| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 330, Pages 1-45 |
| Publication Date | 23/12/2022 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2022/2560 - formally adopted by the co-legislators on 14 December 2022 - establishing a new instrument to address potential distortive effects of foreign subsidies in the European Union's Single Market. Further information:This Regulation establishes a harmonised framework to address distortions caused, directly or indirectly, by foreign subsidies, with a view to ensuring a level playing field. It lays down rules and procedures for investigating foreign subsidies that distort the internal market and for redressing such distortions. The purpose is to contribute to the proper functioning of the internal market of the European Union (EU). The Act addresses foreign subsidies granted to an undertaking, including a public undertaking which is directly or indirectly controlled by the State, engaging in an economic activity in the internal market. The draft law was adopted by the European Commission on 5 May 2021, following the adoption of a White Paper on levelling the playing field as regards foreign subsidies in June 2020 and a consultation process with stakeholders. It is seen as a key element of an updated EU Industrial Strategy which was published on the same day. It sought to close a regulatory gap in the Single Market, whereby subsidies granted by non-EU governments went largely unchecked, while subsidies granted by Member States were subject to close scrutiny. The plenary of the European Parliament adopted a negotiating position on 4 May 2022. The Council of the European Union adopted its general approach on that same day. An informal agreement between the co-legislators on compromise text for this file was reached on 30 June. This was formally endorsed by the Parliament on 10 November and by the Council on 28 November. The Act was signed by the co-legislators on 14 December 2022 and published in the Official Journal on 23 December 2022. It entered into force on 12 January 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2022/2560/oj |
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| Subject Categories | Internal Markets |
| Subject Tags | Competition Law | Policy, Industrial Policy, Single Market |
| Keywords | Foreign Direct Investment [FDI], Public Procurement |
| International Organisations | European Union [EU] |
