Implementation foreign direct investment screening mechanism in Belgium expected by 1 July 2023
On 30 November 2022, a revised version of the cooperation agreement implementing a mechanism for screening of foreign direct investments (FDI) was adopted by the Federal State, the Regions and the Communities (the ‘Cooperation Agreement’).
In this version, the main principles of the FDI screening mechanism remain unchanged (see our previous newsflash in this respect). The most notable change relates to the updated timing. The Cooperation Agreement now provides for an entry into force on the day of publication of the last ratifying act in the Belgian Official Gazette and states that all transactions signed as of 1 July 2023 will need to be notified to the FDI screening commission if they fall within the scope (or such transactions signed as of the first day of the month following the publication of the last ratifying act if such date is later than 30 June 2023).
The Cooperation Agreement needs to be ratified by all federated entities involved for its entry into force. Several steps have been taken already, such as:
- At federal level, the first step in the ratification was taken by the unanimous approval of the Parliamentary Commission on Economy, Consumer Protection and Digital Agenda on 25 January 2023.
- At Flemish and Walloon level, approved by the Governments on 9 December 2022, respectively 23 December 2022.
Stay tuned for further updates!
