eu foreign subsidies regulation

EU Foreign Subsidies Regulation – Advantage or Burden?

Navigating the new regulatory review of foreign subsidies in the EU

The EU Foreign Subsidies Regulation (EUFSR), introduced in 2023, allows the European Commission to investigate foreign subsidies either upon companies’ notification or ex officio. In this context, the Commission enjoys broad powers, including, e.g., the power to conduct dawn raids. Moreover, where the Commission identifies substantive concerns, it has a broad array of remedies at its fingertips. 

The conference, organised in partnership with ACC Europe, through the interactive and live exchange with policy-makers, regulators as well as with the business and legal community, will offer a unique opportunity to gain a clear view on the state of the art in this emerging regulatory area at the nexus of key topics, including international trade rules and policies, state aid, merger control, antitrust, national foreign investment control, and, more broadly, the functioning of the EU Single Market. 

Of relevance is the context of M&A transactions and bids in public procurement processes where companies, following entry into force of EUFSR, are required to notify and receive clearance prior to closing certain transactions or being awarded certain bids. The new requirements apply to EU companies with non-EU activities in the same way as to companies from other countries around the world.  

Legal, CFO, Tax, and top management teams need to be aware of implications for subsidies, acquisitions and public procurement processes to avoid being caught off guard and work closely together to ensure completeness and timely availability of data. 

Against this background, our panels will discuss key EUFSR compliance issues as to what expect from the current and future enforcement by the Commission and how to prepare for and run filing processes.  Guidelines and insights will be provided on the specific challenges of the Global Foreign Financial Contribution Status, i.e. the extremely broad analysis and disclosure of foreign financial contributions received around the world which are not typically available through firms’ standard financial systems. 

Keynote speakers will be Enrico Letta, former Italian Prime Minister and author of “Much More Than a Market”, the report on the future of the EU Single Market, published in April 2024 and commissioned by the Council of the European Union, and Antonio Nicita, current member of the Italian Parliament, former Commissioner of the Italian Communication Authority and member of the EC Regulatory Scrutiny Board, Full Professor of Economic Policy, LUMSA University.

The Conference panels will be held and moderated by senior officials of the European Commission responsible for enforcing the EUFSR, Industry leaders, in-house counsel, and academics.


ACC Europe (Association of Corporate Counsel)

ACC Europe promotes the interests of in-house counsel across the region through the sharing of information, education, networking and advocacy while demonstrating innovation and leadership for the benefit of the profession.

acc europe

Interested in participating?

Topic of discussion

A more detailed description of the topics and panels, along with the respective speakers, will be available in a near future.

To the roots of the EUFSR

Impact of the EUFSR on EU competitiveness in the Single Market and its interconnections with other policies and regulatory tools, including international trade, merger control, state aid, and direct investment regimes. 

The discussion will explore how the EUFSR interacts not only with existing regulatory instruments but also with broader industrial and geopolitical strategies, including responses to third-country subsidies such as the United States and China. Particular attention will be given to the role of the EUFSR in shaping the EU’s strategic autonomy agenda and reinforcing the internal market’s resilience to distortive foreign financing practices.

EUFSR in action

Sharing experiences and insights on the EUFSR. Comparative analysis between the M&A and public procurement procedures and notification requirements.

An analysis of the substantive and procedural convergences and divergences among the relevant regulatory frameworks - EUFSR, merger control and State aid control - with particular attention to the challenges arising from parallel notification obligations, data consistency, and administrative complexity. The discussion will address initial enforcement experience, preliminary stakeholder feedback, and the possible need for further interpretative guidance or streamlined notification processes. Comparative insights may also address sector-specific experiences, including energy, digital infrastructure, and critical raw materials.

Strategies for companies to improve their EUFSR project success

The role of technology, AI, dashboards for tracking incentives related to the EUFSR, data mining, data aggregation and analysis tools. 

Confirmed speakers 

Information on additional speakers will be added soon.

EU Rapporteur on the future of the Single Market, President of the Jacques Delors Institute, Former Prime Minister of Italy

Member of the Italian Senate, former Commissioner of the Italian Communication Authority and member of the EC Regulatory Scrutiny Board, Full Professor of Economic Policy, LUMSA University

European Commission, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs | Deputy Director-General | Simplification, SMEs, Barrier Removal | Compliance and Responsible Business Conduct | Foreign Subsidies (GROW.G.3)

European Commission, Directorate-General for Competition | Adviser - Foreign Subsidies (COMP.K.ADV01).

European Commission, Member of the Legal Service at DG Internal Market, Industry, Entrepreneurship and SMEs (GROW)

Google Italia, Senior Legal Counsel | ACC Europe Country Representative for Italy

Assistant Professor (Tenure Track) for European Law, University of Vienna, Department of European, International and Comparative Law

Graduate Teaching and Research Assistant - PhD Candidate, European and International Economic Law, University of Antwerp

Postdoctoral Research Fellow at Univerisity of Piemonte Orientale

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Practical details

Date conference: Wednesday, 22 October 2025

WherePwC Campus in Diegem (Culliganlaan 5 – 1831 Diegem)

Timing: 08:30 – 18:30

Lunch: a networking lunch will be hosted by PwC from 13:00 to 15:00

Hotels: accommodation costs are the responsibility of the guest. Below is a selection of hotels located near the PwC Diegem office:

building

Register to the event

Secure your spot today and ensure your participation by registering early, as seats are limited and will be allocated on a first-come, first-served basis.

Questions
Email to be_belgium_events@pwc.com

Interested in participating ?

Contacts

susanne

Susanne Zühlke
Partner  
PwC Legal AG Rechtsanwaltsgesellschaft – Head of the German and European Antitrust Practice and Co-Head of the Global Antitrust Steering Committee
E-mail:  susanne.zuehlke@pwc.com 

susanne

Luigi Nascimbene
Director  
PwC Legal STA S.r.l
Head of the Italian Antitrust Practice and Member of the Global Antitrust Steering Committee  
E-mail: luigi.nascimbene@pwc.com   

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