EU Foreign Subsidies Regulation — the verified record, live

The Foreign Subsidies Regulation (Regulation (EU) 2022/2560) closes a long-identified gap in EU economic law: subsidies granted by non-EU governments were previously outside state aid control even where they distorted the internal market. Since 2023 the European Commission has been able to investigate financial contributions from third countries on its own initiative, and companies must notify large transactions and large public procurement bids that meet the regulation's thresholds — broadly, concentrations involving significant EU turnover and substantial foreign financial contributions, and bids in high-value EU tenders. The Commission can block notified concentrations, exclude bidders from tenders, and accept or impose redressive measures. Early enforcement has concentrated on state-backed bidders and acquirers, with in-depth investigations and dawn raids signalling an assertive posture. For dealmakers, bidders in EU public procurement and their advisers, FSR filing analysis now sits alongside merger control and FDI screening as a standard workstream.

Every document below comes from the body that published it — regulators, courts, parliaments, official registers — with its true publication date and a link to the primary source.

as of 2026-08-31 · refreshed from scheduled releases

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Frequently asked

Who enforces the Foreign Subsidies Regulation?

The European Commission is the sole enforcer, acting through DG Competition for concentrations and ex officio investigations and with DG GROW involvement on public procurement cases. There is no national-level enforcement: notifications go directly to the Commission, which can investigate, impose redressive measures, prohibit transactions and exclude tender bids, subject to review by the EU courts.

Which transactions must be notified under the FSR?

Two regimes apply. Concentrations must be notified where the target, one of the merging parties or the joint venture generates at least €500 million of EU turnover and the parties received combined foreign financial contributions above €50 million over the prior three years. Public procurement bids must be notified in tenders with an estimated value of at least €250 million, subject to a contribution threshold.

What are the penalties under the FSR?

Implementing a notifiable concentration without notification or approval, or failing to notify in procurement, can attract fines of up to 10% of aggregate group turnover. Procedural breaches, such as supplying incorrect information or breaking seals during inspections, can be fined at up to 1% of turnover, and periodic penalty payments are available to compel compliance.

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