Three years into the applicability of the Foreign Subsidies Regulation (“FSR”), businesses now have a clearer basis for navigating the regime, but not all questions are answered. This alert shares key practical lessons from our experience with FSR since summer 2023: where execution risk arises, what the filing record tells us, how FSR interacts with foreign direct investment (“FDI”) screening and merger control, and what businesses can do now to make future reviews faster and…