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Only 8 out of 265 foreign investments notified under the EU Foreign Direct Investment (“FDI”) Screening Regulation (“Regulation”) have resulted in mitigation measures, according to the first annual report on the Regulation. The Regulation was launched in October 2020 with the aim of improving cooperation between Member States and enabling governments to better monitor FDI in strategic industries, for example critical technology, infrastructure, healthcare and infrastructure (see our previous post on the Regulation here). The…

On 10 September 2021, an order (arrêté) of the French minister of economy was adopted to extend the list of critical technologies in the strategic sectors definition to include technologies related to renewable energy production. The order (arrêté) also increased the list of information and documentation to be filed with a prior authorization application to comply with the EU regulation dated 19 March 2019, which establishes a framework for the screening of foreign direct investment…

The EU-US Trade and Technology Council (“TCC”), set up at the June 2021 EU-US Summit, held its first meeting on 29 September 2021 in Pittsburgh, USA. The objectives of the TCC are to “coordinate approaches to key global technology, economic, and trade issues; and to deepen transatlantic trade and economic relations, basing policies on shared democratic values”. The TCC Inaugural Joint Statement (the “Joint Statement”) discusses outcomes in respect of five key areas including export…

On June 3, 2021, President Biden issued a Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the “Memo”).[1] The Memo instructs over 15 US Federal Government departments and agencies to conduct an interagency review to examine corruption as a national security threat and jointly develop a strategy that will significantly enhance the United States’ ability to combat corruption. This review and mandate established by the Memo represents…

To highlight recent developments in foreign direct investment restrictions in Germany, Baker McKenzie has published a podcast setting out what businesses should be aware of, and what the German regulator will look for. Produced in partnership with Concurrences, our foreign investment experts Samantha Mobley and Anahita Thoms discuss these developments with Angelika Milger, a member of the Investment Screening team at the German Federal Ministry of Economic Affairs. This is the first in a series…

IT is essential for all industries including strategic ones like energy, public utilities, telecommunication, health care, finance, military which are usually captured by foreign investment screening regimes in several jurisdictions. Below we look at how IT assets and IT service providers are directly or indirectly subject to FIR in Hungary.   In Hungary there are two main regimes applicable to foreign investment screening. The Foreign Investment Screening Act (“FIR1”) was introduced in 2018 and it…

The US Department of Agriculture (“USDA”) has published a request for comments on supply chains for the production of agricultural commodities and food products under the America’s Supply Chains Executive Order (“Supply Chain EO”). Issues for comment include processing and distribution, capacity and access issues in food production, and a range of risks that may impact supply chains. The USDA is the fourth agency to issue a request for comments under the Supply Chain EO.…

On March 26, the Japanese government approved a new bill: the “Bill on the investigations and regulations of the use of lands and buildings in neighboring areas of certain important facilities and remote islands that are adjacent to borders”[1] (“Bill”). The Bill, which grants authority to investigate and regulate the purchase and use of land and buildings which are in close proximity to defense facilities and important infrastructure[2], was submitted to the Diet on the…

An amendment to the Critical Infrastructure Act introducing a brand-new foreign direct investment screening mechanism to Slovakia entered into force on 1 March 2021. The mechanism introduces an obligation to notify changes in the ownership structure of operators of elements of critical infrastructure, as well as a screening mechanism for ownership changes in narrowly-defined industries, which have become subject to examination by the Ministry of Economy and, in certain cases, subsequent approval by the Slovak…