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The ECJ’s Judgment in Xella – Judicial Cherry Picking?

By Alexia Crivoi, Vienna University of Economics and Business   Introduction In the much-discussed Xella judgment of July 13 2023, the Court of Justice decided two things: that the scope of the EU FDI Screening Regulation does not extend to ‘indirect FDI’, rejecting arguments relating to the company structure of an EU-based but foreign-owned investor (yet ultimately owned by an ...
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The Special Economic Zones in the Gulf Region and their Significance for the Global Economy

By Gianmatteo Sabatino, Zhongnan University of Economics and Law   Among the economic institutions most involved in the ongoing mutation of global supply chains and development models are the Special Economic Zones (SEZs). Among the areas most critical for the shaping of economic and political geographies in the near future is the Gulf Region. Therefore, it should not come as ...
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CELIS Update on Investment Screening – September 2023

Estonia – FDI regime coming into force on 1 September 2023 Several FDI regimes came into force at the beginning of the month of September 2023. The Estonian Act establishing a new FDI regime in Estonia came into force on 1 September 2023. The Estonian Parliament adopted the Foreign Investment Reliability Assessment Act on 25 January 2023, through which Estonia ...
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CELIS Update on Investment Screening – August 2023

Luxembourg – FDI Regime coming into force on 1 September 2023 The Luxembourg law of 14 July 2023 introduces a new foreign direct investment regime with a suspensory mandatory notification requirement in relation to investments in a broad range of sectors. Luxembourg is the latest European jurisdiction to pass broad FDI legislation and its FDI regime is coming into force ...
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National Interest and Freedom of Establishment: The CJEU’s Judgment in Xella

By Bálint Kovács In its judgment[1] published on 13 July 2023, the Court of Justice of the European Union (CJEU) ruled that Hungary’s decision to prohibit an investment by a foreign-owned Hungarian company aiming to acquire a Hungarian company violated the freedom of establishment. The prohibition involved the use of the novel foreign direct investment (FDI) screening mechanism and had ...
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CELIS Update on Investment Screening – July 2023

Spain – Spanish FDI Regulation enacted on 4 July 2023 Over the past three years, Spain has significantly strengthened its FDI regime. On 4 July 2023, the Spanish Council of Ministers approved the Royal Decree 571/2023 of 4 July on foreign investments and therewith amended and developed a number of rules that had been introduced by the Spanish FI authorities ...
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CELIS Update on Investment Screening – June 2023

Belgium – FDI screening regime enters into force 1 July 2023 As almost all EU Member States have introduced a foreign direct investment screening mechanism into their law, it is now Belgium’s turn: on July 1 2023, Belgium’s new FDI screening regulations, drafted in June 2022, will take effect. As there is a significant increase in foreign investments by fast-growing ...
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CELIS Update on Investment Screening – May 2023

Netherlands: Investment screening act comes into force on 1 June 2023 On 1 June 2023 the Dutch general investment screening control rules will come into force. The Netherlands adopted the act already in 2022 and has therewith implemented the EU’s FDI Regulation 2019/452. Future investments in critical infrastructure or sensitive technology will have to be notified to the Dutch Minister ...
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CELIS Update on Investment Screening – April 2023

EU – Commission considers introducing an outbound investment screening mechanism On 30 March 2023, European Commission President Ursula von der Leyen gave a speech in which she announced that the EU is preparing a mechanism for screening outbound investment. The speech was made during her visit to China on 5-6 April and addresses the threats that China poses to the ...
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CELIS Update on Investment Screening – March 2023

France – Considerable increase in international investments On 27 February 2023, the French government announced that the number of international investments in France had increased in 2022 compared to 2021: 1,725 investment decisions were recorded in France that year, an increase of 7% compared to 2021. Projects in the energy and recycling sectors have grown particularly strongly, but international investors ...
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