2022 CELIS Forum on Investment Screening (CFIS 22)

The Emerging Law of Investment Control in Europe: Screening, Sanctions and Subsidies

01-03 June 2022

On-site and Online | Uppsala University (Sweden)


Hosted by Steffen Hindelang and J. Hillebrand Pohl

3 Days | 9 Keynotes | 60 Talks | 100+ confirmed speakers
Expert speakers from various
Governments, the EU, OECD, Businesses, Law Firms, and Academia

01-03 June 2022 | Uppsala University | Sweden

About the 2022 CELIS Forum on Investment Screening (CFIS 22)

The CELIS Forum on Investment Screening (CFIS) is the flagship event of the CELIS Institute, to be held in its 4th edition this year.

CFIS 22 is Europe's first and foremost forum to discuss questions on investment screening and security. It serves to enhance the Institute's analytical capacity and facilitate the shaping of common approaches. A marketplace of ideas, CFIS 22 brings together EU officials, national experts, diplomats, academics, business leaders, think tankers, and representatives of civil society and the media from across Europe and beyond.

The CFIS 22 aims to debate European investment screening on national security grounds from a strategic perspective. It also discusses the preliminary findings of the CELIS Institute's new major research project on the theme "The Emerging Law of Investment Control in Europe: Screening, Sanctions and Subsidies".

  • The new research project analyses how decision-makers go about the tasks of assessing risks and threats to national security that may be posed by FDI and then balancing those risks and threats against economic interests of parties concerned and society at large. 
  • By outlining an interdisciplinary perspective on a common methodology for security threat assessment in the context of investment screening, the research project examines the legal, national security, and political economy narratives underpinning decisions to control FDI.
  • The enquiry is informed by three broad trends: a) the "(geo)politicization" of economic legislation; b) the more extensive use of "counter-protectionist" measures directed against neo-mercantilist trade and investment practices; and c) the increasing use of economic sanctions as a policy tool. 
  • Building on the recent-published 850-page CELIS research report of European FDI screening legislation, our new and updated study will be the most comprehensive analysis yet undertaken on this subject matter.
  • The research findings are expected to influence the European debate in this field.

Why should you attend CFIS 22?

  • Engage in dialogue with key policy makers and leading experts from government, business, private legal practice, and academia.
  • Hear about the latest thinking on investment screening and economic security relevant to overcome current challenges
  • Best practices, expectations, challenges in investment screening process of EU Member States and EU Commission involvement
  • Understanding security risks and methods or risk mitigation
  • Thinking investment control 360 degrees - inter-linkage with sanctions, export control, and state aid
  • Developments to follow in the a fast-changing geoeconomic landscape.


CFIS 22 Agenda at a Glance

Subject to change, state 29 May 2022

Clarion Hotel Gillet Uppsala ▪ Top Floor




19:00 – 21:00 CEST

Informal drinks reception



University Main Building (Universitetshuset) ▪ Hall IX

Dress Code: Business Attire




08:30 – 09:00 CEST

Registration and Opening Reception


09:00 – 09:20 CEST

Conveners’ Opening Remarks
by Steffen Hindelang (Uppsala University) and J. Hillebrand Pohl (Maastricht University)



09:20 – 09:30 CEST

Welcome by the Dean of the Faculty of Law of Uppsala University
by Anna Singer (Uppsala University)



09:30 – 10:30 CEST

Opening Plenary Debate on the Emerging Investment Control in Europe: Screening, Sanctions and Subsidies
chaired by Steffen Hindelang (Uppsala University) and J. Hillebrand Pohl (Maastricht University) and featuring Carolina Dackö (Mannheimer Swartling), Carlos Esplugues Mota (University of Valencia), Christoph Herrmann (University of Passau), Naboth van den Broek (Akin Gump), Jaap van Etten (Datenna), and Claus Zimmermann (Noerr).



10:30 – 11:00 CEST

Networking and Refreshment Break



11:00 – 12:15 CEST

Foreign Investment Screening: The Linkage Between Responsible Investing and Democratic Resilience
chaired by Kim Holmes (CIPE) and featuring Laura Black (CFIUS), Sofia Bournou (Business Europe), Jonas Parello-Plesner (Alliance of Democracies), and Ruslan Stefanov (Center for the Study of Democracy)



12:15 – 13:15 CEST



13:15 – 14:30 CEST

Parallel Expert Sessions


Parallel Session A: Investment Screening and the Role of different measures to Mitigate National Security Concerns chaired by Leonard von Rummel (BLOMSTEIN) and featuring Damien Levie (European Commission), Clémence Largé (Ministère de l’Economie) and Angelika Milger (BMWK)


Parallel Session B: Toward Regulatory Convergence with EU Investment Screening: The Case of the Western Balkans chaired by Eric Hontz (CIPE) and featuring Ivana Gardasevic (RCC), Damir Asceric (CCI), Zoran Nechev (Institute for Democracy), Jovana Marovic (Government of Montenegro), Dragan Tilev (Government of North Macedonia) and Jovana Marovic (Government of Montenegro) (NB: different location: Fakultetsrummet ▪Trädgårdsgatan 1) - session only on-site



14:45 – 15:30 CEST

Hidden Defence Investors from China: The Future of Screening Mechanisms in Europe featuring Jaap van Etten, Julia Kern, and Gareth Heywood (Datenna)



15:30 – 16:00 CEST

Networking and Refreshment Break 




16:00 – 16:15 CEST

Introduction to the Keynote Event
by Tobias Pierlings



16:15 – 16:45 CEST

Opening Keynote Address
Speaker:           Denis Redonnet (European Commission)

Moderator:       Tobias Pierlings (CIBA)



16:45 – 18:15 CEST

High-level Roundtable on Investments and National Security Strategy
Panellists:            Léa Berthiau-Jézéquel (CJEU)
                            Laura Black (CFIUS),
                            Daniel Fiott (EUISS)
                            Maria Chiara Malaguti (UNIDROIT)
                            Peter Muchlinski (SOAS)
                            Tobias Pierlings (CIBA)
                            Denis Redonnet (European Commission)

Moderators:    Jonathan Hackenbroich (ECFR) and 
                     J. Hillebrand Pohl (Maastricht University)



18:30 – 19:30 CEST

Drinks Reception, courtesy of the Institute for Democracy “Societas Civilis”, Skopje Uppsala Castle, Entrance F (in the gate passage to the castle), Vasasalen



19:30 CEST

CFIS Speakers’ Dinner (by special invitation) Uppsala Castle, Entrance F (in the gate passage to the castle), Vasasalen

Dinner speaker:        Steffen Hindelang (Uppsala University)



Gamla Torget ▪ Brusewitz Hall

Dress Code: Business Attire


09:00 – 10:30 CEST

Session I: The Rise of Sovereign-Driven Investment



Chairs:              Steffen Hindelang (Uppsala University) and
                         Lena Hornkohl (Max Planck Institute Luxembourg)


Investment Screening: Evolving Policies for a World in Change

  • Changing patterns of FDI flows and changing attitudes towards foreign investment
  • Special concerns generated by sovereign-driven investment
  • A new role for state capitalism and the new dimension of investment law

Speaker:       Joachim Pohl (OECD)

The Changing Landscape of Sovereign Wealth Funds: Implications for Investment Screening

  • Defining sovereign wealth funds (SWFs), their aims, characteristics, and renewed role in the field of investment
  • Transparency about structure, governance and investment strategies
  • Potential national security risks arising from SWFs and the development of national and international responses

Speaker:        Adam Dixon (Maastricht University)

State-Owned Enterprises and Investment Control

  • Defining State-Owned Enterprises (SOEs) and their increasing role in international investments
  • Geoeconomic challenges posed by SOEs and possible responses
  • SOE investments: sovereign-subsidized vs. adversarial investments

Speaker:        Alexandr Svetlicinii (University of Macau)

Fair Play? The Politics of Evaluating Foreign Subsidies in the European Union

  • Direct and indirect foreign acquisition subsidies
  • Subsidised participation in foreign public procurement
  • Means of subsidization: transfer of funds or liabilities; in-kind subsidies; tax incentives; regulatory incentives

Speakers:         Sophie Meunier (Princeton University) and
                        Robert Basedow (LSE)

The Quest for Autonomy and the Rise of Corporate Geoeconomics

  • Re-emergence of geoeconomics and the challenge to economic interdependence
  • “Balancing dependence”: government’s strategies in the pursuit of autonomy
  • How companies are reacting to this changing landscape

Speaker:       Henrique Choer Moraes (Brazilian Embassy in Wellington, New Zealand)

10:30 – 11:00 CEST

Networking and Refreshment Break


11:00 – 12:30 CEST

Session II: National Security as a Limit to Sovereign-Driven Investment



Chairs:              Caitríona Heinl (Azure Forum) and
J. Hillebrand Pohl (Maastricht University)


Delimiting the Concept of National Security

  • National essential security interests
  • The elusive and variable notion of national security
  • The search for a normative yardstick

Speaker:       Alejandra Torres Camprubí (Foley Hoag LLP)

Cybersecurity Investments in Critical Sectors

  • How operators in critical sectors invest their cybersecurity budgets
  • How has the NIS Directive influenced this investment?
  • What is the cost of cybersecurity incidents?

Speaker:       Athanasios Drougkas (ENISA)

Protection of Critical Resources and Strategic Assets

  • Critical infrastructures and technologies
  • Critical inputs, supplies, and resources
  • Data and media

Speaker:       Alessandro Lazari (F24 AG)

Creating Assessment Methodologies for National Security Threats

  • Goals, aims, and possible models of threat assessment
  • Key principles: criticality, plausibility, competitiveness
  • Risk assessment of investors: tracing the origin, attribution to States, changes in the origin

Speaker:       John Lash (Darkhorse Global)

Inward FDI Regulation in the UK: Closing the “Open Door”?

  • Historical origins and development of current UK FDI policy
  • The regulatory framework of the National Security and Investment Act 2021
  • Wider regulatory and policy implications of the 2021 Act

Speaker:       Peter Muchlinski (SOAS)


12:30 – 13:30 CEST




13:30 – 14:00 CEST

Host-Country Keynote Address
Speaker:       Lars-Göran Larsson (Swedish Inspectorate of Strategic Products)

Discussant:  Rafael Coloma Ojeda (Spanish Secretariat of State for Commerce)


14:00 – 15:30 CEST

Session III: Economic and Other Public Order Justifications for Restricting Sovereign-Driven Investment



Chairs:               Sarah Bauerle Danzman (Indiana University) and
J. Hillebrand Pohl (Maastricht University)


Protection or Protectionism? Why China’s “socialist” market economy justifies EU investment screening measures

  • Profit maximization and sovereign-driven investment
  • State capitalism, neo-mercantilism and the state as an economic actor
  • Public-private enterprise, competition, and commingling of public and private interests

Speaker:       Naoise McDonagh (University of Adelaide)

Balance of Payments-Related Restrictions on the Freedom of Investment

  • Exchange controls and exchange-reserve management
  • Inbound capital controls and hot-money flows
  • Capital-account liberalization post-Washington Consensus

Speaker:       Claus Zimmermann (Noerr)

The EU Regulation on Foreign Subsidies: What, Why, and How?

  • Subsidies as barriers to protect domestic industries
  • Subsidies to gain unfair advantage in international trade
  • The Draft EU Regulation on Foreign Subsidies in an overview

Speaker:       Lena Hornkohl (Max Planck Institute Luxembourg)

Investor Obligations Through the Prism of the EU Foreign Investment Screening Framework

  • Capital transfer provisions that may also facilitate the enforcement of investor obligations
  • The role of investor obligations through the mechanism of sustainability or environmental screening of investments

Speaker:       Yulia Levashova (Nyenrode Business University)

The Concept of Economic Security and its Implications for Foreign Investment Control

  • Geoeconomics, economic policy autonomy, and safeguarding strategic economic sustainability and resilience
  • Countering economic espionage and unauthorised technology transfer, and the avoidance of vulnerabilities and dependencies

Speakers:      Francesca Ghiretti (Mercator Institute for China Studies)


15:30 – 16:00 CEST

Networking and Refreshment Break


16:00 – 17:30 CEST

Session IV: Foreign Investment Control and International Law



Chairs:             Dominik Eisenhut (Airbus) and
Joanna Warchoł (European Parliament)


The International Legal Framework for Foreign Investment Control

  • Absence of comprehensive regulation or any institutional structure
  • The WTO and Article XXI GATT as the model for national security provisions
  • Interpreting Non-Precluded Measures (NPM) clauses in international investment agreements

Speaker:         Pascale Accaoui Lorfing (CREDIMI)

Economic Sanctions as an Instrument of Foreign Investment Control

  • The rising importance and types of investment-related economic sanctions
  • The relationship between economic sanctions and investment screening mechanisms
  • The limits of applying economic sanctions for investment control

Speaker:       Tamás Szabados (Eötvös Loránd University)

Regulating Sovereign-Driven Investments in International Trade and Investment Agreements

  • Market access measures, limits on equity, and maintenance of state monopolies
  • Compulsory registration and screening systems on national security grounds
  • Checks and balances

Speaker:       Georgios Dimitropoulos (Hamad Bin Khalifa University)

Screening Systems to Evaluate FDI: Searching for Common Principles or (Just) a Toolbox?

  • Transparency, predictability, accountability and due process
  • Non-discrimination: national and most-favoured-nations treatment
  • Proportionality, legitimate expectations, and other relevant principles

Speaker:       Carlos Esplugues Mota (University of Valencia)


18:00 – 19:30 CEST

Drinks Reception, courtesy of BLOMSTEIN Orangery in the Linnaeus Garden


19:30 CEST CFIS Reception & Banquet Orangery in the Linnaeus Garden 

University Main Building (Universitetshuset) ▪ Hall IV

Dress Code: Smart Casual


09:00 – 10:30 CEST

Session V: Scope of Foreign Investment Controls



Chairs:             Naboth van den Broek (Akin Gump) and
                       Carolina Dackö (Mannheimer Swartling)


Raising Security Considerations Before International Courts and Tribunals

  • How do international courts and tribunals approach security concerns?
  • Does the state enjoy discretion in raising security exceptions?
  • To what degree does the approach converge or diverge across international legal regimes?

Speaker:       Hannes Lenk (Aarhus University)

National Security and Essential Security Interests in CJEU Jurisprudence

  • What does the national security clause in EU law mean?
  • What is its content, what role does it play, what is the extent of MS discretion when applying this clause?
  • What are conditions for its application?

Speaker:       Marek Jaśkowski (UKSW)

Investments Subject to Screening

  • FDI vs. portfolio investment, contractual rights as investments
  • The investment concept in international agreements and domestic law; new approaches to defining investments
  • Territorial nexus, corporate restructuring, and jurisdictional overlap

Speaker:       Yarik Kryvoi (Investment Treaty Forum)

Nature of the Investor: Foreignness, Transparency and Foreign State Control

  • Domestic vs. foreign investors; the “foreignness” of investors
  • Transparency and state control
  • Chinese investments and “Yellow Peril” discourse

Speaker:       Jochem de Kok (Allen & Overy and University of Amsterdam)


10:30 – 11:00 CEST

Networking and Refreshment Break



11:00 – 12:30 CEST

Session VI: Administrative Procedure for Investment Screening



Chairs:             Damien Levie (European Commission) and
                        Bärbel Sachs (Noerr)


Screening Authorities

  • Governments as decision-makers and the use of separate agencies, with considerations about independence and (political) accountability
  • Powers generally available to screening authorities and considerations about margin of discretion and (lack of) transparency in FDI/national security matters
  • Process: confidentiality and lack of publicity; parallel reviews

Speakers:       Jacques Bourgeois and Alessandra Moroni (Sidley Austin)

Sector-Specific Screening Procedures

  • Defence, security and dual use sectors
  • Critical infrastructure: telecommunications and transport sectors
  • Other sectors: energy and water, financial services, and media

Speakers:       Christoph Arhold and Henning Berger (White & Case)

National Coordination of Domestic Screening Procedures

  • Coordination of cross-sectoral and sector-specific procedures
  • Lead authorities and their coordination of national authorities in screening procedures
  • Coordination of investment-screening procedures with sanctions and other ad hoc investment control

Speaker:       Sabrina Robert-Cuendet (Le Mans University)

International Coordination of National Screening Procedures

  • Multilateral coordination and cooperation in foreign investment control
  • The EU investment-screening coordination mechanisms
  • Creating workable multilevel coordination: states, authorities, procedures

Speaker:       Fabien Gehl (European Commission)


12:30 – 13:30 CEST




13:30 – 15:00 CEST

Session VII: Treatment of Foreign Investors and Targeted Investments Undergoing Screening



Chairs:              Gerd Morgenthaler (University of Siegen) and
                         Prabhash Ranjan (Jindal Global University)


Foreign Direct Investment and Security: What is Actually the Problem?

  • How can FDI impact state security?
  • Framework for analyzing state security interests in FDI
  • Complexity and trade-offs in the FDI – security relationship

Speaker:       Wolf Zwartkruis (Leiden University)

Economic perspectives when screening FDI

  • Role of economic FDI impact analysis
  • Need for further research on effects of ownership and infrastructure in economic FDI analysis
  • Closer look at the economic benefits of inward FDI in the host country

Speakers:       Jonas Hallberg and Patrik Tingvall (Kommerskollegium / National                           Board of Trade Sweden)

Standards of Treatment in International Law

  • Non-discrimination standards
  • Fair and equitable treatment
  • Specific standards, including market access

Speaker:       Csaba Rusznak (Sovereign Arbitration Advisors)

Key changes in FDI screening in 2022: the case of the Netherlands

  • Existing sector-specific screening mechanisms 
  • New draft of a general investment screening act 
  • Exciting developments at the EU level

Speaker:       Pim Jansen (Erasmus University Rotterdam)


15:00 – 15:30 CEST

Networking and Refreshment Break



15:30 – 17:00 CEST

Session VIII: Review of Investment Screening Decisions



Chairs:             Robyn Briese (Australian Government Solicitor) and
                        Roland Stein (BLOMSTEIN)


Mitigation Arrangements

  • Function, legal basis, and relation to investor rights
  • Procedure and negotiation; monitoring of mitigation arrangements
  • Adjudicating claims arising out of mitigation arrangements

Speaker:       Tatiana O. Sullivan (Skadden, Arps, Slate, Meagher & Flom LLP)

Non-Adjudicatory National Administrative Remedies

  • Internal administrative review and complaints mechanisms
  • Negotiation and administrative agreements
  • Other non-adjudicative dispute resolution

Speaker:       James M. Brower (Morrison & Foerster)

Determining the Role of Investment Screening in International Investment Law

  • Investment screening in the pre- and post-establishment phase of investment protection
  • Investment protection standards for the screening procedure 
  • Treaty-based safeguards for the state

Speaker:       Kilian Wagner (University of Vienna)

Sovereign Investors as ICSID Claimants: a Historical Assessment

  • ICSID Convention drafting documents 
  • Jurisdiction ratione personae 
  • Case analysis and jurisprudence constante  

Speaker:       Dini Sejko (Chinese University of Hong Kong)




17:00 – 17:30 CEST

Closing Keynote Address
Speaker:       Damien Levie (European Commission)

Moderator:    Steffen Hindelang (Uppsala University)



17:30 – 18:00 CEST

Conveners’ Closing Remarks
by Steffen Hindelang (Uppsala University) and J. Hillebrand Pohl (Maastricht University)



19:00 CEST

Dinner (by invitation) Restaurant Granhof



10:00 – 11:30 CEST

Farewell Brunch (optional) location tba



Download Programme as pdf file

Subject to change, state 29 May 2022

CFIS 22 Official Key Sponsors and Supporting Patrons