fast-Moving Political Developments Increase the Pressure for Reactive Sanctions Implementation