Navigating Foreign Direct Investment Review and CFIUS Processes: What You Need to Know (Clifford Chance)

Summary

• Clifford Chance's global FDI and CFIUS practice has over 170 lawyers worldwide, with 22 partners and 118 other lawyers in Europe and the Middle East.p.4
• 26 EU Member States are reported to have FDI screening mechanisms in place, with one Member State having initiatives underway.p.7
• Member States were required to implement the cooperation mechanism under the EU Screening Regulation by 11 October 2020.p.8
• Croatia's Foreign Investment Screening Act entered into force on 13 November 2025.p.11
• In the Czech Republic, the Ministry has 90 days to issue its approval, extendable by up to 30 days, and fines can reach 2% of net annual turnover.p.12
• In France, Phase I decisions are expected within 30 business days, with a further 45 business days in Phase II, and fines of up to EUR5 million for legal entities.p.19
• In Ireland, parties must notify at least 10 days prior to closing, and the Minister must decide within 90 days, extendable to 135 days.p.24

Key insights

1. In Belgium, administrative fines for failure to notify can reach up to 30% of the value of the foreign investment.p.10
2. Denmark's mandatory regime has a Phase I of no more than 45 calendar days and a Phase II of no more than 125 calendar days.p.13
3. Germany's cross-sectoral review has a Phase I of two months and a Phase II of an additional four months.p.20
4. Estonia may impose a fine of up to EUR100,000 applied repeatedly for transactions implemented without clearance.p.15
5. Italy's review proceedings can last up to 45 calendar days, or 30 calendar days for the 5G sector.p.25
6. Hungary's sanctions include fines up to approx. EUR26,000 under the General FDI Regime.p.22
7. In Austria, the investment review can be triggered by voting rights of at least 10%.p.9
8. Greece may impose administrative fines of up to twice the value of the foreign investment.p.21