Following a busy 2022, a range of factors will likely influence activist campaigns during 2023 

White & Case Quarterly Global Merger Control Update

Recent legislative reforms have increased the New Zealand government’s ability to take national interest considerations into account, but have also looked to exclude lower-risk transactions from consent requirements.

The UK’s National Security & Investment Act has now been in place for a year and has already made its mark, prohibiting deals on national security grounds and also requiring remedies in cases that are not subject to the mandatory notification requirement.

Making Türkiye an attractive investment destination continues to be a priority for the government.

The Federal Antimonopoly Service (FAS) tends to impose increased scrutiny in the sphere of foreign investments and has developed a number of amendments to the foreign investments laws that are aimed at eliminating legislative gaps in this sphere.

The Romanian regime regarding foreign direct investment has undergone a major change in 2022, when new legislation was enacted, and is aimed at implementing relevant European Union legislation.

Changes in the geopolitical situation have resulted in increased awareness of security threats caused by strategic acquisitions and access to sensitive technology.

The Netherlands prepares for its first effective year of new FDI regulation.

Belgium implements an FDI screening regime by July 1, 2023.

Driven by the European Commission's guidance, Member States keep expanding their investment screening regimes. A similar trend is observed in Europe at large.

Foreign direct investments, whether undertaken directly or indirectly, are generally allowed without restrictions or without the need to obtain prior authorization from an administrative agency.

Foreign direct investment is permissible in the UAE, subject to applicable licensing and ownership conditions.

The Middle East continues opening to foreign investment, subject to licensing approvals and ownership thresholds for certain business sectors or in certain geographical zones.

All FDIs are subject to prior approval, but the investment climate is welcoming and liberal.

Historically, Switzerland has been very liberal regarding foreign investments. However, there has recently been increased political pressure to create a more structured legal regime for foreign investment.

Other than security-related screening, Sweden is currently still without a general FDI screening mechanism.

Since May 31, 2020, certain foreign investments into Slovenian companies can be subject to review. Acquisition of real estate related to critical infrastructure may also be subject to review.

The restrictions imposed by the Spanish government on foreign direct investments during the COVID-19 outbreak have remained after the pandemic.

On November 29, 2022, Slovakia, for the first time, adopted full-fledged foreign direct investment legislation. This legislation is effective as of March 1, 2023.

Transactions involving foreign natural or legal persons that allow direct or indirect control over strategic assets may be subject to FDI screening.

The Polish FDI regime governing the acquisitions of covered entities by non-EEA and non-OECD buyers has been extended until July 2025.

Australia requires a wide variety of investments by foreign investors to be reviewed and approved before completion of the investment.

The Russian Federation's invasion of Ukraine has precipitated the inclusion of provisions blocking Russian and Belarussian nationals from direct investment in a number of sectors.

Most deals are approved, but expanded jurisdiction, mandatory filings applying in certain cases, enhanced focus on national security considerations, and a substantially increased pursuit of non-notified transactions have changed the landscape.

Korea is increasing the level of scrutiny of foreign investments due to growing concerns over the transfer of sensitive technologies.

Malta's recently introduced FDI regime captures a substantial number of transactions that must be notified to the authorities and, in some cases, will be subject to screening.

Luxembourg has introduced a bill of law to regulate foreign direct investments. The law is currently being discussed before the Luxembourg Parliament.

All investments concerning national security are under the scope of review.