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Clifford Chance

Clifford Chance


Proposed Implementing Regulation on Foreign Subsidies clarifies the new filing burdens for M&A and Public Tenders

9 February 2023

On 6 February, the European Commission published for consultation the Draft Implementing Regulation (DIR) on foreign subsidies distorting the internal market. The draft clarifies practical and procedural aspects related to the application of the Foreign Subsidies Regulation, including the draft notification forms to be used by the relevant parties when a filing is triggered. 

In particular, the DIR clarifies the extent of information on "foreign financial contributions" that is likely to be required for filings relating to certain M&A and public tender procedures.  Businesses can use these clarifications to design and implement systems to gather the relevant data, in preparation for the entry into force of the filing regimes in October 2023.

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