On 4 January 2023, the new UK subsidy control regime under the Subsidy Control Act 2022 came into force. This completes the overhaul of the UK’s approach to subsidies following Brexit and the UK’s decision to diverge from the EU’s State aid regime. The new rules will apply to subsidies granted by public authorities on or after 4 January 2023.
On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act 2021 came into force. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of, and investments in, companies active in 17 key sectors of the economy. They also grant the Government extensive powers to investigate and impose conditions on a wide range of transactions (including both corporate investments and asset transactions) on national security grounds.
Since the end of the Brexit transition period on 31 December 2020, there has been significant uncertainty regarding the practical application of the UK’s international commitments on subsidy control. However, on 30 June 2021, the Government outlined its main legislative proposals for a new UK subsidy control regime. It introduced its long-awaited Subsidy Control Bill to Parliament, published a number of policy papers and provided a response to the public consultation that ran from 3 February to 31 March this year.
On 30 June 2021, the Government outlined its main legislative proposals for a new UK subsidy control regime. It introduced its long-awaited Subsidy Control Bill (the Bill) to Parliament, published a number of policy papers and provided a response to the public consultation that ran from 3 February to 31 March this year.
Invitation to our webinar series Join us for our webinar series EU & UK Competition Law: Essential Knowledge for In-house Lawyers (e.g. non-specialists). Competition law remains a priority compliance area for businesses. It impacts upon a wide variety of day to day business practices, from pricing, distribution and managing suppliers…