TABLE OF CONTENTS

Foreword
Introduction
Acknowledgments
Table of Contents
List of Abbreviations
List of Cited Cases before the Court of Justice of the European Union
And the General Court
List of Cited Reports of the WTO Appellate Body and WTO Panels
Index

Chapter I– Introduction
1-Introduction
2. The Origin. Legislative History and Objectives of the FSR
A. State Aid Control as a Key Component of the internal Market
B. Origins of the FSR and its Legislative Process
C Implementing Legislation
3. Main Features of the FSR
4.Related Regimes
A. lntroduction
B. The FSR and EU State Aid Law
C The FSR. the Basic Anti-Subsidy Regulation and lhe SCM Agreement
D. The FSR and the Regulation on, Subsidies in Air Transport
E. The FSR and the FDI Screening Regulation
5. The FSR as a Tool in an Evolving Geopolitical Context

Chapter II - The Scope of the FSR
1.Introduction
2.The Definition of a 'Foreign Subsidy'
A. A 'Financial Contribution'
A.1 The Link between a 'Financial Contribution' and the FSR Notification Obligations
A.2 The Definition of a 'Financial Contribution'
A.3 The Relevant Timing of a 'Financial Contribution'
A.4 Types of Financial Contribution
A.4.1 Transfer of Funds or Liabilities
A.4.2 Foregoing of Revenue that is Otherwise Due
A.4.3 Provision of Goods or Services or Purchase of Goods or Services
B. Which is 'Provided Directly or Indirectly by a Third Country'
B.1 Introduction
B.2 The Central Government and Public Authorities at All Other Levels
B.3 A Public Company/Body
B.4 Private Entities whose Actions May Be Attributed to a Third Country
C. Which Confers a 'Benefit' to an 'Undertaking Engaging in Economic Activity in the Internal Market'
C.1 The Financial Contribution Must Confer a Benefit
C.1.1 The legal Framework of the concept of a Benefit
C.1.2 The Concept of 'Normal Market conditions' under the FSR and lhe State Aid and EU Trade Defence Regimes
C.1.3 Indirect Benefits and Passing-On of Benefits
C.1.3.1 Intra-Group transfers
C. 1.3.2 indirect Benefits for a Specific Recipient
C.1.3.3 Pass-through of Benefits in a Supply Chain
C.2 The Financial Contribution Must Be Provided to an Entity Engaging in Economic Activity in the Internal Market
D. Which is 'Limited to One or More Undertakings or Industries'
3. The Notion of a Foreign Subsidy Distorting lhe internal Market
A. General Principles
A.1 Framework for the Distortion Analysis
A.2 Relevant Factors in the Distortion Analysis
A.2.1 Foreigner Subsidies that Are Likely to Distort the internal Market
A.2.2 Indicative Factors for Assessving the Potential Harmfulness of a Foreign Subsidy
A.2.3 Foreign Subsidy that are Unlikely to Distort competition in the internal market
A.2.4 Foreign Subsidy that Cannot Be Remediel under the FSR
B. Distortion Analysis Under the M&A Tool
B.1 Distortion Musi be Merger-Specific
B.2 Distortion in the Market for Corporate Control
B.3 Distortion in Product Markets
C. Distortion Analysis Under the Public Procurement Tool
4. The 'Balancing Tet'
A. The Balancinq Test (the Union Interest Test) under the EU Trade Defence Regime
B. The Compatibility Assessment under the State Aid Regime

Chapter III - The Concentrations (M&A) Tool
1.Introduction
2. Mandatory Notification
A. Transactions that Require,Notification
A.1 Requirement for the Transaction to Be a 'Concentraion'
A.2 Turnover and Contribution Thresholds
A.2.1 The Turnover Threshold
A.2.2 The Contribution Threshold
B. Transactions That Fall Outside the Mandatory Notification Regime
C. Mandatory Notification and Standstill Regime
3. The Scop of the Notification
A. Overview of the Submission and Structure of Form FS-CO
A.1 Submission of Form FS-CO
A.2 Structure of Form FS-CO
B. Information on Foreign Financial Contributions
B.1 Contributions Likely to Be Considered Distortive Subsidies (Likely Distortive Subsidies)
B.2 Other Reportable Contribution (Reportable Contributions)
B.3 Presumptlively Unproblematic Contributions (Non-Reportable Contributions)
C. Information On Market Distortion and the Balancig Test
4. Review Process and Timeline
A. The FSR Review Timeline
B. The Review Process, Stage-By-Stage
B.1 Pre-Notification
B.2 Preliminary Review Phase
B.3 In-Depth Investigation
C. Alignment winth Timing of Merger Control Review
5.Scope of the Commission´s Powers
A. RFIs, lnterviews and Inspections
B.Interim Measures and Final Decisions
C. Fines and Periodic Penalty Payments
6.Substantive Review
7.Outecomes of the Review Process
A. Potential Outcomes
B. Remedies
8.Other EU Regulatory Processes

Chapter IV - The Public Procurement Tool
1. Introduction
2. Public Procurement Projects Requiring a Notification or a Declaration
A. Public Procurement Projects Falling under the Mandatory Notification and Declaration Regime
A.1 Public Procurement Projects Falling within the Scope of the FSR
A.2 Requirement for Meeting the Estimated Value and Contribution Thresholds
A.2.1 The Estimated Value Threshold
A.2.2 The Contribution Threshold
A.2.2.1 Entities Relevant for Determining whether the Contribution Threshold Is Met
A. 2.2.2 The Economic Operator and Certain Corporates Affiliates
A.2.2.3 Main Subcontractors and Main Suppliers
A.2.2.4 Culculation of Aggregate Foreign Financial contributions
A.3 Notice of Applicability of the Mandatory Notification and Declaration Regime
A.4 Exception to the FSR's Mandatory Notification Regime
B. Public Procurement Projects FaIIing outside the Mandatory Notificarion and Declaration Regime
C.StandstilI Period
D. Non-compliance with Notification or Declaration Obligations
3.The Scope of Notitications and Declarations
A. Submiission of a Mandatory Notification or Declaration
B. Form FS-pp
4.Review Process and Timeline
A. The FSR Review Timeline
B. The FSR Review Process, Stage-by-Stage
B.1 Pre-Notification
B.2 Preliminary Review Phase
B.3 In-Depth Investigation
5. Scope of the Commission's Powers
A. RFIs, Interviews, and Inspections
B. Interim Measures
C. Fines and Periodic Penalties
6. Substantive Review
7. Outcomes of the Review, Process.
A. Potential Outcomes.
B. Remedies and Commitments

Chapter V - Practical Compliance with the FSR's Notification Obligations
1.Introduction
2.Gathering relevant Information
A. Information - Gathering Preparations
A.1 The Importance of Starting Early
A.2 Establishing FSR lnformation-Gathering Structures
B. What Information Needs to Be Gathered
B.1 M&A TooI
B.1.1 Calculating the Notification Threshold
B.1.2 Gathering Information in Light of M&A Reporting Requirements
B. 1.2.1 Likely Distortive Subsidies
B.1.2.2 Reportable Contributions
B.1.2.3 Non-Reportable contributions
B.2 Public Procurement Tool
B.2.1 calculating the Notification Threshold
B.2.2 Completing the Notification
B.3 ldentifying Financial Contributions
B.4 Specific Steps for High-Risk Third Countries
3. Creating ar FSR Risk Profile
4. FSR ir M&A Planning
A. The Initial Decision-Making. Process
A.1 Sellers
A.2 Buyers
B. Deal Negotiations
B.1 Conditions Precedent
B.2 Best Efforts Provisions
B.3 Allocation of Risk
C. Deal Timing
D. Coordination with other Regulatory Processes
D.1 Merger Contol
D.2 FDI Control
5.FSR in public procurement Planning
A. The Initial Decision-Makin Process and Due Diligence
B. Negotiations
C. Timing Considerations

Chapter VI - The Ex Officio Control Tool
1. Introduction
2. scope of the Ex Officio Tool
A, Introduction
B. Subsidies and Activities tha May Be lnvestigated Under the Ex Officio tool
C. Ex Officio Tool and the Notification-Based Tools under the FSR
3. Review process
A. Starting the Investigation
B. Preliminary Review
C. Initiation of an In-Depth Investigation
D. In-Depth Investigation
4. Scope of the Commission's Powers
5. Outcomes of the Review Process

Chapter VII - Investigatory and Enforcement Powers
1.Introduction
2.Investigation Stages
A. Preliminary Review
A.1 Sources of information
A.2 Object and Purpose of the Preliminary Review
A.3 Obligation to lnform the Member States and the National Contracting Authority or Entity
A.3. 1 Timeframe for Preliminary investigations
A.3.2 End of the investigation
A.3.3 Start of the In-Depth Investigation
B. In-Depth Investigation
B. 1 Object and Purpose of the In-Depth Investigation
B.2 Possible Outcomes of the In-Depth Investigation
B.3 Timeframe to Adopt a Decision Following the Start of the ln-Depth Investigation
B.4 Commitments and Redressive Measures
B.4.1 Types of Commitments and Redressive Measures
B.4.2 Conditions Applicable to Commitments and Redressive Measures
B.4.3 Monitoring of Compliance with Commitments and Redressive Measures
B.4.4 Comparison with Voluntary Undertakings in Trade Defence Cases
B.5 Right to Submit Observations
B.6 Confidentiality
B.6.1 Principle of Confidentiality under lhe FSR
B.6.2 Obligation to Inform about the Use of Information Provided
B.6.3 Disclosure of Information Identified as confidential
B.6.4 Publication of Statistics and Reports and information Showing the Existence of a Distortive Foreign Subsidy
B.7 Access to the File
B.7.1 Right to Access Non-Confidential Versions of the File
B.7.2 Rights to Access Confidential Verions of the File (Confidentiality Rings)
B.7.3 Limitations of the Right to Access the File
B.7.3.1 Certain Documents Are Excluded from the Right to Access
B.7.3.2 Harm to the Information Provider
C. Interim Measure
C.1 Circumstances in which Interim Measures May Be lmposed
C.2 Types of Interim Measure
C.3 Timing, Renewal and Provisional Interim Measures
C.4 Right to Be Heard. Access to File and Provisional Interim Measures
C.4.1 Right to Be Heard and Access to File
C.4.2 Provisional Interim Measures
D. Revocation
E. Market Investigation and Third-Country Dialogue
E.1 Market Investigation
E.2 Third-Country Dialogue
F. Limitatioin Period
3. Investigatory Powers
A. RFIs
A. 1 RFIs Addressed to the Company under Investigation
A.2 RFIs Addressed to the Member States
A.3 RFls Addressed to Third Countries
A.4Time Limit to Provide the Requested Information
B.Inspections within the Member States and Third countries
B.1 Inspections within the Member States
B.2 Inspections in Third Countries
B.3 Rights of Inspection
C. Interviews
4.Fines and Periodic Penalty Payments
A. Situations jn which Fines and Periodic Penalty Payments May Be imposed
B. Level of Fines and Periodic Penalty Payments
C. Limitation Period
5. Non-Cooperation
6. Anti-circumvention and the FSR