What is the Information Needed for the Commission to Conduct its Substantive Assessment Under the New EU Foreign Subsidies Regulation?

The new EU Foreign Subsidies Regulation (“FSR”) adopted at the end of 2022 is not yet applicable but it has already been subject to extensive criticism due to its draft implementing regulation, especially in the context of large concentrations for which clearance must be obtained from the Commission where certain thresholds are exceeded. This paper takes a closer look at the distortion of the internal market by foreign subsidies that the FSR intends to address. It will then submit that, in t