3–4 June 2025
Berlin, Germany
6th Annual European Forum on
GLOBAL FDI REVIEWS
Europe’s Flagship Conference on National Security Reviews and FDI Filings
Delve into the Nuances of Multi-Jurisdictional FDI Screening Regulations, Complex Merger Controls and Evolving Foreign Subsidy Limitations:
Refine Your Cross-Border Strategy: Rethinking Major Decisions and Points of Tension Affecting the Fate of Transactions
Navigate FDI Risks Posed by China—from Data Security, Cyber, Market Volatility to Evolving Geopolitics
Benefit from a Comparative Analysis of the Screening Frameworks in Germany, France, Italy, UK, Spain and Sweden—and Their Interplay
Dissect the Expanding Scope of FDI Reviews—from Environmental, Emerging Tech and Maritime to AI, EVs and More Critical Sectors
Clarify U.S. Outbound Investment Reviews: Priorities, Investor Signals and Potential Legal Pitfalls
Gain Key Updates on the New Impacts of FSR on Private Equity: New Due Diligence and Enforcement Considerations
Supporting Sponsors:
GOVERNMENT SPEAKERS
Damien Levie Head of Tech & Security, FDI Screening Unit, DG Trade European Commission
Dr. Thorsten Käseberg Head of Competition Policy BMWK (Germany)
Thomas Ernoult Head of Foreign Investment Screening French Treasury
Kathryn Roe Deputy Director, Investment Security Unit UK Cabinet Office
Ana Belancurencu Case Handler, Foreign Direct Investment Department Romanian Competition Council Foreign Direct Investment Commission
Michael Considine Deputy Assistant Secretary, Office of Foreign Investment and National Security U.S. Department of Energy
Experience the C5 Difference.
Your time is valuable. Here’s why you should spend it at C5’s 6th European Forum on Global FDI Reviews:
ĉ In addition to updates from key government officials and more, the programme sessions are curated to foster more interaction, Q&A and discussion from start to finish. No generic sessions or canned presentations.
ĉ Connect with the foremost practitioners and corporate executives across the EU, UK and U.S. Take your practice and network to the next level. Compare notes with like-minded professionals on multi-jurisdictional filings and more.
ĉ Benefit from content that cannot be found online or elsewhere. Walk away with real-world, practical takeaways for navigating the strategic decisions and legal nuances affecting FDI filings, reviews and merger control.
ĉ Don’t miss large and smaller-group networking and professional development opportunities. The 2025 agenda includes the ever-popular breakout roundtables that will spark additional conversation, networking and benchmarking.
ĉ Stay on for the Post-Conference Strategy Session on Day 2 where practitioners will engage in a smaller-group, candid discussion. Discuss your most burning questions in a more intimate setting and work through the most complex, pressing decisions awaiting you right after this conference.
FEATURED CORPORATE FACULTY:
Fernando Sebastian Íscar Rüland Senior Legal Counsel, Merger Control & FDI thyssenkrupp (Germany)
Stephan Purps Legal Director BASF SE (Germany)
EARN CLE CREDITS
Accreditation will be sought in those jurisdictions requested by the registrants which have continuing education requirements. This course is identified as nontransitional for the purposes of CLE accreditation.
ACI certifies this activity has been approved for CLE credit by the New York State Continuing Legal Education Board.
ACI certifies this activity has been approved for CLE credit by the State Bar of California.
ACI has a dedicated team which processes requests for state approval. Please note that event accreditation varies by state and ACI will make every effort to process your request.
For more information on ACI’s CLE process, visit: www.AmericanConference.com/Accreditation/CLE
SPEAKER FACULTY
CONFERENCE CO-CHAIRS
Dr. Andrea Pomana Partner Simmons & Simmons (Germany)
Davina Garrod Partner
Akin Gump Strauss Hauer & Feld LLP (UK)
Olivia Lê Horovitz Partner Rimon, P.C. (France)
GOVERNMENT FACULTY
Ana Belancurencu Case Handler, Foreign Direct Investment Department Romanian Competition Council Foreign Direct Investment Commission (Romania)
Thomas Ernoult Head of Foreign Investment Screening French Treasury (France)
Dr. Thorsten Käseberg Head of Competition Policy BMWK (Germany)
Damien Levie Head of Tech & Security, FDI Screening Unit, DG Trade European Commission
Kathryn Roe Deputy Director, Investment Security Unit UK Cabinet Office (UK)
Michael Considine Deputy Assistant Secretary, Office of Foreign Investment and National Security U.S. Department of Energy (USA)
DISTINGUISHED FACULTY
Sarah Blazek Partner Noerr (Germany)
Pedro Callol Partner
Callol, Coca & Associados (Spain)
Olivier Chambord Partner
Morgan, Lewis & Bockius LLP (France)
John Davies Senior Advisor Brunswick Group (UK)
Pierre-Antoine Degrolard Counsel
Gide Loyrette Nouel A.A.R.P.I. (France)
Jacopo Figus Diaz Senior Counsel Legance – Avvocati Associati (Italy)
Pascal Dupeyant Strategic Advisor Relians (France)
Ross Evans Special Counsel Covington (UK)
Robert Friedman Partner Holland & Knight (USA)
Christine Graham Special Counsel Cooley (UK)
Dr. Moritz Holm Hadulla Partner Gleiss Lutz (Germany)
Petr Kadlec Partner Havel Partners (Czechia)
John Messent Counsel Cleary Gottlieb Steen & Hamilton LLP (UK)
Bernd Meyring Partner Linklaters (Belgium)
Jens-Olrik Murach Partner Alston & Bird (Belgium)
Vincent Mussche Partner Liedekerke (Belgium)
Malin Persson Partner Kastell (Sweden)
Stephan Purps Legal Director BASF SE (Germany)
Dr. Kurt Retter Partner
Wolf Theiss (Austria)
Fernando Sebastian Íscar Rüland
Senior Legal Counsel, Merger Control & FDI thyssenkrupp (Germany)
Dr. Roland Stein Partner Blomstein (Germany)
Philipp Studt Counsel
Latham & Watkins LLP (Belgium)
Stephanie The Partner
De Brauw Blackstone Westbroek (Netherlands)
Antonia Tzinova Partner Holland & Knight (USA)
Dr. Christian von Wistinghausen Partner ADVANT Beiten (Germany)
Sarah Ward Partner
Walker Morris (UK)
Daniel Wendelsson Partner Vinge (Sweden)
Dr. Mark Wiggers Partner
Loyens & Loeff (Netherlands)
DAY ONE Tuesday, 3 June 2025
7:30 Registration and Networking Breakfast
8:45 Opening Remarks from the Co-Chairs
Dr. Andrea Pomana Partner Simmons & Simmons (Germany)
Olivia Lê Horovitz Partner Rimon, P.C. (France)
9:00 Interview with the EU Commission and Audience Q&A: Updates on the
Modernization of EU FDI Regime Harmonisation
On 17 October 2024, the European Commission (EC) published its Fourth Annual Report on the screening of foreign direct investments (FDI) into the Union (Fourth Annual Report). 24 EU Member States have FDI screening mechanisms in place, up from only 11 in 2017. The only three EU jurisdictions that do not yet have FDI screening mechanisms (i.e., Croatia, Cyprus, and Greece) have taken concrete steps to develop their own frameworks. During this session, gain invaluable updates and insights from the EU Commission.
Davina Garrod Partner
Akin Gump Strauss Hauer & Feld LLP (UK)
Damien Levie Head of Tech & Security, FDI Screening Unit, DG Trade European Commission
Moderator: Dr. Andrea Pomana Partner Simmons & Simmons (Germany)
9:30
• Understanding the political landscape and economic stability of target markets
• Staying informed about geopolitical developments and economic policies that may affect currency values and the outcome of FDI reviews
• Navigating international relations and regulatory changes that could impact transaction operations, including trade embargoes and sanctions
• Securing intellectual property rights and understanding the nuances of trademark law in each jurisdiction prevent potential infringements and disputes
• Establishing clear dispute resolution mechanisms in contracts and being prepared to engage in arbitration or mediation to prevent potential infringements and disputes
• Developing communication strategies that consider cultural nuances to enhance relationships and transaction outcomes
• Leveraging data analytics tools to provide insights into market trends, consumer behavior, and operational performance, helping to inform strategic transactional decisions
John Davies Senior Advisor Brunswick Group (UK)
Stephanie The Partner De Brauw Blackstone Westbroek (Netherlands)
Bernd Meyring Partner
Linklaters (Belgium)
Pascal Dupeyrat Strategic Advisor Relians (France)
10:30
11:00 Special Update on Evolving FDI Regimes: Political, National Security and Economic Dynamics at Play
A jurisdiction's political, economic and national security landscapes may result in different FDI requirements, notwithstanding the overall regulatory alignment on FDI in the EU. Cultural aspects also influence the interaction between the actors in FDI clearance proceedings across various EU member states. During this session, gain updates on the priorities and objectives of key FDI regimes-and ask your questions.
Kathryn Roe Deputy Director, Investment Security Unit UK Cabinet Office (UK)
Thomas Ernoult Head of Foreign Investment Screening French Treasury (France)
Ana Belancurencu Case Handler, Foreign Direct Investment Department
Romanian Competition Council Foreign Direct Investment Commission (Romania)
12:00 Merger Control & FDI Reviews Under the Microscope: What is Now Required for Transaction Approvals — and How to Mitigate the Risk of Delays and Denials
Agency scrutiny and intervention both in merger control and FDI have intensified and collided. Merger control authorities continue to expand the rules and the range of deals under their microscopes. And deals which may historically have escaped scrutiny are now being pursued more vigorously. How are outside counsel navigating this intensifying climate?
• Agencies repurposing existing legal tools to expand their reach
• Trends in what is triggering approvals versus delays and blocked transactions
• Case study: Illumina’s acquisition of GRAIL: What will happen now to merger reviews of “below threshold” transactions in the EU?
• Determining when FDI filings are necessary or advisable, and to what extent the review may raise substantive risks and/or affect the deal timeline
• Ensuring deal timelines account for potentially protracted regulatory processes, including Article 22 referrals in the EU
• New, emerging trends in transactions that may impact competition
• Tougher reviews of non-horizontal mergers
• Anticipating when merger control/FDI clearance in one jurisdiction will spur other agencies to follow or accelerate their processes
• Changes that are likely to reduce the administrative burden for parties in certain deals
• Assessing the potential ESG risks posed by a transaction
12:45
Networking Luncheon
Media Partners
Jens-Olrik Murach Partner Alston & Bird (Belgium)
Sarah Ward Partner Walker Morris (UK)
Dr. Thorsten Käseberg Head of Competition Policy BMWK (Germany)
Daniel Wendelsson Partner Vinge (Sweden)
DAY ONE Tuesday, 3 June 2025
14:00 INTERVIEW
U.S. Outbound Investment Reviews: Priorities, Investor Signals to Consider and Potential Legal Pitfalls
On 28 October 2024, the U.S. Treasury Department issued a final rule (the Outbound Investment Rule) implementing Executive Order 14105 and creating a regime restricting investment by U.S. persons in targeted sectors in “countries of concern” (currently limited to China). However, some legal experts warn the regime captures deals involving other countries as well. What are the investment review requirements? What constitutes “substantial participation”. How might this regime evolve under a new Administration? And where are possible EU parallels emerging?
Don’t miss this practical, informative discussion on the grey areas, practical considerations and key updates.
Michael Considine
Deputy Assistant Secretary, Office of Foreign Investment and National Security
U.S. Department of Energy (USA)
Moderator: Antonia Tzinova Partner
Holland & Knight (USA)
14:30 Germany, France and Italy: Comparing and Contrasting Screening Frameworks, Their Nuances and Interplay
This session will compare how FDI regulations are being applied, what has evolved over the last year and how to find your way through enduring grey areas.
Germany
• Remedies/prohibition and withdrawal decisions
• Case Study: In July 2024, BMWK prohibits a Chinese state-owned company from acquiring a Volkswagen subsidiary
• 5G mobile networks:
» Case study: In July 2024, the German Federal Ministry of the Interior and Community (BMI) restricted mobile network operators' reliance on Chinese suppliers Huawei and ZTE
France
• Determining if a transaction requires a filing
• Specific trends for investments in activities related to technology
• A closer look at the interactive screening process
Dr. Christian von Wistinghausen Partner
ADVANT Beiten (Germany)
Jacopo Figus Diaz
Senior Counsel
Legance – Avvocati Associati (Italy)
Olivier Chambord
Partner
Morgan, Lewis & Bockius LLP (France)
• A permanent lowering of the threshold triggering control of foreign investments-and the impact on deal flow
Italy
• Navigating numerous interpretational issues in the Golden Power Law
• FDI review of intra-group transactions
• (Increasing) trend of pre-notifications/notifications, conditional approvals and prohibition decisions: Key cases
• Enforcement for non-compliance with notification requirements or with remedies/conditions
15:30 Networking Break
With conferences in the United States, Canada, Latin America and Europe, the C5 Group of Companies: American Conference Institute, Canadian Institute, and C5 Group, provides a diverse portfolio of conferences, events and roundtables devoted to providing business intelligence to senior decision makers responding to challenges around the world.
Don’t miss the opportunity to maximise participation or showcase your organisation’s services and talent. For more information please contact us at: SponsorInfo@C5-Online.com
DAY ONE Tuesday, 3 June 2025
15:45 The Expanding Scope of Industries Caught by FDI Reviews: From Environmental, Emerging Tech and Maritime to AI, EVs and More Critical Sectors
• Environmental Technologies: Renewable energy deals in the pipeline?
• EV investment: A closer look at FDI projects in the manufacturing of electric vehicles and batteries
» Cross-border, greenfield project studies
• AI investment targets and regions: AI featured in nearly 3.5% of all FDI projects worldwide
• Critical infrastructure: Examples of ports, nuclear energy, minerals and other FDI investments that pose a “national security” concern
Dr. Mark Wiggers Partner
Loyens & Loeff (Netherlands)
John Messent Counsel
Cleary Gottlieb Steen & Hamilton LLP (UK)
Dr. Kurt Retter Partner
Wolf Theiss (Austria)
16:30 Corporate Executive Insights on FDI Risk, Reviews and Remedies: Key Legal and Business Considerations
Senior corporate executives will discuss the most vexing legal and operational challenges during the lifecycle of a transaction under FDI review. Topics include:
• Managing costs while ensuring compliance
• Ensuring you are incorporating FDI screening timeframes into your overall strategy
• Dovetailing FDI requirements with other, concurrent regulatory requirements
• Finding efficiencies and best practices for reducing the risk of delays
Michael Considine Deputy Assistant Secretary, Office of Foreign Investment and National Security U.S. Department of Energy (USA)
Robert Friedman Partner Holland & Knight (USA)
Fernando Sebastian Íscar Rüland Senior Legal Counsel, Merger Control & FDI thyssenkrupp (Germany)
Stephan Purps Legal Director BASF SE (Germany)
Moderator: Dr. Roland Stein Partner Blomstein (Germany)
17:15 Breakout Roundtable Discussions
Select a table of your choice to engage in a smaller-group exchange of strategic insights and best practices, along with invaluable networking that will continue during the cocktail reception that follows.
ROUNDTABLES
1. Table One: Lessons Learned from Trends in Below-Threshold Deals
Ross Evans Special Counsel
Covington (UK)
2. Table Two: Navigating FDI Transactions Across Differing Regime Alignments
Dr. Christian von Wistinghausen Partner ADVANT Beiten (Germany)
17:45 End of Day One & Networking Cocktail Reception
3. Table Three: Reconciling Remedies Around the Intersection of FDI and FSR
Philipp Studt Counsel
Latham & Watkins LLP (Belgium)
DAY
TWO Wednesday, 4 June 2025
7:30 Registration and Networking Breakfast
8:45 Opening Remarks from the Co-Chairs
Dr. Andrea Pomana Partner Simmons & Simmons (Germany)
9:00 KEYNOTE ADDRESS Stay Tuned for a Special Announcement!
Olivia Lê Horovitz Partner Rimon, P.C. (France)
Davina Garrod Partner
Akin Gump Strauss Hauer & Feld LLP (UK)
9:45 Navigating Risks Posed by China: Data Security, Cyber, Market Distortion/Volatility and Evolving Geopolitical Complexities
• How different jurisdictions are applying scrutiny to acquisitions by Chinese investors in the name of “national security”
» Germany’s first-ever ‘Strategy on China’ policy initiative
• Impacts of increased political risks, investor national origin, and entrenchment on firm exit
• Investment in Variable Interest Entities (VIEs) linked to Chinese entities
• Verifying whether MNCs are using a ‘China + 1’ strategy to de-risk rather than exit
• A rethinking of China strategy for foreign investors considering the evolution of Chinese policies, slower economic growth, changing consumer behavior, and geopolitical tensions
10:45 Networking Break
Davina Garrod Partner
Akin Gump Strauss Hauer & Feld LLP (UK)
Dr. Moritz Holm Hadulla Partner Gleiss Lutz (Germany)
11:00 The Evolving Impact of Foreign Subsidy Regulation on Private Equity: New Due Diligence, Investigations and Enforcement Considerations
The impact of the FSR on private equity transactions in Europe is still to be fully understood. However, the regulation has the potential to affect large numbers of private equity funds that have received financial backing from state-owned or sponsored entities from outside the EU.
• Understanding the FSR and its mandatory notification requirements
• Where are the potential pitfalls for PE-sponsored deals?
• The FDI implications of sovereign wealth investor's governance structures
• Exploring the public procurement dimension of the Foreign Subsidy Regulation: How is the EU Commission approach different as compared to M&A transactions (DG GROW versus DG COMP)
• Managing data on financial contributions to funds and portfolio companies
• Case study: The sale of PPF Telecom Group B.V. (PPF)
Petr Kadlec Partner Havel Partners (Czechia)
Sarah Blazek Partner Noerr (Germany)
DAY TWO Wednesday, 4 June 2025
12:00
UK, Spain and Sweden: Comparing and Contrasting Screening Frameworks and the Latest Developments
This three-part session will compare and contrast key requirements, what has changed over the last year and the anticipated path forward.
UK
• Mandatory notifications around acquisitions
• New standalone sector definitions for semiconductors and critical minerals
• Bringing transactions involving water companies within the scope of the mandatory notification requirement
• Potential technical exemptions to the mandatory notification requirement based on the experience gained from the operation of the first three years of the NSI Regime
Spain
Pedro Callol
Partner
Callol, Coca & Associados (Spain)
Christine Graham
Special Counsel
Cooley (UK)
Malin Persson
Partner
Kastell (Sweden)
• Filing protocols: Details of the investor and the target; the shareholding structure of the investor; the method by which the investment is being made; the amount of the investment; and the effective participation of the investor in the target after the transaction
• Authorization required for investments where the target operates in areas such as critical infrastructures
• Scope of reviews: How transactions are being carried out, whether it will result in a change of the target's activity and what the amount of the investment will be
Sweden
• Defining “activities worth protecting” under the Swedish Foreign Direct Investment Act
• Investment notification requirements
• Conducting a voluntary “consultation” process to avoid screening measures
13:00
Close of Conference
Stay on for the Post-Conference Strategy Session! Details are on the next page.
POST-CONFERENCE STRATEGY SESSION
Wednesday, 4 June 2025
14:00 Strategy Session
Building on the main conference discussions, join your peers for this post-conference strategy session for a smaller-group, candid discussion of the most sensitive, hot button issues. Compare notes in a more intimate setting and work through complex, pressing decisions awaiting you right after this conference. Topics will include:
The Nuances of Determining Where, When and How to File and Navigate Simultaneous Reviews and Timelines
• The most critical missteps to avoid when conducting a scope analysis to determine a multi-jurisdictional filing
• How to coordinate multiple reviews in multiple jurisdictions
• Navigating overlapping, conflicting filing requirements and timelines
Vincent Mussche Partner Liedekerke (Belgium)
Pierre-Antoine Degrolard Counsel
Gide Loyrette Nouel A.A.R.P.I. (France)
• Executing a multi-jurisdictional review, adhering to the wording of the law and examining how nuanced wording might differ in different jurisdictions
• Knowing when to rely on external local counsel to assist with filing and how much research can be handled internally
• Coordinating with legal experts and government departments across jurisdictions
Challenging an FDI Review Decision: Determining the Available Legal Recourse
• What types of challenges are being brought forward through the court system and on what grounds?
• Considering possible outcomes and how will they affect investors?
• Analysing whether emergency measures, brought into effect amid the Covid-19 pandemic in 2020, should still be a consideration amid FDI reviews
17:15 Close of Session
BUILDING VENUE INFORMATION
Berlin, Germany
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