Since the FSR will apply to transactions concluded and public tenders initiated after 12 July 2023, all companies doing business in the EU should assess how this regulation may impact their operations and reporting obligations. The FSR grants the European Commission extensive powers to investigate and assess non-EU subsidies to companies active within the EU that may distort competition in the internal market. The new rules introduce an additional filing and standstill obligation for companies engaging in M&A deals and public tenders that involve a certain foreign financial contribution.