The notification obligations set out in the EU Foreign Subsidies Regulation (FSR) became applicable about a year ago. High value M&A transactions and government calls for tender now need to be notified to the European Commission before they can be finalized. What lessons can be learned from the application of the FSR to date? Has it proved an effective tool in ensuring a level playing field? Or has it just increased the administrative burden on companies and with it the risk of discouraging investment in Europe?
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