M&A deals and the EU Foreign Subsidies Regulation (FSR)

Getting ready for the new regulatory challenge (English-language event)

The EU Foreign Subsidies Regulation (FSR; available here: EUR-Lex - 32022R2560 - EN - EUR-Lex (europa.eu)) came into force on 12 January 2023, and will apply from 12 July 2023 onwards. Under the new regime, the European Commission will be able to scrutinize subsidies granted by third (non-EU) countries to players which are active in the EU. On 12 October 2023, the new notification obligations for M&A deals will become effective. 


The new merger review will place significant burden on the parties in international M&A transactions. The scope of the new rules is extremely broad. Despite the instrument’s focus on third countries, both non-EU and EU companies will be subject to the new rules. It is therefore about time to prepare yourself for the new system, which comes on top of other regulatory work streams, such as merger control, foreign direct investment rules and export control. For more details see A new form of merger control – EU Foreign Subsidies Regulation formally adopted | Gleiss Lutz and Entry into force of new EU-Foreign Subsidies Legislation – impact on upcoming M&A Transactions | Gleiss Lutz


Next week, the European Commission will give us a flavor of what to expect in terms of “red tape”. The regulator intends to publish its long-awaited draft implementing acts, including draft filing forms. These documents will contain further practical guidance on how the Commission intends to apply the filing thresholds and what type of information companies need to provide for the notification. 


We cordially invite you to join us for our live client webinar on 14 February 2023, in which our competition and state aid experts Harald Weiß, Ulrich Soltész, Christian von Köckritz and Alexander Fritzsche will discuss the impact of the new regime for companies engaging in international M&A transactions.


  • (Low) FSR thresholds: Which transactions are caught?
  • The notion of “subsidy” and “financial contribution”
  • New forms, implementing regulation, soft law, best practices and guidelines
  • Impact on deal timelines and streamlining
  • The (most likely) focus of the regulator
  • Risks and compliance: filing requirements, gun-jumping and possible fines
  • “Balancing test”: what to expect (and what not)  
  • Lessons learnt from EU State aid control
  • Next steps: how to prepare yourself
  • A particular focus of our webinar will be put on the draft implementing acts which will be open for consultation shortly. 


To accommodate all time zones, there will be two sessions with identical content on 14 February. The first session will be held on 14 February from 9:00 to 10:30 (CET).  The second session will be held on 14 February from 17:00 to 18:30 (CET). 

If you are interested in participating in our webinar, please contact events@gleisslutz.com.