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12 October 2023

Introduction to the EU Foreign Subsidies Regulation

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As of 12 October 2023, a new mandatory notification and stand-still requirement will affect certain M&A transactions and public tender participation requests and bids in the EU.

The new notification requirement results from the EU Foreign Subsidies Regulation (“FSR”). It does not replace, but merely complements similar notification and clearance obligations that may result from any applicable merger control or FDI regime.

The FSR applies  to all economic activities conducted by an "undertaking" in the EU. However, specific rules, which can have significant implications, apply to M&A transactions (“concentrations”) and participation in public procurement procedures in the EU (the internal market).

The purpose of the FSR is to address “distortions” caused, directly or indirectly, by foreign subsidies, with a view to ensuring a level playing field in the EU.

In this newsletter, we will provide an introduction to the FSR, including the key concepts, key obligations, and procedures proscribed by the FSR.

Thomas Mygind


+45 30 37 96 58

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Henrik Ringgaard Diget


+45 30 37 96 81

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