Investitionskontrolle
Unser Team berät umfassend zu allen Aspekten der Investitionskontrolle in Deutschland sowie anderen Jurisdiktionen weltweit und unterstützt bei der Risikominimierung von Investitionsvorhaben im Ausland.
28 November 2024
The High Court’s judgment in LetterOne’s appeal over a final order made under the National Security and Investment Act 2021 marks the first of its kind since the regime came into force. The decision shines a welcome spotlight on the levels of judicial oversight the English courts will be willing to exercise in relation to the UK Government’s national security decision-making. In our latest post, we explore the key takeaways from this landmark decision and its potential implications for future NSIA appeals.
04 November 2024
The US Department of the Treasury has published final regulations implementing the long-discussed US outbound foreign investment program; these rules will take effect on January 2, 2025. Although the program nominally focuses on US investments in Chinese entities, the scope of the regulations is much broader, and can include transactions in which neither party is from the United States or China. The regulations therefore merit attention from prospective investors and investment targets worldwide. In this post, we highlight key changes to the program introduced in the final regulations and their implications for certain types of investors and investment targets.
01 November 2024
The Russian government continues to make foreign exits from Russia more difficult, and continues to extract as much value as possible for its own budget needs. In our latest blog post, we look at the refreshed set of rules applicable to foreign exits from October 2024, and key takeaways for clients affected by these rules.
29 Oktober 2024
At the end of the summer, the Spanish government banned a takeover bid of Spain’s leading railway manufacturer, Talgo, from a Hungarian investor with government connections. This decision is particularly significant because the investor’s ultimate beneficial owners are from the EU. In this blog post we outline what can be gleaned from the information that’s been made publicly available on this decision.
21 Oktober 2024
The EC has published its fourth annual report on the application of the EU FDI Screening Regulation, showing an increase in notification requests, growth in multi-jurisdictional deals, and a wider range of sectors attracting scrutiny. Find out about the key takeaways from the report, and what they could mean for investors.
02 Oktober 2024
Unclear rules on jurisdiction in foreign investment regimes pose a constant challenge for investors. Earlier this year, a Dutch court quashed the expansive approach of the Dutch FI authority, finding that jurisdiction must be established and proven before demanding a full notification. Could this judgment be the starting point for further push-back against the expanding jurisdictional reach of foreign investment authorities in Europe?
12 September 2024
While slow off the starting block compared to most other EU countries, anyone who thought that Sweden’s late start would result in a more limited FI regime was mistaken. The regime is sweeping, expansive, and already making waves across a broad range of transactions. In this post we consider the regime’s operation over the last nine months, and how our initial predictions panned out.
29 Juli 2024
The Belgian investment screening regime entered into force on 1 July 2023. In this blog post we take stock of what we have learnt over the past year, what to be mindful of when investing in Belgium and what lies ahead. Do the initial fears for a foreign investment regime à la belge, with complex and strenuous political procedures, have merit, or is the Belgian government living up to its promise that Belgium will remain an attractive destination for foreign investments?
24 Juni 2024
Ten months following President Biden’s executive order on outbound foreign investment, the US Department of the Treasury has issued draft implementing regulations. This post outlines how the proposed regulations answer several key questions about the new regime, which can apply to transactions in which neither party is based in the United States.
11 Juni 2024
The proposed acquisition of US Steel by Japan’s Nippon Steel, announced in December 2023, is being reviewed by CFIUS while also being subjected to considerable political scrutiny. In the May 2024 edition of The M&A Lawyer, we discussed the legal basis for a CFIUS review and a possible outcome that could address both national security and political concerns. This post outlines some of the key points of that article.
06 Juni 2024
The UK has introduced measures to prevent foreign states from controlling or influencing UK newspaper enterprises. In this blog post we outline the key features of the new regime and the exceptions which are currently being consulted on.
30 Mai 2024
The UK Government’s updated Market Guidance and revised ‘Section 3 Statement’ on national security powers have now been released - and there are a few key points investors will want to be aware of. We consider the key impacts for investors in this post.
29 April 2024
Is CFIUS equipped to conduct economic analysis? In the second of two posts, we discuss the proposed inclusion of economic factors into CFIUS reviews in the proposed Protecting Against Foreign Adversary Investments Act, coordination with state laws, and our view on the bill’s prospects.
24 April 2024
The UK Government has now released its response to the Call for Evidence on the National Security and Investment Act, setting out its estimated timeline and focus points with respect to updating the NSIA. This post looks at what comes next, and whether the envisaged “fine-tuning” meets the stated objective of streamlining investment screening in the UK – or whether more is needed.
15 April 2024
Legislators are again considering whether CFIUS needs expanding, and the proposed Protecting Against Foreign Adversary Investments Act (PAFAIA) would introduce major departures from existing practice regarding real estate filings and national security analysis. In Part 1 of our two-part series, we discuss Congress’s proposed expansion of CFIUS’s real estate transactions.
21 März 2024
Since 2021, the European Commission has repeatedly urged Member States to implement comprehensive FI screening mechanisms. To date, 22 out of the 27 EU Member States have established such measures. The five remaining states—Ireland, Croatia, Cyprus, Greece, and Bulgaria—are in the process of developing their respective legislative frameworks under increasing pressure. This post examines the legislative advancements in these jurisdictions and anticipates the potential timelines for their implementation.
06 März 2024
On February 28, 2024, President Biden issued Executive Order 14117 aimed at preventing bulk transfers of sensitive personal data to countries of concern. Principal responsibility for implementation of the Order falls on the US Department of Justice, but other agencies whose portfolios involve sensitive personal data will also play important roles. DOJ has issued an Advance Notice of Proposed Rulemaking and will be soliciting public comments until April 19, 2024. In this post, we highlight some of the Order’s implications for US foreign investment controls.
29 Februar 2024
In its latest annual report, the German Federal Ministry of Economic Affairs and Climate Action shed light on the latest trends in foreign investment reviews in Germany. Notably, 2023 witnessed a contraction in the number of reviews, but also some over-screening given the very low number of remedy and prohibition cases. The outlook for 2024 suggests significant regulatory reforms are in the pipeline. These include the incorporation of licensing agreements and greenfield joint ventures, along with amendments to cater for acquisitions of atypical control and R&D collaborations.
22 Februar 2024
How are the foreign investments that raise FDI screening concerns being resolved? In the second part of our two-post series on FI remedies, we look at some of the trends across the behavioural and structural remedies that are being imposed, and at those cases that get prohibited when remedies are simply not enough.
14 Februar 2024
With the proliferation and strengthening of FDI screening regimes globally, foreign investors must increasingly consider whether their deal might require conditions in order to obtain clearance. In the first of a two-part series on FI remedies, we look across six major jurisdictions and at the deals that have had conditions imposed to rectify foreign investment concerns.
02 Februar 2024
The European Commission has published a White Paper on Outbound Investment and a consultation on its proposals, but there is a long road ahead. Our blog post outlines the step-by-step approach proposed by the Commission and what this might mean for the future.
24 Januar 2024
Earlier today, the European Commission published its proposed reform of the EU FDI Screening Regulation. Our post details the key features and highlights the main impacts that investors will need to be aware of once the reform comes into force.
22 Januar 2024
The European Commission is expected to publish proposed reforms to the EU FDI Regulation later this week. This post takes a quick look at the key changes expected in the proposed reform.
19 Januar 2024
Following the UK Government’s call for evidence on the NSIA, Linklaters outlines its views on the proposals to streamline the UK’s investment screening regime. Read our views on how the NSIA could benefit from targeted improvements to make the regime more business-friendly, by reducing the number of non-critical cases being screened, improving clarity on when a filing is required and providing better certainty and transparency for businesses.