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2022 did not see as many legislative changes of the German foreign direct investment regime (“FDI Regime“) as in years before. However, several foreign direct investments with a Chinese nexus reviewed by the German FDI authority, the Federal Ministry of Economics and Climate Action (“BMWK“), attracted public attention in 2022:…

Continue Reading German FDI Reviews of Chinese Investments in 2022 Confirm the Current Trend – Strict Scrutiny and Political Dimension in Decision Making

On 4 April 2022, the German Federal Ministry of Economic Affairs and Climate Protection (Bundesministerium für Wirtschaft und Klimaschutz – “BMWK“) seized control over Gazprom Germania GmbH (“Gazprom Germany“) by implementing measures under the German FDI rules. The decision was executed by way of a publicly issued administrative act, based on grounds of imminent danger for public order and security.
Continue Reading Germany Takes Over Control of German Gazprom Subsidiary by Using Unprecedented Measures Under Germany’s FDI Regime

On March 21, 2022, the Italian Government enacted a law-decree (“Decree”) to address the economic and humanitarian effects of the ongoing Ukraine crisis.[1]

The Decree further broadens Italy’s foreign direct investments (“FDI”) regime, by  giving the Government the permanent power to review (a) acquisitions of controlling stakes by European Economic…

The European Commission (“EC”) recently published its first annual report on the new European cooperation mechanism regarding the screening of foreign direct investment (“FDI”) into the EU (the “Report”). The Report shows that four out of every five FDI filings screened at the EU level were quickly resolved within Phase I, while the remaining filings…

On December 30, 2021, the Italian Government extended until the end of 2022 Italy’s emergency foreign direct investments (“FDI”) regime, which enables it to review also acquisitions of controlling stakes by European Economic Area (“EEA”) investors, as well as certain minority investments by non-EEA investors, in any strategic sector.

By contrast, under ordinary rules,  these…

In 2022, boards of directors will continue to face a complex and expanding global foreign direct investment landscape that increasingly requires transactions to undergo intensive multijurisdictional FDI reviews and filing and approval processes, alongside merger control reviews and clearances.  This includes longstanding FDI review regimes with which boards of directors may be familiar, such as the Committee on Foreign Investment in the United States, as well as new and recently modified and expanded regimes, particularly in Europe. …
Continue Reading Global FDI Review Landscape Continues to Evolve

Last week, the Financial Crimes Enforcement Network (“FinCEN”) of the Department of the Treasury announced a Notice of Proposed Rulemaking (“NPRM”) to implement the beneficial ownership reporting requirements of the Corporate Transparency Act (“CTA”), part of the Anti-Money Laundering Act of 2020.  This legislation requires a range of U.S. legal entities, and non-U.S. legal entities…

On December 6, the Financial Crimes Enforcement Network (FinCEN) requested public input, through an advanced notice of proposed rulemaking (the ANPR), on the potential imposition of nationwide recordkeeping and reporting requirements on persons involved in certain residential and commercial real estate transactions pursuant to its authority under the Bank Secrecy Act (…

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