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Summary on the panel FSR and FDI03.11.2025

We conclude our highlights from the LIDC Congress 2025 in Vienna with the panel on recent developments on the EU’s Foreign Subsidies Regulation (FSR) and national Foreign Direct Investment (FDI) screening regimes.

Chaired by Stefan Wartinger (Partner, Wolf Theiss, Austria), this panel explored how the EU’s FSR and national FDI regimes are reshaping transaction planning, regulatory coordination, and commercial strategy.
Alexandra Leoni (Head of the Austrian Department for Foreign Investment Control) shared insights from the authority's perspective, noting a steady rise in Austrian FDI case volumes since 2020, particularly in technology-intensive and critical sectors. She highlighted trends in investor origin, enforcement outcomes, and review durations, as well as cross-border cooperation with the European Commission and peer authorities.
Catrina Lam SC Lam (Senior Counsel, Des Voeux Chambers, Hong Kong) provided a non-EU view, explaining how European FDI scrutiny affects deal planning. She compared Hong Kong’s with China’s approach and discussed mitigation and governance strategies used to navigate jurisdictional differences within the EU.
Hubert Klinger (Senior Competition Counsel, Siemens, Germany) offered an industry perspective, illustrating how FDI risks may influence buyer selection, allocation of closing risk, and transaction documentation. He also addressed FSR preparedness, including internal processes for identifying financial contributions and implications for deal structuring and timelines.
Pascale Déchamps (Competition Economist and Partner, Accuracy, France) reviewed the Commission’s approach to the distortion and balancing test under the FSR, drawing practical lessons from the first-ever Phase II commitment decision. She also discussed the implications of the draft FSR guidelines and how these may refine the FSR regime going forward.
The panel was marked by lively exchanges among the speakers, who engaged directly with each other's perspectives. Audience questions and comments enriched and concluded the discussion.

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Summary on the panel FSR and FDI03.11.2025

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