FDI Control and Parallel Sector-Specific Screening Procedures: Are There Ways to Increase Efficiency?
摘要
This article discusses parallel procedures and mechanisms for controlling foreign direct investments (‘FDI’) into critical sectors in the EU, with a focus on Germany. It includes a legal analysis of the German approach of having an FDI screening mechanism divided into a cross-sectoral review and a sector-specific review. It then considers German non-FDI screenings in three sectors of interest where FDI screening is likely to apply, namely, the defence sector, the energy sector and the financial services sector. The investment scenarios triggering the parallel application of FDI and non-FDI screenings in each of these sectors are scrutinised more closely while comparing the screening criteria applied. In this way, it considers—in particular—the challenges arising from the fact that different authorities, different procedures, different timelines, and different material tests apply. Finally, the article addresses the question of whether more harmonisation and/or coordination of the different procedures may be possible and required to enhance efficiency.