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EU Foreign Subsidies Regulation: A new control regime for M&A transactions in the EU

On January 12, 2023, EU Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market (FSR) entered into force. The FSR aims to counter distortions of competition that may arise when non-EU-countries ("Third Countries") subsidize companies operating in the EU. The FSR introduces additional, new notification and approval requirements for M&A transactions as well as public tender proceedings and provides the European Commission (EC) with authority to conduct ex officio examinations if it suspects foreign subsidies of distorting competition in the EU. Following a six-month grace-period, the EC can examine M&A transactions with a signing date, as well as public procurement procedures with an initiation date, as of July 12, 2023. However, the notification obligations for concentrations and public procurement…To read the article, please see the PDF file

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Dominik KRUSE

  • Partner
  • Frankfurt / Düsseldorf

Dominik serves as co-representative of our offices in Frankfurt and Düsseldorf, Germany. He advises Japanese companies on corporate and cross-border M&A matters, as well as European companies regarding their business expansion into Southeast Asia (notably Indonesia, Thailand and Vietnam). He has a wealth of international experience and brings unique insights into deal-making across different cultures in both emerging and mature markets. Before joining the Tokyo office of Nishimura & Asahi in November 2019, Dominik worked at Clifford Chance (based out of Düsseldorf, Germany, and New York) and as in-house counsel at Pfizer, Inc. (New York).


Maximilian LENTZ

  • Associate
  • Frankfurt / Düsseldorf

Maximilian’s practice covers cross-border M&A transactions, set-up of cross-border Joint Ventures, and day-to-day commercial business activities of international corporations in Europe. He lived in Japan for more than two years including a one-year research fellowship at Kyoto University. Before joining Nishimura & Asahi, Maximilian worked at leading law firms in Germany focusing on legal advice to international clients especially from Japan, China and other Asian jurisdictions.
Leveraging his professional and intercultural experience, Maximilian is considerate of the client’s business culture and provides tailored solutions also by coordinating closely with legal counsel from other European jurisdictions, where necessary.