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On 12 October 2023, the notification and declaration obligations of the Foreign Subsidies Regulation (FSR) will finally start to apply. The new review procedures for M&A transactions and bids in public procurement procedures are aimed to address distortions caused by foreign subsidies and thus ensure a level playing field for all companies operating in the EU Single Market. While the European Commission has recently provided further clarity on some of the procedural aspects of the FSR (see our latest briefing), there is still significant uncertainty about the actual compliance requirements for companies. This briefing aims to alert businesses to the pitfalls to watch out for and to provide practical guidance on how to successfully navigate these new regulatory waters.

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On August 9, 2023, the President of the United States, Joe Biden, signed an Executive Order on Addressing United States Investments In Certain National Security Technologies And Products In Countries Of Concern. The Executive Order is the first step towards a so-called outbound investment control, which is to complement the export control and inbound investment control of the U.S. Can the U.S. outbound investment control serve as a model for the EU?

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BLOMSTEIN advised Helsing, as it did on the previous Series A financing 2021, together with YPOG on the recent Series B financing round with a total volume of EUR 209 million. BLOMSTEIN supported with regard to investment control law. A big thank you goes to Helsing as well as to the entire YPOG team for the trust placed in us!

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CELIS Institute invited BLOMSTEIN partner Roland M. Stein to join the Institute as Deputy Director. This appointment marks yet another milestone in the yearlong collaboration between CELIS Institute and BLOMSTEIN, further strengthening their shared commitment to advancing strategic dialogue amongst various stakeholders on foreign direct investment policy and economic security.

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On 21 June, Brazil’s competition authority (CADE) issued an unprecedented decision relating to sustainability agreements when approving a joint venture (JV) between leading traders of agricultural commodities worldwide (Cargill, Louis Dreyfus, ADM). In the absence of specific guidelines pertaining to horizontal cooperations, CADE seized the moment presented by the transaction to establish more comprehensive guidance as to its view on sustainability agreements in the context of B2B sector-specific data management systems (see press release here).

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Any company who has recently applied to the German Federal Office for Economic Affairs and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle – BAFA) for an export licence or any other sanctions-related enquiry has had to reckon with long processing times. To speed up these processes, BAFA has, as announced on 1 August 2023, introduced five new and amended several other general export licences (Allgemeine Genehmigungen – AGGs) as well as implemented further procedural changes.

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The German government considers green hydrogen to be a vital alternative to fossil fuels and thus a key element in the energy transition and climate protection. Consequently, it presented a National Hydrogen Strategy in 2020, which provided for a framework for the future production, transport, and usage of hydrogen and thus for corresponding innovations and investments. Last week, the Federal Government presented an updated strategy which is adapted to the latest developments and sets forth targets for 2030. The National Hydrogen Strategy 2.0. offers numerous additional opportunities for companies active in the hydrogen sector.

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In its judgment of 13 July 2023 in Case C-106/22 Xella, the ECJ ruled that the objective of ensuring the security of supply to the construction sector, in particular at the local level, with respect to basic raw materials such as gravel, sand and clay cannot justify a restriction on the freedom of establishment. The judgment is the first time the ECJ has taken a ruled on the scope of Regulation (EU) No 2019/452 (EU-Screening-Regulation). In addition, it tests the interference with the freedom of establishment by a national investment control regime against established, strict criteria.

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On July 12, the first of three instruments of the Foreign Subsidies Regulation (FSR) entered into force. As of this date, the Commission is entitled to initiate investigations into third country subsidies that distort the internal market either on its own initiative or based on a complaint by a third-party (so-called ex officio tool). Later this year, the notification-based instruments for mergers and bids in procurement procedures will enter into force on October 12. Then, companies exceeding the thresholds set by the FSR in the relevant market situations will be required to notify financial contributions granted by third countries to the Commission. Just in time for the entry into force of the ex officio tool, the Commission adopted the Implementing Regulation on July 10, which provides procedural information but also has a direct impact on the scope and interpretation of the FSR. The Commission also responded to the significant criticism raised by companies and associations, particularly with regard to the high administra-tive burden triggered by the FSR.

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“We want a competition law with claws and teeth”, Minister for Economic Affairs and Vice-Chancellor Robert Habeck promised last summer. Yesterday, the German Bun-destag took a major step towards fulfilling that promise by passing a new reform bill – the so-called Competition Enforcement Act (CEA). At the heart of the new provisions stand significantly increased powers of intervention for the German Federal Cartel Office (FCO) to remedy distortions of competition following a sector inquiry. Previous-ly, such inquiries only served as a means for the FCO to form the empirical basis for its future case practice. It did not, however, permit the authority to directly intervene against individual companies or anti-competitive conditions. Will the greatly bolstered instrument of the sector inquiry – long dismissed by many as a paper tiger – live up to Mr. Habeck’s bold promise?

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