On 9 January 2026, the Commission adopted its Guidelines on the application of certain provisions of Regulation (EU) 2022/2560 of the European Parliament and of the Council on foreign subsidies distorting the internal market (the “FSR Guidelines”). The FSR Guidelines explain how the Commission assesses whether foreign subsidies distort the internal market, and,
“Operational transformation” at the CMA -What the latest announcements mean for UK antitrust enforcement
On 20 January, the UK Government announced a consultation on planned reforms to the UK’s merger and markets regime. Key proposed changes include narrowing certain jurisdictional thresholds, centralising Phase II decision-making within the Competition and Markets Authority (CMA) Board through removal of the Phase II independent panel (CMA Panel), and the introduction of a new…
The EU adopts revamped regime to screen foreign investment
On 11 December 2025, the Council and European Parliament reached political agreement to revamp the EU’s Foreign Investment Screening Regulation. The revamp aims at responding to perceived growing risks to national and economic security in the EU. It forms part of the EU’s recently unveiled Economic Security Doctrine. While the full text has not…
EU’s Fifth FDI Annual Report: Five trends in Europe’s screening activities
The figures are fresh off the press: the European Commission published its Fifth Annual Report on the screening of foreign direct investments (“FDI”) into the European Union (“EU”) just a few days ago.[1] Like the previous editions, the Fifth Annual Report offers a statistical overview of the EU FDI framework’s activities in the previous…
Five Key Points on FDI Screening in the EU Defence Sector
The war in Ukraine, and other recent geopolitical conflicts, has underscored the need for EU-based defence capabilities to scale up to face these challenges. Several EU initiatives which have sought to stimulate investment are starting to bear fruit, as the European Defence Agency recently reported record high defence spendings in the EU (€350bn for 2024, a…
The European Commission adopts the Clean Industrial Deal State Aid Framework
On June 25, 2025, the European Commission adopted the Clean Industrial Deal State Aid Framework (CISAF) to promote the EU’s goals for decarbonization and competitiveness. CISAF makes permanent the relaxed State aid compatibility rules adopted under the Temporary Crisis and Transition Framework (TCTF). It will be in effect from June 25, 2025 until December 31,…
European Commission issues first no-poach decision in labour markets, warning against the collusive risks of minority shareholdings
On 2 June 2025, the European Commission (“Commission”) fined the food delivery companies Delivery Hero and Glovo EUR 329 million for engaging into cartel conduct through agreeing not to poach each other’s employees, exchanging competitively sensitive information, and allocating geographic markets.
The decision signals increased antitrust scrutiny of labour-related arrangements between rivals and underscores the…
EP Approves Draft FDI Regulation Giving Extensive Powers to EC
Introduction
On Thursday 8 May 2025, the EU took another important step towards revamping its framework to screen foreign investment, with the European Parliament adopting an amended version of the bill (the “EP Bill”, available here). That vote has now cleared the way for the next step in the legislative process: the tri-partite negotiations…
UK passes emergency legislation to authorize “public interest” directions on use of British Steel assets
The UK Parliament has passed emergency legislation to enable the government to direct the use of assets of British Steel, and to take control of assets if directions are not followed.
The government’s stated intention is “continuing the support of steel production in the UK [which] involves preserving current production capacity to ensure resilience in…
Five takeaways from the first court challenge to a UK NSIA Final Order
By Ross Evans, Grace Kim & Romain Girard
In November 2024, the UK’s High Court (the “Court”) issued its judgment on the first appeal of a Final Order (“Order”) imposed by the UK government (acting through the Secretary of State) under the UK’s National Security and Investment Act 2021 (the “NSIA”).
Under UK public law, decisions such as the Order can only be…