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DRAFT REPORT (COM(2024)0023 – C90011/2024 – 2024/0017(COD))

On the proposal for a regulation of the European Parliament and of the Council on the screening of foreign investments in the Union and repealing Regulation (EU) 2019/452 of the European Parliament and of the Council

INTA-PR-767951

Committee on International Trade · Rapporteur: Raphaël Glucksmann

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This draft report sets out Parliament's amended version of the proposed regulation on screening foreign investments. It requires all member states to screen foreign investments on security or public order grounds and harmonises key elements of national mechanisms. The amendments expand the Commission's investigative and decision-making powers, introduce a single portal for filings, and add new criteria for assessing risks, including the security of the internal market and strategic dependencies. The report also sets deadlines for screening procedures, requires penalties for non-compliance, and mandates public reporting and guidelines.

Committee position. The rapporteur proposes amendments to the Commission's proposal, harmonising screening mechanisms, expanding Commission powers, and adding new requirements for transparency and penalties.

Key points

  1. All member states must establish screening mechanisms for foreign investments on security or public order grounds, with harmonised core elements.
  2. Greenfield investments may be screened but must not be subject to an authorisation requirement.
  3. The Commission may request information from entities in other member states, with a duly justified request from a member state or on its own initiative if the host member state raises no objection.
  4. If disagreements persist after meetings, the Commission can adopt a binding decision to confirm or modify the host member state's intended screening decision.
  5. Applicants for multi-country transactions must file requests in all relevant member states within 5 calendar days of the first request.
  6. The Commission must establish a secure, encrypted system and a single portal for electronic filing, operational no later than six months before the regulation's application date.
  7. Screening authorities must complete an initial review within 35 calendar days and may impose penalties for non-compliance or circumvention.
  8. Member states must take screening decisions within 30 calendar days after comment deadlines expire, or 60 days if no comments or opinions are reserved.
  9. Risk assessments must consider the security, integrity, functioning and resilience of the internal market, technology security and leakage, and strategic dependencies.
  10. Mitigating measures may include governance changes, voting rights modifications, supply commitments, and cybersecurity protocols.
  11. The Commission must publish guidelines on key concepts and criteria within 12 months of entry into force.
  12. The Commission's power to adopt delegated acts is limited to five years, renewable, and the first delegated act to amend Annex II must be adopted within 12 months.

Who is affected

  • Foreign investors: must comply with screening mechanisms, including authorisation requirements and potential penalties.
  • Member states: must establish screening mechanisms and cooperate with the Commission and other member states.
  • Commission: gains investigative and decision-making powers, and must set up secure systems and a single portal.
  • Undertakings in the EU: may be required to provide information to the Commission or member states.

Figures and deadlines

  • 35 calendar days for initial review
  • 15 months after completion for own-initiative screening
  • 5 calendar days to file requests in multi-country transactions
  • 30 calendar days to take screening decision after deadlines
  • 60 calendar days if no comments or opinions reserved
  • 6 months before application for single portal operational
  • 12 months from entry into force for guidelines and first delegated act
  • 5 years for delegated power duration

Legal basis: Articles 114 and 207 of the Treaty on the Functioning of the European Union