The new Foreign Subsidies Regulation which has come into force in July 2023 triggers new obligations for enterprises that are active in the European Union and wish to notify a concentration. Where such enterprises have received foreign subsidies exceeding €50.000 and their annual turnover exceeds €500million they must report these foreign subsidies and also receive the European Commission's approval. Enterprises that fail to do so may face severe consequences by way of the imposition by the Commission of an administrative fine of up to 10% of their worldwide annual turnover.
An article co-authored by Ramona Livera, Senior Associate at Elias Neocleous & Co LLC, together with Anna Georgaka, Lawyer Trainee, and Vasilios Vasios, Law Student, and published in Phileleftheros, provides an overview of the Foreign Subsidies Regulation and the obligations arising therefrom.
The full article in Greek can be found here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.