Council of the European Union and European Parliament 14 December 2022, Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market

Also known as

Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 establishes a harmonised framework to address distortions of the EU internal market caused by foreign subsidies, granting the Commission exclusive competence to investigate and remedy such distortions across all economic sectors. Key provisions include mandatory prior notification obligations for concentrations meeting combined turnover and financial contribution thresholds (EUR 500 million Union turnover; EUR 50 million in third-country financial contributions) and for public procurement procedures with an estimated value of at least EUR 250 million, with the Commission empowered to impose redressive measures, accept binding commitments, prohibit concentrations or contract awards, and levy fines of up to 10% of aggregate annual turnover for non-compliance. The Regulation applies from 12 July 2023, with notification obligations under Articles 21 and 29 applying from 12 October 2023, and covers foreign subsidies granted up to five years prior to that date where they continue to distort the internal market thereafter.AI