CELIS-Blog

Author: Andrea Gemmi (BonelliErede, Associate; University of Padova, PhD Candidate) Introduction The recent ruling of the Italian Council of State on the Cedacri case marks a turning point in the interpretation of the national FDI screening regime. This judgment reinforces the principle of legal certainty, challenging years of expansive administrative practice aimed at maximizing preventive…

Part 5 in the CELIS blogseries on the revision of FDI Screening Regulation 2019/45 Authors: Andrew Hill (AmCham EU[1]), and Floor Doppen (University of Antwerp) Introduction White smoke poured over Brussels on December 11th as the European Commission, Council and Parliament reached agreement on the Foreign Investment Screening Regulation (the ‘Regulation’). Over the past few…

By Lena Hornkohl (University of Vienna) and Pierfrancesco Mattiolo (University of Antwerp) The central purpose of the EU’s Foreign Subsidies Regulation (FSR) is clear: to tackle distortions in the internal market caused by subsidies granted by non-EU states. But what if these subsidy-fuelled activities not only distort but also create positive effects? How should they…

By Marina Maccagno (Senior Manager EU & Competition Law, PwC Legal Italy) The EU Foreign Subsidies Regulation (FSR) has now been in force for over two years, and its implementation has proven to be quite challenging. As the dust settles, the question remains: is the FSR truly delivering on its promise of a level playing…

By Johannes Barbist, Binder Grösswang, Regina Kröll, Binder Grösswang and Armin Nimmrichter, Binder Grösswang    More than five years after the Federal Act on the Control of Foreign Direct Investments (Investment Control Act – ICA) came into force, the Federal Ministry for Economy, Energy and Tourism (Bundesministerium für Wirtschaft, Energie und Tourismus – “BMWET”) has published new information on its website (only available in German) on the interpretation of the ICA. While the FAQs previously provided by the BMWET were very concise and focused…

by Helene Andersson (Advokatfirman Delphi) and Elisabeth Eklund (Advokatfirman Delphi)   On 1 December 2023, Sweden introduced a new foreign direct investment (FDI) screening regime, a landmark reform aligning Sweden with the broader EU framework for investment control. The system empowers the Swedish screening authority to block or impose conditions on acquisitions by non-EU actors…

By Pantelis Christofides and Dr. Thomas Papadopoulos   Background Details Further to the unanimous voting in favour of the FDI Screening Bill by the Plenary of the House of Representatives, the Legislative Body of the Republic of Cyprus, in the Session on the 30th of October 2025[1], the Establishment of Framework for the Foreign Direct…

By James Marshall, Laurie-Anne Grelier and Romain Girard    The war in Ukraine, and other recent geopolitical conflicts, have underscored the need for EU-based defence capabilities to scale up to face these challenges.  Several EU initiatives which have sought to stimulate investment are starting to bear fruit, as the European Defence Agency recently reported record…

By Igor Klotsman   1. INTRODUCTION Foreign direct investment (FDI) plays a significant role in shaping the economic and strategic landscape of host countries, generating both growth opportunities and potential vulnerabilities. On one hand, it provides capital, facilitates technology transfer, enhances productivity, and integrates domestic markets into global value chains. On the other hand, certain…

Part 3 in the CELIS blogseries on the revision of FDI Screening Regulation 2019/452. Authors:  Andrew Hill (AmCham EU, Brussels), Floor Doppen (University of Antwerp), Kaarli Eichhorn (Antitrust Partner, Jones Day) Introduction While most observers are eying the politically sensitive discussion of which sectors will be covered by the new Foreign Investment Screening Regulation (‘the…

Part 2 in the CELIS blogseries on the revision of FDI Screening Regulation 2019/452. Authors:  Andrew Hill (AmCham EU, Brussels), Floor Doppen (University of Antwerp), Leonard von Rummel (Partner, Blomstein) Introduction When the European Commission published its proposal for a revision of the FDI Screening Regulation (‘the Regulation’), observers quickly identified the delineation of the…

By Pantelis Christofides and Dr. Thomas Papadopoulos, CELIS Fellows and Country Reporters for the Republic of Cyprus The Republic of Cyprus’ Ministry of Finance has submitted on 10th July 2025 before the Plenary of the House of Representatives[1] the long awaited new FDIS Bill[2], with the title of ‘the Establishment of Framework for the Foreign…

By Elvis Zerva On July 3, 2025, the Assembly of Albania adopted an amendment to Law No. 7764, dated November 2, 1993, “On Foreign Investments”, introducing, for the first time, a mandatory screening regime for foreign direct investments (FDIs). The amendment (Law 56/2025) is now published in the Official Gazzette no. 124 date 11.07.2025. The amendment…

By Edouard Gergondet Introduction Since Russia’s oil and gas industry is estimated to represent up to 50% of its total federal budget revenues and around 20% of its GDP, it is not surprising that, in an effort to curtail these revenues,  the European Union (“EU”) introduced numerous measures to target this sector, as part of…