The new Regulation on the control of foreign subsidies is entering into force in a couple of weeks!
▪︎ What is the issue?
Companies are concerned by these new rules and their administrative burden, as recently stated in a letter addressed to the Commission signed by a group of large European companies.
➡️ One of the key issues concerns the ability of companies to participate in a public procurement procedure in Europe. As of 12 October 2023, companies will be required to declare all financial contributions received from public entities outside the EU over the last 3 years!
🚨 Failing to comply with these rules may lead to companies being excluded from participating in a European public procurement procedure.
▪︎ Is there a way out?
Yes, companies can engage with the Commission as of now to determine the precise amount of information necessary to comply with the regulation. By engaging with the EC you may end up significantly reducing the amount of information required and reducing the administrative burden.
✅ If you are concerned: don’t wait until October and start talking with the Commission now!
➡️ Get in touch with us if you want more information.
