Globalisation trends that once drove global markets and economies are on hold or in retreat.  The new trends are characterised by a myriad of regional or national rules, legislations and trade barriers aimed at protecting local interests.

M&A and Antitrust Lawyers are well aware of these challenges.  In recent years, we have had to adjust to ever-changing legal frameworks. In Europe alone, merger control rules, Foreign Direct Investment (FDI) screening and the Foreign Subsidies Regulation (FSR) are shaking up M&A and keep Corporate and Antitrust Lawyers busy on a never-ending learning curve.

Many national FDI rules contain vague wording, leading to significant legal uncertainty. What qualifies as a “foreign financial contribution” under the FSR remains a mystery for many practitioners. The rise of “under the thresholds” merger reviews creates legal uncertainty. g Following a frenzy of new regulations, it is now time for their implementation, evaluation and clarification. The European Commission committed to providing “clarifications” in 2024, after one year of implementation of the FSR. It is also completing an evaluation of the FDI Screening Regulation, and a revised Regulation was proposed in January 2024. However, with new architecture, comes even more complexity.

In this context, Lawyers are often left in the uncomfortable – “it depends” – grey zone when advising clients on regulatory filing requirements, and what their impact on an M&A deal will be.  Only flexibility and curiosity can help us in advising our clients on procedures that are characterized by everything that Lawyers hate: politics and uncertainty.

The panel will discuss these issues from a practical standpoint.  Panelists will share experiences, provide insights, and suggest workable and sensible solutions to navigate this challenging business and regulatory environment.