FDI Screening in Europe: Time for Review?

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Two years after intense activity in the emergence and upgrading of national foreign direct investment (“FDI”) regimes in Europe, the authors provide a comparative view on the emerging enforcement landscape. In particular, they reflect on the implementation of FDI review powers and enforcement practices and the first reported annual statistics, including a report published in November 2021 by the European Commission upon one year of full application of the EU FDI Regulation ((EU) 2019/452). The first judicial challenges to FDI laws are also being heard through the courts or other procedural and regulatory interactions. Alongside the first judicial challenges to FDI laws, the refinement of FDI laws and the addition of new FDI regimes continues among the European Union (“EU”) Member States, within the European Economic Area and across the wider European continent. In an effort to take stock, the article reports on the key trends and considers where the boundaries of national security or interest might lie in the context of the EU treaties and law.