The Foreign Subsidies Regulation - now it gets real!

16 February 2023


19:00 - 20:30 (CET)


Marceline Tournier
Global Head of Antitrust | Associate General Counsel EMENA
Nestlé S.A.

Sarah Blazek / Dr Jens Peter Schmidt
Noerr LLP

Alexandra Rogers
Norton Rose Fulbright LLP

Location: In person (Brussels) | By webinar

CPD: Accredited for 1.5 hours CPD (UK SRA)

Registration: Closes at 12PM (CET) on 16 February

The European Commission launched a 4-week public consultation on the Foreign Subsidies Implementing Regulation (‘IR’) on 06 February.


The FSR will apply from 12 July 2023. The notification requirements for concentrations and public procurement procedures will apply from 12 October 2023.

As the FSR joins the growing list of regulatory conditions precedent to become part of the due diligence reviews of M&A deals in Europe, the panel will offer their views on (i.a.):

·        What are the main issues on which clients need clarity out of the IR consultation?

·        Best practices for managing the FSR’s filing obligations? 

·        Can the FSR, EUMR and FDI screening in-house processes be streamlined?

·        What about national developments (for ex. the German Supply Chain Due Diligence Act)? 

The Commission expects the FSR to trigger notifications of around 30-40 mergers, acquisitions and joint ventures, public procurement bids and 30-45 ex officio investigations annually.


Some commentators have suggested that in a worst-case M&A scenario, any (non-) EU company benefiting from a third country "financial contribution" could be subject to the FSR’s, EUMR’s and national FDI screening filing obligations simultaneously.


Set against the Commission’s statement that it intends to make “full use” of the new powers in the FSR - reinforced by its ambitious hiring plans and competitors’ complaints - participants in this first Europe-wide 'Chatham House rule' in-person / webinar panel discussion will emerge better informed to respond to the IR consultation and to prepare their client(s) for the implications of the FSR for their future M&A deals and public contracts bids later this year.

List of participants (updated 08 February)

Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market OJEU L330/1 (23.12.22)

Statement of the European Commission on multilateral rules to address distortive foreign subsidies on the adoption of the FSR, OJEU C 491/7 (23.12.22)

Foreign Subsidies Regulation: rules to ensure fair and open EU markets enter into force (12.01.23)

Foreign Subsidies Regulation draft Implementing Regulation page

'Regulating for Foreign Subsidies in the EU?'E De Smijter, N Petras, DG COMP, Brussels Matters (12.05.21)

'The EU Foreign Subsidy Regulation: A new set of wide-reaching powers for the European Commission', Norton Rose Fulbright alert (January 2023)

Registration Fees
(Rates in €uros excluding VAT)
Category Early Normal Late
Private Sector Lawyer/Economist




General/In-house Counsel




Public Sector Lawyer




Full-Time Students/Academics




How to participate?

You can participate in this discussion by Zoom webinar from your (home) office.

Following registration, all participants will receive an email confirmation of participation and a receipt, once their credit card payment has been approved.

Participants will be able to join the webinar from 11.45am (CET).

The discussion will last up to 90 minutes. All participants will receive the speaker's presentation and will be able to ask questions.

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