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04 Sep

New FDI notification form

๐Ÿ“ขย ๐ˆ๐’๐‚ ๐‘๐ž๐ฅ๐ž๐š๐ฌ๐ž๐ฌ ๐”๐ฉ๐๐š๐ญ๐ž๐ ๐…๐ƒ๐ˆ ๐๐จ๐ญ๐ข๐Ÿ๐ข๐œ๐š๐ญ๐ข๐จ๐ง ๐“๐ž๐ฆ๐ฉ๐ฅ๐š๐ญ๐ž

On 29 August 2024, theย Interfederal Screening Committee (โ€œ๐ˆ๐’๐‚โ€)ย published its new template notification form:

- ๐ƒ๐ฎ๐ญ๐œ๐ก ๐Ÿ๐จ๐ซ๐ฆ ๐Ÿ”—https://lnkd.in/erMTy7PP
- ๐…๐ซ๐ž๐ง๐œ๐ก ๐Ÿ๐จ๐ซ๐ฆ ๐Ÿ”—https://lnkd.in/e5iiKWiG

Non-EU investors must use this form when notifying transactions for Belgian FDI review.

The new form enters into force immediately. However, the previous template can still be used until 30 September 2024.

It is the ISCโ€™s first revision of its notification form since the start of the Belgian FDI regime last year. This revision follows a consultation with all the major law firms that are active and experienced in notifying transactions to the ISC, including ๐œ๐จ๐ง๐ญ๐ซ๐š๐ฌ๐ญ.

๐œ๐จ๐ง๐ญ๐ซ๐š๐ฌ๐ญ is happy to have shared its insights, experience and suggestions with the ISC.

We remain available for any questions in this regard.

#FDI #FDIscreening #FDIregime #contrastlaw #contrastupdate

contrast update
03 Sep

Breaking news re merger control

๐๐ซ๐ž๐š๐ค๐ข๐ง๐  ๐ง๐ž๐ฐ๐ฌ ๐Ÿšจ ๐ˆ๐ฅ๐ฅ๐ฎ๐ฆ๐ข๐ง๐š/๐†๐ซ๐š๐ข๐ฅ: ๐š ๐ ๐จ๐จ๐ ๐๐š๐ฒ ๐Ÿ๐จ๐ซ ๐ฅ๐ž๐ ๐š๐ฅ ๐œ๐ž๐ซ๐ญ๐š๐ข๐ง๐ญ๐ฒ ๐ข๐ง ๐„๐” ๐ฆ๐ž๐ซ๐ ๐ž๐ซ ๐œ๐จ๐ง๐ญ๐ซ๐จ๐ฅ!

The Court of Justice says that the European Commission ("EC") has no power to review transactions at request of Member States that cannot review the transaction themselves under their national merger control regime.

The General Court had incorrectly allowed national competition authorities to refer mergers to the EC, even if these did not have a European dimension or meet national thresholds for review, based on ๐€๐ซ๐ญ๐ข๐œ๐ฅ๐ž ๐Ÿ๐Ÿ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐„๐” ๐Œ๐ž๐ซ๐ ๐ž๐ซ ๐‘๐ž๐ ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง.

The rationale behind the ECโ€™s revised approach to Article 22, was to enable the EC to review acquisitions whereby at least one of the partiesโ€™ turnover does not reflect its actual or future competitive potential and thus falls below the merger control thresholds. Illuminaโ€™s planned acquisition of Grail was the first transaction referred to the EC under the revised policy.

After the Court of Justiceโ€™s judgement, ๐ฌ๐ฎ๐œ๐ก ๐ซ๐ž๐Ÿ๐ž๐ซ๐ซ๐š๐ฅ๐ฌ ๐ฐ๐ข๐ฅ๐ฅ ๐ง๐จ ๐ฅ๐จ๐ง๐ ๐ž๐ซ ๐›๐ž ๐ฉ๐จ๐ฌ๐ฌ๐ข๐›๐ฅ๐ž. Moreover, as regards Illumina and Grail specifically, this judgment is likely going to result in the annulment of their gun jumping fine. Ongoing similar reviews (e.g. Brasserie Nationale / Boissons Heinz) will moreover need to be stopped due to having no valid legal basis.

Despite todayโ€™s judgment, the ECโ€™s revised approach has had its impact in practice as it resulted in the abandonment of several transactions, such as Illumina/Grail, EEX/Nasdaq Power and Qualcomm/Autotalks. It remains to be seen whether the companies involved will try to seek redress from the EC for its regulatory overreach ...

๐–๐ข๐ญ๐ก ๐ข๐ญ๐ฌ ๐ฃ๐ฎ๐๐ ๐ž๐ฆ๐ž๐ง๐ญ, ๐ญ๐ก๐ž ๐‚๐จ๐ฎ๐ซ๐ญ:
โœ”๏ธ ruled that the Merger Regulation does not provide a "corrective mechanism" for reviewing all mergers with significant effects on EU competition.
โœ”๏ธ emphasised that the thresholds for notifying and reviewing transactions are crucial for ensuring legal certainty and predictability for companies.
โœ”๏ธ stressed that companies must be able to determine easily whether their transactions require notification, which authority will review them, and what procedural requirements apply.

Companies should however be mindful that an increasing number of national authorities have obtained (or are likely to obtain in the near future) the authority to โ€œcall inโ€ transactions that do not meet the national thresholds.

๐Œ๐จ๐ซ๐ž ๐ข๐ง๐Ÿ๐จ?
๐Ÿ–น Read the judgement https://lnkd.in/e9XYpZkZ
๐Ÿ–น Read our ITP on the judgement of the General Court https://lnkd.in/er3rmebt

๐๐ฎ๐ž๐ฌ๐ญ๐ข๐จ๐ง๐ฌ?
๐Ÿ‘‰ Feel free to contact your usual contact person at contrast.

Case highlight
02 Sep

Welcome to our September summer interns!

๐ŸŽ‰ ๐–๐ž๐ฅ๐œ๐จ๐ฆ๐ž ๐€๐ฌ๐ญ๐ซ๐ข๐ ๐š๐ง๐ ๐†๐ข๐ญ๐ญ๐ž! ๐ŸŽ‰

We are thrilled to welcome Astrid and Gitte as our summer interns for September. Their fresh ideas and enthusiasm are sure to make a valuable contribution to our team! ๐ŸŒŸ

Are you ready for an internship filled with learning experiences and exciting challenges? Discover our internships and other career opportunities for 2025 ๐Ÿ’ผ

#internship #legalinternship #lawstudent #careergrowth #summerintern #learningopportunities

Students
29 Aug

Summer vibes

๐ŸŒž ๐„๐ฆ๐›๐ซ๐š๐œ๐ข๐ง๐  ๐’๐ฎ๐ฆ๐ฆ๐ž๐ซ ๐•๐ข๐›๐ž๐ฌ ๐š๐ญ ๐œ๐จ๐ง๐ญ๐ซ๐š๐ฌ๐ญ! ๐ŸŒž

Our Vibes team treated us to a delightful breakย with delicious desserts and homemade lemonades. It was the perfect way to enjoy a sunny afternoon and recharge our batteries. ๐Ÿ‹๐Ÿฐ

In true office fashion, our relaxing break took an unexpected turn with a fire drill! Evacuating the building with a glass of lemonade in hand โ€“ just another day at the law firm. ๐Ÿ˜…

Hereโ€™s to more sunny days, sweet treats, and memorable moments with our fantastic team! ๐ŸŒŸ

#SummerVibes #LawFirmLife #TeamBuilding #OfficeFun #contrastVibes

contrast vibes
20 Aug

Case highlight

๐Ÿ’ก ๐๐ฎ๐œ๐ญ๐ž๐œ๐ก ๐ฏ๐ฌ. ๐„๐ฎ๐ซ๐จ๐ฉ๐ž๐š๐ง ๐‚๐จ๐ฆ๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง (๐“-๐Ÿ๐Ÿ–๐Ÿ’/๐Ÿ๐Ÿ’ ๐‘)

EU Commissionโ€™s jurisdiction over ๐๐จ๐œ๐ฎ๐ฆ๐ž๐ง๐ญ๐ฌ ๐ฌ๐ญ๐จ๐ซ๐ž๐ ๐จ๐ง ๐ฌ๐ž๐ซ๐ฏ๐ž๐ซ๐ฌ ๐จ๐ฎ๐ญ๐ฌ๐ข๐๐ž ๐„๐” upheld by General Courtโ€™s President.

On 12 August 2024, the President of the General Court rejected a request for interim relief from security inspection company Nuctech. In the context of the first inspection under the Foreign Subsidies Regulation, the Commission had ordered Nuctech to produce documents stored on servers located in China. Nuctech had asked the President of the General Court to suspend the Commissionโ€™s decision.

In his Order, the President ruled that Nuctech did not have a ๐˜ฑ๐˜ณ๐˜ช๐˜ฎ๐˜ข ๐˜ง๐˜ข๐˜ค๐˜ช๐˜ฆ case against the Commissionโ€™s decision:
โœ”๏ธ The Commissionโ€™s jurisdiction extends to all companies with activities in the EU, irrespective of their place of incorporation.
โœ”๏ธ The Commission can request to see/copy documents in possession of those companies, irrespective of where these documents are located.
โœ”๏ธ Companies need to explain why they have no access to information stored on servers located outside the EU.
โœ”๏ธ Companies need to explain why producing the requested documents would breach non-EU law and why such breach would constitute a breach of international public law. The Commission is bound only by EU law and international public law.

๐Œ๐จ๐ซ๐ž ๐ข๐ง๐Ÿ๐จ?

๐Ÿ–น Read theย full text of the judgment

๐Ÿ–น Read our In The Picture on the Foreign Subsidies Regulation

๐๐ฎ๐ž๐ฌ๐ญ๐ข๐จ๐ง๐ฌ, ๐จ๐ซ ๐๐จ ๐ฒ๐จ๐ฎ ๐ฐ๐š๐ง๐ญ ๐ญ๐จ ๐ฅ๐ž๐š๐ซ๐ง ๐ฆ๐จ๐ซ๐ž ๐š๐›๐จ๐ฎ๐ญ ๐๐š๐ฐ๐ง ๐ซ๐š๐ข๐๐ฌ?
๐Ÿ‘‰ Feel free to contact your usual contact person at contrast.

#competitionlaw #europeancommission #EUGeneralCourt #dawnraid #FSR #contrastupdate

Case highlight
05 Aug

In the Picture - summer reading

In July and August, our In the Picture newsletter takes its traditional summer break.

Before our next edition in September (on the fresh of the presses draft guidelines on abuse exclusionary conduct) a throwback to our In the Pictures of 2024, with ever fun cartoons and updates on the topics of sport and competition law, new product safety legislation, the new market definition notice, the deforestation regulation, CSDDD, and foreign direct investment.

Check them out hereย for some sunny reading. โ˜€๏ธ

Subscribe now to the In the Picture!ย 

#thecontrastisclear #legal #competitionlaw #corporatelaw #commerciallaw #compliance #disputeresolution #inthepicture

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