The UK Government has a significant choice to make over the next few weeks: it has to decide on its approach to protecting national security in a changing global landscape, while maintaining the country’s appeal – built up over the last 40 years – as an attractive and predictable jurisdiction for business and trade, welcoming … Read more

The UK government has announced two significant amendments to the UK merger control regime, intended to enhance its powers to scrutinise certain foreign direct investment (“FDI”) into the UK, against the backdrop of the Covid-19 pandemic and wider national security concerns. These amendments come ahead of the National Security and Investment Bill (“NS&I Bill”), which … Read more

The Committee on Foreign Investment in the United States (“CFIUS”) has published proposed regulations that would change the trigger for mandatory filing requirements for certain transactions involving critical technologies from the North American Industry Classification System (“NAICS”) code system to one that examines whether a US export control license would be required to transfer the … Read more

Foreign direct investment (“FDI”) regulation has featured increasingly on the radar for cross-border M&A, against a backdrop of amplified protectionist rhetoric. Even before the COVID-19 pandemic, a number of countries which have traditionally been seen as open to foreign investment were moving towards stricter public interest and FDI scrutiny of transactions (such as the UK, … Read more

Germany is continuing to tighten its FDI regime: A current amendment to the German Foreign Trade and Payments Ordinance (AWV) brings new filing obligations for several case groups. The AWV amendment clearly focuses on the health sector as a direct consequence of the COVID-19-pandemic. It aims to contribute to the permanent maintenance of a functioning … Read more

President Trump has issued an Executive Order (“EO”) establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (the “Telecom Committee”). The Telecom Committee will advise the US Federal Communications Commission (“FCC”) concerning national security risks presented by non-US (foreign) investment in the US telecommunications services sector. Although the … Read more

Germany is planning to further tighten its FDI regime and screen investments by investors from outside the EU more closely. More acquisitions of German companies will be subject to a notification obligation, and a standstill obligation will prohibit an execution of the deal before the Ministry gave his approval, according to a draft amendment to … Read more

Foreign investments in certain Italian strategic sectors are subject to the regime set out by Law Decree No. 21 of 15 March 2012, as subsequently amended in 2017 and 2019 (the “Golden Power Decree“). In particular, according to the Golden Power Decree, certain transactions and corporate resolutions in the defence and national security sectors, as … Read more