On 5 May 2021, the European Commission (Commission) published a proposed Regulation, along with an impact assessment report, aiming to address potential distortions caused by foreign subsidies in the Single Market (the Proposed Regulation). The Proposed Regulation as drafted introduces an additional regulatory requirement for companies doing business in Europe. Inevitably, it will increase the regulatory risk and burden for companies that are active in the EU and have received foreign (i.e. non-EU) subsides. Under…