Changes from adopted text to adopted text

RemovedRecital 12: (12) Screening foreign investments should be carried out in accordance with this Regulation, taking into account all factual information available and adhering to the principle of proportionality and other principles enshrined in the Treaties. Moreover, the screening of foreign investments which are carried out through subsidiaries of the foreign investor established in the Union should in all cases comply with the requirements stemming from Union law, and in particular with the Treaty provisions on freedom of establishment and free movement of capital, as interpreted in the case-law of the Court of Justice of the European Union, consistently with the objective of preserving a functioning, open, resilient and inclusive internal market. Any restrictions to the freedom of establishment and free movement of capital in the Union, including the screening and measures arising from screening, such as mitigating measures and prohibitions should be based on a genuine and sufficiently serious threat to a fundamental interest of society, and should be appropriate and necessary as set out in the case law of the Court of Justice. At the same time, the specificities of investments within the Union operated through a subsidiary of a foreign investor should be taken into account when assessing the justification and proportionality of any restrictions on freedom of establishment or to the free movement of capital, including where appropriate in any Commission opinion or decision adopted pursu…

RemovedRecital 14: (14) It is also necessary to make the host Member State more accountable to the Commission and to those Member States that express duly justified concerns for their public order or security or the Union’s.

RemovedRecital 15: (15) The common framework set out in this Regulation should be without prejudice to the sole responsibility of each Member States to safeguard its national security as provided for in Article 4(2) TEU. It should also be without prejudice to the protection of Member States’ essential security interests in accordance with Article 346 TFEU.

RemovedRecital 17: (17) Greenfield foreign investments occur where the foreign investor or a foreign investor’s subsidiary in the Union sets up new facilities or a new undertaking in the Union for the performance of a new economic activity. By setting up new facilities, a foreign investor can impact on security and public order, including when that risk concerns essential economic inputs. Member States should therefore include greenfield foreign investments in the scope of transactions covered by their screening mechanisms.

RemovedRecital 18: (18) To ensure consistent and predictable screening processes, it is appropriate to lay down the essential features of the screening mechanisms to be implemented by Member States. Those features should at least include the scope of the transactions to be subject to an authorisation requirement, deadlines for the screening, the possibility for undertakings concerned by the screening decision to seek recourse against such decisions and the ability of screening authorities to effectively address cases of non-compliance or circumvention. Rules and procedures relating to screening mechanisms should be transparent and should not discriminate between third countries. The procedure for the filing of a request for authorisation should ensure that compliance requirements are kept to a minimum.

Added2. Approves the joint statement by Parliament and the Commission annexed to this resolution, which will be published in the C series of the Official Journal of the European Union;

RemovedRecital 19: (19) The cooperation mechanism laid down in Regulation (EU) 2019/452 enables Member States to cooperate and help each other where a foreign direct investment in one Member State could affect the security or public order of other Member States or of the Union, or of projects or programmes of Union interest. This mechanism has proven very useful so far, hence it should be maintained, strengthened and expanded under this Regulation to ensure a more unified approach to foreign investments across the Union.

RemovedRecital 20: (20) To ensure that foreign investments likely to negatively affect security or public order in the Union are adequately identified, Member States should screen foreign investments where the Union target is part of or participates in a project or programme of Union interest or where the Union target’s economic activity relates to a technology, materials, asset, facility, equipment, network, system or service of particular importance for the security or public order interests of the Union. Member States should also screen greenfield foreign investments in such sensitive programmes or sectors when a specific risk arises from the characteristics of the investor and the size of the transaction. In addition to these criteria, screening mechanisms may apply to other sectors, Union targets or economic activities that the relevant Member State considers critical for its security or public order.

RemovedRecital 21: (21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States and the Commission. In particular, Member State should assess whether the foreign investor is controlled or influenced by a third country government. Control or influence may be determined based on criteria such as direct or indirect ownership thresholds, the nature and extent of third-country government funding and specific governance arrangements such as golden shares. Cases of opaque or unclear ownership structure, or where the ultimate beneficiary is unknown, should also be included as such a condition. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.

AddedP10_TC1-COD(2024)0017

RemovedRecital 22: (22) To ensure that the likely effect of a foreign investments on the security or public order of one or more Member States is adequately identified, Member States should be able to provide comments to a Member State in which a foreign investment is planned or has been completed even if that Member State is not screening that foreign investment or if the foreign investment is screened but not notified to the cooperation mechanism. Requests for information, replies and comments from Member States should be notified to the Commission simultaneously to ensure transparency throughout the process.

AddedPosition of the European Parliament adopted at first reading on 19 May 2026 with a view to the adoption of Regulation (EU) 2026/… of the European Parliament and of the Council on the screening of foreign investments in the Union and repealing Regulation (EU) 2019/452

RemovedRecital 23: (23) To ensure that the likely effect of a foreign investment on the security or public order of more than one Member States or the Union as a whole is adequately identified, it should be possible for the Commission to issue an opinion within the meaning of Article 288 TFEU to the host Member State even if that foreign investment is not undergoing screening in that Member State or if that foreign investment is screened but not notified to the cooperation mechanism. To ensure transparency and predictability, opinions of the Commission should be based on specific and documented risks and should follow set issuance criteria, including documented security risks or cross-border concerns.

Added(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) 2026/1386.)

RemovedRecital 24: (24) Furthermore, to ensure the protection of security or public order where the likely effect emanates from a foreign investment into a Union target that provides for the development, maintenance or acquisition of infrastructure, technologies or inputs, which are critical for the Union as a whole, the Commission should be allowed to issue an opinion. This would give the Commission a tool to protect projects and programmes which serve the Union as a whole and represent an important contribution to the Union’s security or public order. A Commission opinion identifying the likely impact on projects or programmes of Union interest on the grounds of security or public order should be notified to all Member States.

AddedANNEX TO THE LEGISLATIVE RESOLUTION

RemovedRecital 25: (25) Furthermore, it should be possible for the Commission to adopt an opinion addressed to all Member States if it identifies several foreign investments that, taken together, are likely to impact the security or public order of the Union. This could notably be the case where several foreign investments present comparable characteristics. These include where the foreign investments are made by the same foreign investor, or foreign investors presenting similar risks, or where several foreign investments concern the same Union target or infrastructure, including trans-European infrastructure for transport, energy and communication. Member States and the Commission should discuss the risk analysis and the possible ways to address the risks identified in the opinion, ensuring a coordinated approach.

AddedJoint statement by the European Parliament and the Commission on the need for further action on foreign investments and economic security

RemovedRecital 26: (26) To protect security or public order while providing greater certainty to investors, Member States should have the possibility to make comments and the Commission should have the possibility to issue an opinion on foreign investments that have been completed but not notified within 15 months of the completion of the foreign investment.

AddedThe European Parliament and the Commission agree that the Union needs to remain an attractive place to do business, ensuring that foreign investments, especially in strategic sectors, contribute to economic growth and competitiveness.

RemovedRecital 27: (27) For greater clarity, the list of projects or programmes of Union interest should be listed in Annex I. These should include any foreign investments undertaken on the trans-European networks for transport, energy and communication, as well as programmes providing funding for research and development for activities relevant to the security or public order of the Union. Due to the importance of these projects and programmes for the security and public order of the Union and their inherent cross-border nature and network character, Member States should screen foreign investments into Union undertakings that are part of or participating in these projects or programmes, including those that receive funding from the Union.

AddedThe two institutions acknowledge, however, that certain investments risk creating strategic dependencies and undermining the resilience of the internal market. These developments risk weakening the Union’s economic security and may undermine the Union’s technological edge, economic resilience and capacity to create jobs.

RemovedRecital 28: (28) In order to ensure that the likely effect of a foreign investment on the security or public order of one or more Member States is adequately addressed, Member States receiving duly justified comments from other Member States or an opinion from the Commission should give such comments or opinion utmost consideration, including where it considers that its own security or public order is not affected. The Member State should coordinate with the Commission and the Member States concerned if necessary and provide them with its draft decision, accompanied by written feedback on how the comments and the opinion have been given utmost consideration. The draft decision should remain open to amendments to take into account the views expressed by the Member States concerned and the Commission.

AddedAgainst this background, the two institutions consider it a priority to assess and take the necessary further action at Union level to address such risks and to safeguard the Union’s economic security in order to ensure that foreign investments in the Union do not increase strategic dependencies or technological gaps.

RemovedRecital 28 a (new): (28a) In certain instances, disagreements may arise between the host Member State and another Member State, or the Commission, regarding whether the investment is likely to affect the security and public order of a Member State or of the Union. Leaving the resolution of such disagreements solely to the host Member State risks affecting the security and public order of the Union as a whole and undermining the functioning of the cooperation mechanism. Therefore, in such cases, the Commission should be empowered to adopt a decision, basing its assessment of the likelihood of the investment affecting security and public order on the information provided by the host Member State and its own findings, where it has conducted an investigation. In all other cases, the final decision should remain the responsibility of the host Member State.

AddedThe Commission intends to take an initiative to set out targeted conditions for inbound foreign investments in carefully identified strategic sectors, in line with the Union's international commitments, with a view to boosting Union industry’s competitiveness and addressing the above-mentioned risks.

RemovedRecital 28 b (new): (28b) Within the allocation of responsibilities between Member States and the Commission provided for by this Regulation, national screening authorities face limitations in investigating foreign investment transactions beyond their geographical borders, which can have an impact on the effectiveness of their analysis. For example, this could be the case where customers of the target company are located in another Member State, while their views may be essential to assess the target's sensitivity to security or public order risks, such as the availability of alternative suppliers for the target's goods or services. Given its cross-border perspective, the Commission is well-placed to address those limitations and contribute to the assessment of the impact of foreign investment transactions on security and public order. To that end, it should be granted appropriate investigative powers to gather necessary information. The Commission should be able to request information from entities in another Member State when such information cannot be efficiently obtained through the cooperation mechanism. The Commission’s power to request information should be based on a justified request from a Member State. However, when national authorities face legal or procedural constraints, such as short procedural timelines, the Commission should be able to act independently, provided that the host Member State has been notified. That power should be limited to information necessary to assess the imp…

AddedThe European Parliament acknowledges this commitment and is ready to exercise fully its role as co-legislator and to consider any such proposal in a timely manner.

RemovedRecital 29: (29) To ensure the effective functioning of the cooperation mechanism, it is important to require that the Member State notifying the foreign investment to the cooperation mechanism provides a minimum set of information in a standardised format. Where the cooperation concerns a foreign investment not notified to the cooperation mechanism, the host Member State should be able to provide at least the same minimum set of information. The Commission and Member States may seek additional information from the Member State where the foreign investment is planned or completed. Such request for additional information should be duly justified, limited to the information necessary for the Member States to provide comments or for the Commission to issue an opinion, proportionate to the purpose of the request and not unduly burdensome for the notifying Member State and the companies concerned. Where relevant, the Commission may request information from other Union bodies such as the European Securities and Markets Authority, the European Banking Authority, the European Insurance and Occupational Pensions Authority, the Single Supervisory Mechanism or the European Central Bank.

RemovedRecital 30: (30) To ensure that the cooperation is based on complete and accurate information, a foreign investor or an undertaking should provide any relevant information requested by the Member State where they are established or the host Member State. In exceptional circumstances, when, despite its best efforts, a Member State is unable to obtain an information requested by another Member State or the Commission, it should notify them without delay. In such a case, any comment issued by another Member State, or any opinion issued by the Commission as part of the cooperation mechanism should be based on the information available to them.

RemovedRecital 31: (31) To ensure that the cooperation mechanism is used exclusively for the purpose of protecting security or public order, Member States should duly justify any request for information regarding a specific foreign investment in another Member State and any comment they issue to that Member State. This is essential for preventing misuse of the mechanism and ensuring that it is solely focused on security and public order concerns. The same requirements apply when the Commission requests information about a particular foreign investment or issues an opinion to a Member State.

RemovedRecital 31 a (new): (31a) Without prejudice to the cooperation mechanism, there is a need to raise awareness of the participation or contribution of undertakings from third countries in projects of common interest or in critical infrastructure which is strategic for the Union, in order to allow for intervention by public authorities if such participation or contribution is likely to affect security or public order in the Union and does not fall within the scope of this Regulation. Member States may make observations to other Member States as well as to the Commission. Where appropriate, the Commission may request additional information and follow up the situation.

RemovedRecital 32: (32) Member States or the Commission, as appropriate, might consider relevant information received from economic operators, civil society organisations, social partners (such as trade unions) about a foreign investment likely to negatively affect security or public order. That information should be assessed thoroughly and may lead to the initiation of a screening procedure by the host Member State.

RemovedRecital 33: (33) A host Member State may inform other Member States or the Commission if it becomes aware of new circumstances or new information that may impact the assessment of a notified foreign investment. The other Member States and the Commission may then be granted additional time to complement their assessment of the foreign investment. In such cases, any extension of the assessment period should be kept to a minimum and should not unduly delay the overall screening procedure.

RemovedRecital 34: (34) To ensure the efficiency and effectiveness of the cooperation mechanism, it is necessary to align deadlines and procedures when several foreign investments linked to the same broader transaction are screened in several Member States. In such multi-country transactions, the applicant should file the different requests for authorisation in the Member States concerned within a limited timeframe. In addition, those Member States should endeavour to notify the requests to the cooperation mechanism within a limited timeframe. To ensure an efficient handling of these multi-country transactions, the Member States concerned should coordinate and agree on whether the foreign investments are notifiable and on the alignment of their procedural timelines. Furthermore, the Member States concerned should also coordinate on the content of their final decision. If the Member States concerned intend to authorise the foreign investment with conditions, they should ensure that these conditions are compatible with one another and address cross-border risks adequately. Before prohibiting a foreign investment, the Member States concerned should consider whether a conditional authorisation with coordinated measures and their coordinated enforcement is not sufficient to address the likely effect on security or public order. The Commission should be able to fully participate in such coordination.

RemovedRecital 34 a (new): (34a) In order to ensure an efficient and secure exchange of information between Member States and between Member States and the Commission under this Regulation, the Commission should establish and maintain a secure, encrypted digital system that complies with the highest standards of data protection and security. To safeguard the confidentiality and integrity of communications, all exchanges under this Regulation should take place exclusively through that system, and the system should include monitoring and auditing capabilities to ensure compliance with security standards.

RemovedRecital 34 b (new): (34b) To ensure the secure and efficient submission and processing of filings related to foreign investment screening, and to alleviate the administrative burden on both applicants and authorities, a single electronic portal at the Union level should be established. That portal should provide a unified mechanism for applicants and their representatives to electronically file transactions with national screening authorities. The Commission should design the system to be user-friendly and ensure that it complies with applicable data protection regulations and security standards.

RemovedRecital 35: (35) To ensure a consistent approach to the screening of investments across the Union, it is essential that the standards and criteria used to assess likely risks to security and public order are those set at Union level in this Regulation. Those should include the impact on the security, integrity, functioning and resilience of critical infrastructure and of the internal market, the availability and uptake of critical technologies and knowledge (including key enabling technologies), the continued supply of critical inputs for security or public order, the disruption, failure, loss or destruction of which would have a significant impact on security and public order in one or more Member States or on the Union as a whole, the security of military facilities and other sensitive public facilities, and the capacity to address strategic dependencies. In that regard, Member States and the Commission should also take into account the context and circumstances of the foreign investment. This should include, in particular, whether an investor has engaged in illegal activities, including repeated failure to comply with Union legal standards, whether it is involved in pursuing policy objectives of third countries, or aims to facilitate their military capabilities or violations of international law. The pursuit of a third country’s policy objectives may involve its government exerting influence over undertakings, leading to significant market distortions. In this context, if applicable, …

RemovedRecital 36: (36) Where the host Member State considers that a foreign investment is likely to negatively affect security or public order in the Union, it is appropriate to require that Member State to take appropriate measures to mitigate the risks, where such measures are available, and it considers them adequate, taking into utmost consideration the comments issued by other Member States and the opinion issued by the Commission, if applicable. Foreign investments should be prohibited only on an exceptional basis, and where mitigating measures or measures available under Union or national law other than the screening mechanism are not sufficient to mitigate the effect on security or public order.

RemovedRecital 37: (37) To support the implementation of the cooperation mechanism and to foster the exchange of good practices among Member States, the expert group on the screening of foreign investments set up pursuant to Regulation (EU) 2019/452 should be maintained and its tasks updated in accordance with this Regulation.

RemovedRecital 37 a (new): (37a) In order to enhance transparency and facilitate the process for investors, Member States should publish and regularly update guidance on screening procedures, timelines and risk assessment criteria. In order to ensure transparency and a consistent application of this Regulation across the Member States, the Commission should publish and regularly update guidance on the requirements at Union level and key concepts and assessment criteria established by this Regulation. The Commission should also maintain a publicly available list of all screening mechanisms established by the Member States.

RemovedRecital 39: (39) To ensure the efficacy of the coordination mechanism, the contact points put in place by Member States and the Commission should be suitably strategically placed within the respective administrations. The contact points should have the qualified staff and powers needed to carry out their work under the coordination mechanism and ensure a proper handling of confidential information in line with applicable legal frameworks.

RemovedRecital 40: (40) Member States and the Commission should be encouraged to actively cooperate with the responsible authorities of like-minded third countries on issues related to the screening of foreign investments that could affect security or public order. Such administrative cooperation should aim to strengthen the effectiveness of the framework for screening foreign investments by Member States and the cooperation between Member States and the Commission pursuant to this Regulation. The Commission should be kept informed of such bilateral contacts to the extent that they relate to systemic issues, trends, or best practices related to investment screening. It should also be possible for the Commission to monitor developments with regard to screening mechanisms in third countries.

RemovedRecital 40 a (new): (40a) This Regulation should be considered amongst the wider package of the Union's defensive instruments aimed at addressing security risks, including the Foreign Subsidies Regulation and the International Procurement Instrument, and it should be ensured that the scope is set out in line with those measures to avoid duplication and to ensure a targeted and proportionate approach

RemovedRecital 41: (41) Member States and the Commission should ensure the highest level of confidentiality of the information they provide or receive in application of this Regulation, in accordance with national and Union law. Where the unauthorised disclosure of information would cause varying degrees of prejudice to the interests of the European Union, or of one or more of the Member States, the originator of the information should classify the information in accordance with national and Union law. When responding to requests of access to documents handled in application of this Regulation, Member States and the Commission should coordinate and provide at least the level of protection of the protected interests available under Article 4 of Regulation (EC) 1049/20015 , with a view to safeguard the integrity of investigations. The Commission should take all necessary measures to ensure the protection of confidential information in compliance with, in particular, Commission Decision (EU, Euratom) 2015/4436 and Commission Decision (EU, Euratom) 2015/4447 . Similarly, Member States and the Commission should take all necessary measures to ensure compliance with the Agreement between the Member States of the European Union, meeting within the Council, regarding the protection of classified information exchanged in the interests of the Union8 . This includes, in particular, the obligation to maintain the confidentiality of classified information and not to downgrade or declassify such information w…

RemovedRecital 43: (43) The Commission should draw up an annual report on the implementation of this Regulation and submit it to the European Parliament and to the Council. For greater transparency, the report should be made public. The report should be based on, among other things, reports submitted by all Member States to the Commission on a confidential basis with due respect to the need to ensure the protection of the confidentiality of certain information, in particular where the publication of data could affect the security or public order of the Union or jeopardise commercial confidentiality. The report should include information on emerging trends and risk factors as well as updates on relevant legislative developments in the Member States.

RemovedRecital 44: (44) The Commission should evaluate the functioning and effectiveness of this Regulation 3 years after the date of application of this Regulation and every 5 years thereafter and present a report to the European Parliament and to the Council. That report should in particular include an assessment of the contribution of this Regulation to the economic security of the Union. It should include an assessment of whether or not this Regulation should be amended. Where the report proposes amending this Regulation, it may be accompanied by a legislative proposal.

RemovedRecital 46: (46) When a foreign investment constitutes a concentration falling within the scope of Council Regulation (EC) No 139/200412 , the application of this Regulation should be without prejudice to the application of Article 21(4) of Regulation (EC) No 139/2004. This Regulation and Article 21(4) of Regulation (EC) No 139/2004 should be applied consistently. To the extent that the respective scope of application of those two Regulations overlap, the grounds for screening set out in Article 1 of this Regulation and the notion of legitimate interests within the meaning of Article 21(4), third subparagraph, of Regulation (EC) No 139/2004 should be interpreted coherently, without prejudice to the assessment of the compatibility of the national measures aimed at protecting those interests with the general principles and other provisions of Union law.

RemovedRecital 49: (49) In order to take into account developments relating to projects or programmes of Union interest and to adapt the list of technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union, particularly in light of the risk assessments to be carried out under the Union’s Economic Security Strategy, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amendments to the Annexes to this Regulation. The list of projects and programmes of Union interest set out in Annex I should cover projects or programmes covered by EU law which provide for the development, maintenance or acquisition of critical infrastructure, critical technologies or critical inputs which are essential for security or public order. The list of technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II should include areas where a foreign investment may affect security or public order in more than one Member State or in the Union as a whole through a Union target, which does not participate in or receive funds from a project or programme of Union interest. The Commission should in particular update Annex I in the event of new projects or programmes of Union interest being establishe…

RemovedRecital 50: (50) In order to ensure uniform conditions for the implementation of this Regulation, in particular as regards the forms to be used to provide minimum information about foreign investments and to file requests for authorisation, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council17 .

RemovedRecital 51: (51) Regulation (EU) 2019/452 should be repealed. In order to allow sufficient time for Member States and entities to prepare for the implementation, this Regulation should apply as of [add date: 12 months after entry into force]. It should be applicable regardless of the establishment of the single portal for filing requests for authorisation. In the transitional period between the entry into force and the application of this Regulation, Regulation (EU) 2019/452 should continue to apply,

RemovedArticle 1 – paragraph 1: 1. This Regulation establishes a Union framework for the screening, by Member States, of foreign investments in their territory, on the grounds of security or public order, including economic security.

RemovedArticle 1 – paragraph 2: 2. This Regulation establishes a cooperation mechanism to enable Member States and the Commission to exchange relevant information on foreign investments, assess their potential impact on security or public order, and identify and address potential concerns.

RemovedArticle 1 – paragraph 3: 3. Member States may adopt or maintain in force national provisions in fields not covered by this Regulation, provided that such provisions do not undermine and are consistent with the objectives of this Regulation.

RemovedArticle 1 – paragraph 5: 5. This Regulation is without prejudice to Member States’ obligations under the Treaties, in particular Articles 49 and 63 TFEU, and to their right to take measures which are justified on the ground of public policy or public security under Article 65 TFEU. Member States shall ensure that any measure taken in the framework of this Regulation complies with those obligations. This Regulation is without prejudice to the powers of the Commission under Article 258 TFEU to ensure compliance with Union law.

RemovedArticle 1 – paragraph 5 a (new): 5a. Investments by virtue of a resolution tool and internal restructurings do not fall within the scope of this Regulation.

RemovedArticle 2 – paragraph 1 – point 1: (1) ‘foreign investment’ means an investment of any kind, carried out either by a foreign investor itself or through a foreign investor’s subsidiary in the Union, aiming to establish or to maintain lasting and direct links between the foreign investor and a Union target, to which the foreign investor makes capital available in order to carry out an economic activity in a Member State, enabling effective participation in the management or control of that Union target;

RemovedArticle 2 – paragraph 1 – point 1 a (new): (1a) ‘greenfield investment’ means a foreign investment carried out through the establishment of new facilities or of a new undertaking for the performance of a new economic activity in the Union;

RemovedArticle 2 – paragraph 1 – point 1 b (new): (1b) ‘resolution tool’ means any resolution tool in accordance with Directive 2014/59/EU, Regulation (EU) No 806/2014, Regulation (EU) 2021/23, Regulation (EU) No 1093/2010 or Regulation (EU) No 648/2012;

RemovedArticle 2 – paragraph 1 – point 1 c (new): (1c) ‘internal restructuring’ means changes in the effective participation in the management or control of a Union target that occur within a chain of ownership ultimately resulting in no change of ownership or control of the target;

RemovedArticle 2 – paragraph 1 – point 2: deleted

RemovedArticle 2 – paragraph 1 – point 3: deleted

RemovedArticle 2 – paragraph 1 – point 7: (7) ‘foreign investor’s subsidiary in the Union’ means an undertaking established under the laws of a Member State, meeting the conditions set out in Article 22(1) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 201318 , and directly or indirectly controlled by a foreign investor;

RemovedArticle 2 – paragraph 1 – point 7 a (new): (7a) ‘beneficial owner’ means any natural person who ultimately owns or controls a legal entity or similar legal arrangement;

RemovedArticle 2 – paragraph 1 – point 7 b (new): (7b) ‘opaque ownership structure’ means an arrangement in which the ownership or control of an entity is unclear, concealed or difficult to ascertain due to, inter alia, the use of complex legal structures, multiple layers of ownership, nominee shareholders, trusts, or other mechanisms that obscure the identity of the beneficial owner;

RemovedArticle 2 – paragraph 1 – point 8: (8) ‘Union target’ means an undertaking established or to be established under the laws of a Member State;

RemovedArticle 2 – paragraph 1 – point 9: (9) ‘Union target economically active in one of the areas listed in Annex II’ means an Union target active or intending to be active in the design, development, extraction, processing, production, recycling or supply of the technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities listed in Annex II;

RemovedArticle 2 – paragraph 1 – point 18: (18) ‘projects or programmes of Union interest’ means projects or programmes covered by Union law that provide for the development, maintenance or acquisition of critical infrastructure, critical technologies, critical and essential services or critical inputs which are essential for security or public order and are listed in Annex I;

RemovedArticle 2 – paragraph 1 – point 18 a (new): (18a) ‘host Member State’ means the Member State in which a foreign investment is planned or completed;

RemovedArticle 2 – paragraph 1 – point 23 a (new): (23a) ‘critical infrastructure’ means an asset, a facility, equipment, a network or a system, or a part of an asset, a facility, equipment, a network or a system, which is necessary for the provision of an essential service;

RemovedArticle 3 – paragraph 2: 2. Member States shall ensure that the screening mechanism referred to in paragraph 1 applies at least to investments subject to an authorisation requirement pursuant to Article 4(4) and (4a).

RemovedArticle 3 – paragraph 3: 3. Each Member State shall notify to the Commission the measures adopted pursuant to paragraph 1 no later than ... [12 months from the date of entry into force of this Regulation]. Member States shall thereafter notify the Commission of any amendment to their screening mechanism within 30 days of the adoption of the amendment.

RemovedArticle 3 – paragraph 4: 4. The Commission shall make publicly available a list of Member States’ screening mechanisms no later than 3 months after having received all the notifications referred to in paragraph 3 or by ... [15 months from the date of entry into force of this Regulation], whichever occurs first. The Commission shall keep that list up to date.

RemovedArticle 4 – paragraph 2 – point a: (a) adequate procedures and resources shall be provided for the screening authority to determine whether it has jurisdiction over a foreign investment filed for authorisation. The screening shall comprise an initial review of no more than 35 calendar days following the receipt of the complete request for authorisation, followed by, where necessary, an in-depth investigation to determine whether that foreign investment is likely to negatively affect security or public order, taking into account at least the criteria laid down in Article 13. The purpose of the in-depth investigation shall be, in particular, to determine whether a screening decision as referred to in Article 14(1) is appropriate and to determine its content;

RemovedArticle 4 – paragraph 2 – point a a (new): (aa) the screening authority shall be empowered to screen greenfield investments;

RemovedArticle 4 – paragraph 2 – point b: (b) the screening authority shall monitor and ensure compliance with the screening mechanism and screening decisions. In particular, it shall put in place adequate procedures and resources to identify, address and prevent circumvention of the screening mechanism and screening decisions;

RemovedArticle 4 – paragraph 2 – point c: (c) the screening authority shall be empowered to start screening foreign investments by its own initiative within 15 months of the completion of a foreign investment that is not subject to an authorisation requirement where the screening authority has grounds to consider that the foreign investment may affect security or public order;

RemovedArticle 4 – paragraph 2 – point d: (d) confidential information made available to the Member State carrying out the screening, including commercially sensitive information and information designated as confidential by the undertakings concerned, shall be protected;

RemovedArticle 4 – paragraph 2 – point e: (e) foreign investors, foreign investors’ subsidiaries in the Union through which the foreign investment is carried out and undertakings concerned by a screening decision shall have the possibility to seek judicial recourse against that screening decision in a timely and effective manner;

RemovedArticle 4 – paragraph 2 – point f: (f) an annual report shall be made public, and shall include information on relevant legislative developments in the Member State and aggregate and anonymised data on the investments screened, including the outcome of screening decisions, nationalities, or country of establishment as the case may be, of parties to the investments notified to the screening authority, and the economic sectors in which those transactions took place, as well as the projects or programmes of Union interest concerned, where applicable;

RemovedArticle 4 – paragraph 2 – point g: (g) foreign investments subject to an authorisation requirement as referred to in paragraphs 4 and 4a shall be filed by the applicant requesting authorisation with the screening authority and shall be screened before the foreign investment is completed;

RemovedArticle 4 – paragraph 2 – point g a (new): (ga) Member States shall implement standardised procedural milestones and structured communication points with applicants throughout the process, including formal acknowledgment of complete filing within 5 working days and informing the undertakings concerned where the screening authority decides to open an in-depth investigation;

RemovedArticle 4 – paragraph 2 – point h: (h) the screening authority shall be empowered to impose mitigating measures, prohibit, or unwind foreign investments subject to an authorisation requirement as referred to in paragraphs 4 or 4a that were not filed or that were filed after completion and, where applicable, address effectively the consequences of non-compliance with the mitigating measures;

RemovedArticle 4 – paragraph 2 – point h a (new): (ha) screening authorities shall be empowered to impose effective, proportionate and dissuasive penalties on foreign investors who fail to request an authorisation where required to do so, fail to comply with mitigating measures, or attempt to otherwise circumvent the screening mechanism or screening decisions. Penalties shall reflect the scale and nature of the violation;

RemovedArticle 4 – paragraph 2 – point h b (new): (hb) the screening authority shall put in place adequate procedures and secure channels to receive information on foreign investments from civil society organisations, economic operators, and social partners;

RemovedArticle 4 – paragraph 3: 3. Before taking a decision to authorise a foreign investment subject to mitigating measures or to prohibit a foreign investment, Member States shall inform the applicant requesting an authorisation and state the reasons on which they intend to take their decision, subject to the protection of information the disclosure of which would be contrary to the security or public order interests of the EU or one or more of the Member States and without prejudice to Union and national law concerning the protection of confidential information. Member States shall give the foreign investor the opportunity to make their views known and shall take that input into account before transmitting their draft decision pursuant to Article 7(8).

RemovedArticle 4 – paragraph 4 – point a: (a) is part of or participates in one of the projects or programmes of Union interest listed in Annex I, including as a recipient of funds as defined in Article 2, point (59), of Regulation (EU) 2024/2509 of the European Parliament and of the Council19a , or / (deleted) / 19a Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

RemovedArticle 4 – paragraph 4 a (new): 4a. Member States shall also ensure that their screening mechanisms impose an authorisation requirement for greenfield foreign investments where: / (a) the conditions set out in point (a) or point (b) of paragraph 4 of this Article are met; / (b) the investor meets one or more of the conditions set out in Article 5(1), point (b), points (i) to (iii); and / (c) the value of the transaction is at least EUR 250 million.

RemovedArticle 5 – paragraph 1 – introductory part: 1. Member States shall notify the Commission and the other Member States through the cooperation mechanism of any foreign investment in a Union target in their territory that:

RemovedArticle 5 – paragraph 1 – point a: (a) meets the conditions set out in Article 4(4), point (a), or Article 4(4a); or

RemovedArticle 5 – paragraph 1 – point b – point i: (i) the foreign investor or the foreign investor’s subsidiary in the Union is directly or indirectly controlled, by the government, including state bodies, regional or local authorities or armed forces, of a third country, including through ownership structure, significant funding, special rights or state-appointed directors or managers, or other features aimed at influencing management decisions;

RemovedArticle 5 – paragraph 1 – point b – point ii: (ii) the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of, such a foreign investor is subject to Union restrictive measures pursuant to Article 215 TFEU;

RemovedArticle 5 – paragraph 1 – point b – point iii: (iii) the foreign investor or any of its subsidiaries was involved in a foreign investment previously screened by a Member State that was not authorised or only authorised with conditions; to determine this, the notifying Member State shall rely on information available to them, including the information contained in the secure database set up pursuant to Article 7(10) and information provided by the foreign investor on this matter; or

RemovedArticle 5 – paragraph 1 – point b – point iii a (new): (iiia) the ownership structure of the investor is opaque.

RemovedArticle 5 – paragraph 2: 2. Member States shall notify the Commission and the other Member States of any foreign investment in their territory that has not been notified pursuant to paragraph 1, where they initiate an in-depth investigation under their screening procedures.

RemovedArticle 5 – paragraph 2 a (new): 2a. Member States shall notify, at the earliest possible time, the Commission and the other Member States of any foreign investment in their territory where, in exceptional cases, they intend to impose a mitigating measure or to prohibit the transaction without an in-depth investigation.

RemovedArticle 5 – paragraph 3 – subparagraph 1: Member States shall notify any foreign investment that does not meet the conditions set out in paragraphs 1 and 2 if the host Member State considers that a foreign investment could be of interest to the other Member States and the Commission from a security or public order perspective, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States which are economically active in one of the areas listed in Annex II.

RemovedArticle 5 – paragraph 3 – subparagraph 2: deleted

RemovedArticle 6 – paragraph 1 – introductory part: 1. Member States shall ensure that a notification pursuant to Article 5 contains the information referred to in Article 10(1) and is sent to the Commission and other Member States:

RemovedArticle 6 – paragraph 1 – point a: (a) within 15 calendar days of receiving the complete request for authorisation for foreign investments meeting any of the conditions set out in Article 5(1), (2a) or (3);

RemovedArticle 6 – paragraph 1 – point b: (b) within 5 calendar days of initiating an in-depth investigation for foreign investments meeting the conditions set out in Article 5(2).

RemovedArticle 6 – paragraph 2: deleted / (deleted) / (deleted) / (deleted) / (deleted)

RemovedArticle 6 a (new): Article 6a / Specific rules applicable to multi-country transactions / 1. Applicants requesting an authorisation for an investment in several Member States shall file their requests for authorisation in all relevant Member States within 3 calendar days of the first request for authorisation, and each request for authorisation shall make reference to the other requests. / 2. Where a Member State receives a request for authorisation as referred to in paragraph 1, it shall coordinate with the other Member States concerned and the Commission, inter alia to determine whether the investment is notifiable. / 3. If the requests for authorisation concern a foreign investment meeting any of the conditions set out in Article 5(1), the Member States concerned shall send their notifications to the cooperation mechanism within 3 calendar days of the first request for authorisation and within the deadline laid down in Article 6, point (a). / 4. If the requests for authorisation concern a foreign investment meeting the conditions set out in Article 5(2), the Member States concerned shall endeavour to send their notifications to the cooperation mechanism within a limited timeframe and within the deadline laid down in Article 6(1), point (b). / 5. The Member States concerned shall coordinate closely throughout the procedure. In particular, they shall endeavour to align the timelines of their respective screening procedures and to ensure that their respective screening decisions are compatible …

RemovedArticle 7 – title: Comments by Member States and opinions and decisions by the Commission on notified foreign investments

RemovedArticle 7 – paragraph 1 – subparagraph 1 – introductory part: Any Member State may issue duly motivated comments to the notifying Member State. A Member State may issue such comments if it:

RemovedArticle 7 – paragraph 2 – subparagraph 1 – introductory part: The Commission may issue a duly motivated opinion addressed to the notifying Member State. The Commission shall issue such an opinion if:

RemovedArticle 7 – paragraph 2 – subparagraph 2 a (new): Where appropriate, the opinion of the Commission may propose measures aimed at mitigating the likely negative effect of the investment on security and public order.

RemovedArticle 7 – paragraph 3: 3. The Commission shall issue a duly motivated opinion addressed to all Member States if it considers that several foreign investments or other similar investments if they were to be made, taken together, and having regard to their characteristics could affect the security or public order of the Union. After a Commission opinion is issued, the Commission shall, as appropriate, discuss with Member States the measures to address the identified risks.

RemovedArticle 7 – paragraph 4 – point a: (a) send opinions meeting the conditions set out in points (a) and (c) of paragraph 2 to all Member States that provided comments and notify the other Member States that an opinion was issued;

RemovedArticle 7 – paragraph 4 – point b: (b) send opinions meeting the conditions set out in point (b) of paragraph 2 and opinions meeting the conditions in paragraph 3 to all Member States.

RemovedArticle 7 – paragraph 4 a (new): 4a. The notifying Member State may invite the Commission to issue an opinion or other Member States to issue comments.

RemovedArticle 7 – paragraph 5: 5. Where a host Member State receives a comment from another Member State pursuant to paragraph 1 or an opinion from the Commission pursuant to paragraph 2 or 3, it shall give utmost consideration to such a comment or opinion.

RemovedArticle 7 – paragraph 6: 6. Following the receipt of a comment pursuant to paragraph 1 or an opinion pursuant to paragraph 2, the host Member State shall consult the Member States that issued comments, where applicable, and the Commission. In the framework of that consultation, the host Member State shall set up a meeting with those Member States, where applicable, and the Commission to discuss how to best address the risks identified. If the host Member State disagrees with the risks identified or, if applicable, the measure proposed with the comment or opinion, the Member States and the Commission shall aim to identify alternative solutions. Where the comment or opinion concerns a multi-country transaction, the other Member States that notified the foreign investment shall also be invited to that meeting to discuss whether the intended outcomes are compatible with one another and, where applicable, whether the intended conditions are able to address identified cross-border risks adequately.

RemovedArticle 7 – paragraph 7: deleted

RemovedArticle 7 – paragraph 8 – introductory part: 8. Following the meeting referred to in paragraph 6, the host Member State shall transmit to the respective Member States and the Commission its draft screening decision and provide a written explanation on:

RemovedArticle 7 – paragraph 8 – point a: deleted

RemovedArticle 7 – paragraph 8 – point a a (new): (aa) the extent to which it gave the Member States’ comments or the Commission opinion utmost consideration; and

RemovedArticle 7 – paragraph 8 – point a b (new): (ab) where applicable, the reason for its disagreement with the Member States’ comments or the Commission opinion.

RemovedArticle 7 – paragraph 8 – point b: deleted / (deleted) / (deleted)

RemovedArticle 7 – paragraph 9: 9. Where a Member States or the Commission considers that a draft screening decision referred to in paragraph 8 of this Article, authorising a foreign investment under Article 14(1), point (a), or Article 14(2) does not adequately address or mitigate the risks to security and public order, it may raise a duly justified objection. The objection shall be notified to the host Member State and, where applicable, the other Member States that issued comments and the Commission. The host Member State shall suspend its screening procedure until the Commission has adopted a decision pursuant to paragraphs 9b and 9c of this Article. The host Member State shall inform the foreign investor of the suspension.

RemovedArticle 7 – paragraph 9 a (new): 9a. Where a Member State or the Commission has raised an objection pursuant to paragraph 9 of this Article, and without prejudice to Article 346(1), point (a), TFEU, the host Member State shall transmit to the Commission all documents and information on which its draft decision is based. The Member State that raised an objection pursuant to paragraph 9 of this Article shall transmit all documents and information on which its objection is based.

RemovedArticle 7 – paragraph 9 b (new): 9b. Where, taking into account the criteria laid down in Article 13, the documents and information received pursuant to paragraph 9a of this Article, as well as, where applicable, the comments provided by Member States pursuant to Article 7(1) or Article 9(7), the Commission concludes that the draft screening decision, as modified by the host Member State where appropriate, effectively addresses the foreign investment’s potential effect on security and public order, it shall decide not to object to the adoption of the draft screening decision by the Member State.

RemovedArticle 7 – paragraph 9 c (new): 9c. Where the Commission finds that the host Member State’s draft screening decision referred to in paragraph 8 does not adequately mitigate risks to security and public order, it shall adopt a decision to: / (a) authorise the foreign investment subject to mitigating measures; or / (b) prohibit the foreign investment where it finds that the risks to security and public order of the Union cannot be adequately addressed through mitigating measures. / The decision referred to in the first subparagraph shall comply with the principle of proportionality, shall be based on documented risks and shall take into consideration all circumstances of the foreign investment.

RemovedArticle 7 – paragraph 9 d (new): 9d. Decisions adopted pursuant to paragraph 9b shall be addressed to the host Member State. The Commission shall notify the host Member State and shall inform the Member States that provided comments pursuant to paragraph 1. / Decisions adopted pursuant to paragraph 9c shall be addressed to the foreign investor. The Commission shall notify the host Member State and the Member States that provided comments pursuant to paragraph 1 and shall inform the Union target.

RemovedArticle 7 – paragraph 9 e (new): 9e. Where the Commission adopts a decision pursuant to paragraph 9c, the host Member State shall terminate its screening procedure and inform the foreign investor thereof.

RemovedArticle 7 – paragraph 9 f (new): 9f. Before adopting a decision pursuant to paragraph 9c, the Commission shall give the foreign investor the opportunity to make its views known effectively.

RemovedArticle 7 – paragraph 9 g (new): 9g. Where a comment pursuant to paragraph 1 or an opinion pursuant to paragraph 2 or 3 has been issued and the Commission has not issued a decision pursuant to paragraph 9c, the host Member State shall notify its screening decision to the Member States which provided comments, where applicable, and to the Commission, and send it to the respective parties to the foreign investment.

RemovedArticle 7 – paragraph 10: deleted

RemovedArticle 8 – title: Deadlines and procedures applicable to the Union cooperation mechanism and decisions

RemovedArticle 8 – paragraph 1 – point a: (a) Member States shall inform the notifying Member State that they reserve their right to issue comments no later than 15 calendar days following the receipt of the notification pursuant to Article 5;

RemovedArticle 8 – paragraph 1 – point b: (b) the Commission shall inform the notifying Member State that it reserves its right to issue an opinion no later than 20 calendar days following the receipt of the notification pursuant to Article 5.

RemovedArticle 8 – paragraph 3 – subparagraph 1 – point a: (a) where a Member State reserves its right to issue comments on a notified foreign investment without requesting additional information from the notifying Member State, the respective comments shall be addressed to the notifying Member State no later than 35 calendar days following receipt of the complete notification of the foreign investment;

RemovedArticle 8 – paragraph 3 – subparagraph 1 – point b: (b) where the Commission reserves its right to issue an opinion on a notified foreign investment without requesting additional information from the notifying Member State, the respective opinion shall be addressed to the notifying Member State no later than 45 calendar days following receipt of the complete notification of the foreign investment;

RemovedArticle 8 – paragraph 3 – subparagraph 1 – point c: (c) where a Member State reserves its right to issue comments on a notified foreign investment and requests additional information from the notifying Member State, the respective comments shall be addressed to the notifying Member State no later than 20 calendar days following receipt of the complete additional information;

RemovedArticle 8 – paragraph 3 – subparagraph 1 – point d: (d) where the Commission reserves its right to issue an opinion and requests additional information from the notifying Member State, the respective opinion shall be issued to the notifying Member State no later than 30 calendar days following receipt of the complete additional information.

RemovedArticle 8 – paragraph 3 – subparagraph 2: deleted

RemovedArticle 8 – paragraph 4: 4. The notifying Member State shall notify the Commission and the other Member States any substantial new information or circumstances relevant for the assessment of a foreign investment already notified pursuant to Article 5. If this information is made available before the deadlines set out in paragraph 3 expire, the notifying Member State, the Commission and the other Member States shall agree on a mutually acceptable extension of the deadline. If the deadlines for the assessment of the initial notification set out in paragraph 3 have passed, they shall resume according to the deadlines set out in point (c) and (d) of paragraph 3.

RemovedArticle 8 – paragraph 5: 5. The notifying Member State shall provide the complete additional information requested by the Commission or other Member States pursuant to paragraph 2 without undue delay. Where the notifying Member State provides additional information to a Member State, such additional information shall be sent to the Commission simultaneously.

RemovedArticle 8 – paragraph 7 a (new): 7a. The following deadlines shall apply to the consultations between Member States and the Commission pursuant to Article 7(6) to (9): / (a) the meeting referred to in Article 7(6) shall take place within 20 calendar days following the receipt by the host Member State of the last comment or opinion pursuant to Article 7, whichever comes last; / (b) the host Member State shall transmit its draft decision pursuant to Article 7(8) within 10 calendar days following the meeting referred to in Article 7(6); / (c) the objection by a Member State or the Commission pursuant to Article 7(9) shall be raised within 10 calendar days following the receipt of the draft screening decision pursuant to Article 7(8).

RemovedArticle 8 – paragraph 7 b (new): 7b. The following deadlines shall apply to the adoption and the notification of screening decisions on notified foreign investments: / (a) the notifying Member State shall adopt its screening decision only after the deadlines referred to in points (a) to (d) of paragraph 3 of this Article have expired; / (b) where neither Member States nor the Commission have reserved the right to issue comments or an opinion, respectively, by the deadlines pursuant to paragraph 1 of this Article, the notifying Member State shall adopt its screening decision within 60 calendar days from the date of notification; / (c) following an objection raised pursuant to Article 7(9), the host Member State and the Member State that raised the objection shall transmit the information referred to in Article 7(9a) within 5 calendar days; / (d) following a Commission decision pursuant to Article 7(9b), the host Member State shall adopt its screening decision within 15 calendar days of the notification referred to in Article 7(9d); / (e) the notification of the screening decision pursuant to Article 7(9f) shall take place within 3 calendar days.

RemovedArticle 8 – paragraph 7 c (new): 7c. The following deadlines shall apply to the adoption and the notification of a decision by the Commission pursuant to Article 7(9b) and (9c): / (a) the Commission shall adopt its decision within 20 calendar days following receipt of the complete information referred to in Article 7(9a); / (b) the notification pursuant to Article 7(9d) shall take place within 3 calendar days. / The deadlines referred to in paragraph 7a, points (a) and (b), in paragraph 7b, point (b), and paragraph 7c, point (a), of this Article shall be extended by up to 30 calendar days in total, where applicable, to allow the host Member State or, where relevant, the Commission and the foreign investor to agree on mitigating measures. The negotiation of mitigating measures by the Commission and the foreign investor shall be conducted in cooperation with the host Member State.

RemovedArticle 8 – paragraph 8: 8. Where, due to exceptional circumstances, the notifying Member State considers that its security or public order requires issuing a screening decision pursuant to Article 14(1) before the deadlines referred to in paragraph 3 expire, it shall notify the other Member States and the Commission of its intention and duly justify the need for immediate action. The other Member States and the Commission shall provide comments or issue an opinion expeditiously. This procedure shall not be invoked to serve purely the commercial interests of the applicant requesting the authorisation.

RemovedArticle 9 – paragraph 1: 1. Where a Member State considers that a foreign investment in the territory of another Member State which has not been notified to the cooperation mechanism is likely to negatively affect its security or public order or where the Commission considers that such a foreign investment is likely to negatively affect the security or public order of more than one Member State or projects or programmes of Union interest on grounds of security and public order, the Member State or the Commission may open an own initiative procedure in relation to that foreign investment. Before opening the procedure, the Member State or the Commission shall check that the host Member State does not intend to notify the foreign investment to the cooperation mechanism.

RemovedArticle 9 – paragraph 2: 2. Member States and the Commission shall be granted up to 15 months, after the foreign investment has been completed, the right to open the procedure set out in paragraph 1, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.

RemovedArticle 9 – paragraph 3: deleted

RemovedArticle 9 – paragraph 4: deleted

RemovedArticle 9 – paragraph 5: 5. The Member States or the Commission shall open the own initiative procedure by sending a duly motivated request for information to the host Member State. Any request for information pursuant to this paragraph shall be duly justified, limited to the information necessary for the Member States to provide comments or for the Commission to issue an opinion, proportionate to the purpose of the request and not unduly burdensome for the host Member State. Where the request for information is submitted by a Member State, that Member State shall send the request to the Commission simultaneously.

RemovedArticle 9 – paragraph 6: 6. The host Member State shall provide the complete information requested by the other Member States or the Commission pursuant to paragraph 5 without undue delay. Where the host Member State provides such information to a Member State, that information shall be sent to the Commission simultaneously.

RemovedArticle 9 – paragraph 7 – introductory part: 7. Following receipt of information referred to in paragraph 6, Member States may provide comments and the Commission may provide an opinion to the host Member State, no later than 30 calendar days after receiving the complete information requested pursuant to paragraph 5. In cases where the procedure was initiated by a Member State, the Commission shall be granted an additional 15 calendar days to issue its opinion. The host Member State shall give the utmost consideration to such a comment or opinion.

RemovedArticle 9 – paragraph 7 – point a: deleted

RemovedArticle 9 – paragraph 7 – point b: deleted

RemovedArticle 9 – paragraph 7 a (new): 7a. Following the receipt of a comment or opinion pursuant to paragraph 7, the host Member State shall set up a meeting with the Member States that issued comments, where applicable, and the Commission to discuss how to effectively address the risks identified. If the host Member State disagrees with the risks identified or, where applicable, the measures proposed with the comment or opinion, the Member States and the Commission shall aim to identify alternative solutions and agree on a suitable course of action to manage the risks in question.

RemovedArticle 9 – paragraph 7 b (new): 7b. Following the meeting referred to in paragraph 7a, the host Member State shall inform the Commission and, where applicable, the Member States having provided comments, whether it intends to screen the investment.

RemovedArticle 9 – paragraph 7 c (new): 7c. Where the host Member State decides not to screen the foreign investment, it shall provide a written explanation to the Member States concerned and the Commission on the reasons for its disagreement with the comments of those Member States or the opinion of the Commission.

RemovedArticle 9 a (new): Article 9a / Investigative Powers of the Commission / 1. Upon a duly justified request by a Member State or on its own initiative when there are reasonable grounds to suspect that a foreign investment may affect the security or public order of more than one Member State, and provided the host Member State has been notified, the Commission may request information in accordance with this Article. / 2. The Commission may require the parties involved in a foreign investment to provide any information deemed necessary to assess whether the foreign investment is likely to negatively affect security or public order. It may request information from any other entity or person likely to possess relevant information for assessing whether a foreign investment is likely to negatively affect security or public order, including suppliers, contractors, customers and experts. / 3. The Commission shall inform a Member State before seeking such information on its territory. / 4. A request for information pursuant to paragraph 2 shall: / (a) state its legal basis and purpose, specify the required information, and set an appropriate time-limit for its provision; / (b) be duly justified and limited to the information strictly necessary for assessing the potential impact of a transaction on security or public order; / (c) include a statement that, if the information supplied is incorrect, incomplete or misleading, the periodic penalty payments provided for in paragraph 6 could be imposed; / (d) inc…

RemovedArticle 10 – paragraph 1 – introductory part: 1. Member States shall provide, at a minimum, the following information in the notification referred to in Article 5 and in response to the request of information referred to in 9(5):

RemovedArticle 10 – paragraph 1 – point e: (e) activities of the foreign investor, its name and address;

RemovedArticle 10 – paragraph 1 – point e a (new): (ea) where applicable, the reasons justifying the notification, including whether any of the conditions for the notification of a foreign investment referred to in points (i) to (iii) of Article 5(1), point (b), are fulfilled;

RemovedArticle 10 – paragraph 1 – point e b (new): (eb) whether the Union target is a recipient of funds as defined in Article 2 paragraph 59 of Regulation (EU) 2024/2509, or of any fund or financial instrument established or managed by the Union; and

RemovedArticle 10 – paragraph 3: deleted

RemovedArticle 10 – paragraph 4: 4. Where necessary, the host Member State may request the applicant requesting an authorisation or any other relevant undertaking to provide, inter alia, the information referred to in paragraph 1 of this Article and Article 8(2). The request for information may concern information necessary for the Member State to determine if any of the conditions set out in Article 5(1) are met. The undertaking concerned shall provide the requested information to the Member State where the foreign investment is planned or has been completed within 15 calendar days of the request.

RemovedArticle 10 – paragraph 5: 5. The host Member State and the Commission may request other Member States to seek information from undertakings in their territory, provided this information is relevant and strictly necessary for assessing a foreign investment pursuant to Article 13. The Member State receiving the request to seek information shall, without delay, request the undertaking to provide that information and shall notify it to the host Member State and the Commission, in accordance with the procedure set out in Article 8(5) and Article 9(6) as applicable.

RemovedArticle 10 – paragraph 6: 6. A Member State shall notify the Commission and the other Member States concerned if, in exceptional circumstances, it is unable, despite its best efforts, to provide the information referred to in paragraphs 4 or 5 of this Article, Article 8(2) or Article 9(5). That Member State shall duly explain the reasons for not being able to provide the information.

RemovedArticle 11 – paragraph 1: 1. Member States shall provide the necessary resources, legal and administrative means to carry out, in an effective and efficient manner, the tasks assigned to them to fulfil the objectives of this Regulation, including their efficient and effective participation in the cooperation mechanism.

RemovedArticle 11 – paragraph 4: 4. Member States’ screening mechanisms shall give sufficient means to assess and give utmost consideration to other Member States’ comments and Commission opinions before a screening decision is taken. This includes having all necessary legal means and powers to consider concerns expressed or likely impacts identified by another Member State or the Commission in its screening decision or in any other relevant instrument at its disposal.

RemovedArticle 11 – paragraph 5: 5. Member States shall ensure that their national laws allow compliance with the obligations set out in Article 7.

RemovedArticle 11 – paragraph 7: 7. Where mitigating measures in a screening decision require compliance by undertakings established in more than one Member State, the Member States concerned shall cooperate with each other on the monitoring and enforcement of the screening decision. Member States shall ensure that they have all necessary legal means and powers to address effectively the consequences of non-compliance with the mitigating measures provided in a screening decision of another Member State or of the Commission.

RemovedArticle 11 – paragraph 7 a (new): 7a. Where, following the adoption of a screening decision, a host Member State imposes penalties in accordance with Article 4(2), point (ha), it shall notify the Commission and the Member States that provided comments on the transaction within a reasonable timeframe.

RemovedArticle 12 – paragraph 1 – introductory part: 1. Information received in accordance with the procedures set out in Articles 5, 7, 9 and 9a shall be used only for the purpose for which it was requested, unless:

RemovedArticle 12 – paragraph 1 – point b: (b) the Court of Justice of the European Union or a court of the host Member State requests such information for the purpose of legal proceedings.

RemovedArticle 12 – paragraph 4: deleted

RemovedArticle 12 a (new): Article 12a / Secure and encrypted system and single portal / 1. The Commission shall establish and maintain a secure and encrypted system to facilitate the exchange of information between the contact points. All communications between Member States, as well as between Member States and the Commission under this Regulation, including notifications pursuant to Article 5 and comments and opinions pursuant to Article 7, shall be transmitted exclusively through that secure and encrypted system. / 2. As part of the secure and encrypted system, the Commission shall establish an online single portal for the electronic filing of foreign investments with screening authorities. That single portal shall be operational no later than ... [six months before the date of application of this Regulation]. It shall serve as the entry point for the screening of foreign investments. Member States shall use the single portal to receive filings and for other communications with applicants. / 3. Applicants and their legal representatives shall submit filings through an online form available on the single portal established pursuant to paragraph 2 of this Article. The form shall include the information required under Article 10(1). / 4. When submitting a filing, applicants shall select the Member States to which the filing is to be transmitted. Subsequent communications between the recipient Member State and the applicants shall be conducted through the single portal until the request for authorisati…

RemovedArticle 12 b (new): Article 12b / Business intelligence capability / The Commission shall develop a business intelligence capability to support the Member States’ screening authorities in identifying potential risks to security and public order related to foreign investments, develop coordinated risk assessments and, in consultation with the Commission expert group on the screening of foreign investments, support a Union FDI capacity-building programme to identify and promote best practices and lessons learned, and offer common training programmes for officials of the Member States.

RemovedArticle 13 – paragraph 2: 2. The Commission shall determine, for the purpose of issuing a duly motivated opinion pursuant to Article 7(2) or (3) or Article 9(7), or a decision pursuant to Article 7(9b) or (9c), whether it considers a foreign investment to be likely to negatively affect security or public order.

RemovedArticle 13 – paragraph 3 – introductory part: 3. When determining whether a foreign investment is likely to negatively affect security or public order, the Member States or the Commission shall in particular consider whether the investment concerned is likely to negatively affect:

RemovedArticle 13 – paragraph 3 – point a: (a) the security, integrity, functioning and resilience of critical infrastructure, including the land and property critical to the use of such critical infrastructure, whether physical or virtual; in that context, based on the information available, it shall also be assessed whether the foreign investment is likely to negatively affect the resilience of any of the critical entities they have identified under Directive (EU) 2022/2557 of the European Parliament and of the Council20 as well as entities in scope of Directive (EU) 2022/2555 of the European Parliament and of the Council21 . The results of the Union level coordinated security risk assessments, including those concerning critical supply chains carried out in accordance with Article 22(1) of Directive (EU) 2022/2555 shall be taken into account, covering both technical and non-technical risk factors;

RemovedArticle 13 – paragraph 3 – point a a (new): (aa) the security of military facilities and other sensitive public facilities in the immediate geographical proximity of the Union target;

RemovedArticle 13 – paragraph 3 – point a b (new): (ab) the security, integrity, functioning, operational stability and resilience of the internal market;

RemovedArticle 13 – paragraph 3 – point b: (b) the availability and uptake of critical technologies, technology security and technology leakage;

RemovedArticle 13 – paragraph 3 – point c: (c) the security and resilience of supply chains for critical inputs;

RemovedArticle 13 – paragraph 3 – point c a (new): (ca) food security;

RemovedArticle 13 – paragraph 3 – point c b (new): (cb) the capacity to avoid and address strategic dependencies;

RemovedArticle 13 – paragraph 3 – point c c (new): (cc) the protection of the financial and economic stability of the Union;

RemovedArticle 13 – paragraph 3 – point c d (new): (cd) the provision of essential services and services of general interest;

RemovedArticle 13 – paragraph 3 – point d: (d) the protection of sensitive information, including personal data as defined in Article 4, point (1), of Regulation (EU) 2016/6791a, in particular with regard to the ability of the foreign investor to access, control, and otherwise process such information; / 1a Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1–88, ELI: http://data.europa.eu/eli/reg/2016/679/oj).

RemovedArticle 13 – paragraph 3 – point d a (new): (da) the protection of intellectual property, knowledge or other intangible assets;

RemovedArticle 13 – paragraph 3 – point e: (e) the freedom and pluralism of the media, including online and social media platforms that can be used for large scale disinformation or criminal activities, fundamental rights, civic discourse and electoral processes, as well as the neutrality, objectivity and pluralism of education; or

RemovedArticle 13 – paragraph 3 – point e a (new): (ea) the likelihood of economic coercion by a third country falling within the scope of Article 2 of Regulation (EU) 2023/26751a. / 1a Regulation (EU) 2023/2675 of the European Parliament and of the Council of 22 November 2023 on the protection of the Union and its Member States from economic coercion by third countries (OJ L, 2023/2675, 7.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2675/oj).

RemovedArticle 13 – paragraph 4 – point -a (new): (-a) whether the foreign investor or the foreign investor’s subsidiary in the Union is directly or indirectly controlled by the government, including state bodies, regional or local authorities or armed forces, of a third country, including through ownership structure, significant funding, special rights or state-appointed directors or managers, or other features aimed at influencing management decisions, such as golden shares;

RemovedArticle 13 – paragraph 4 – point a: (a) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor was involved in a foreign investment previously screened by a Member State or, where available, by a third country with an established foreign direct investment screening mechanism, with which the Union cooperates in investment screening matters and that was not authorised or was only authorised with conditions; to determine this, Member States and the Commission shall rely on information available to them, including the information contained in the secure database set up pursuant to Article 12a (6a);

RemovedArticle 13 – paragraph 4 – point d: (d) whether the foreign investor or any of its subsidiaries has engaged in illegal or criminal activities, including money laundering and the circumvention of Union restrictive measures pursuant to Article 215 TFEU;

RemovedArticle 13 – paragraph 4 – point e: (e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives, support risks of violations of international law by a third country, or facilitate the development of a third country’s military capabilities;

RemovedArticle 13 – paragraph 4 – point e a (new): (ea) whether the foreign investor is established in a third country subject to Union restrictive measures pursuant to Article 215 TFEU, in a jurisdiction identified as a third country with significant strategic deficiencies in its national AML/CFT regime in accordance with Article 29 of Regulation (EU) 2024/1624 of the European Parliament and of the Council, or in a country pursuing an aggressive civil-military fusion strategy;

RemovedArticle 13 – paragraph 4 – point e b (new): (eb) whether the foreign investor or any of its subsidiaries is established in a third country whose legislation permits arbitrary access to company operations or data, including commercially sensitive information, and imposes obligations on companies to share information for intelligence purposes without democratic checks and balances, oversight mechanisms, due process, or the right to appeal to an independent court or tribunal.

RemovedArticle 13 – paragraph 4 a (new): 4a. The Commission shall make available a risk evaluation form that may be used by Member States to assess the elements referred to in paragraphs 3 and 4.

RemovedArticle 13 – paragraph 4 b (new): 4b. The Commission may carry out a risk assessment relating to a specific sector, critical technology, foreign investors or Union undertakings to inform screening decisions of the Member States. That risk assessment shall be made available in the secure database set up pursuant to Article 12a(6a) and shall be taken into account by Member States when determining whether an investment is likely to negatively affect security or public order.

RemovedArticle 14 – title: Screening decisions on foreign investments

RemovedArticle 14 – paragraph 1 – subparagraph 1 – introductory part: Where, taking into account the criteria laid down in Article 13 and, where applicable, in the light of comments provided by other Member States pursuant to Article 7(1) or Article 9(7), or an opinion provided by the Commission pursuant to Article 7(2) or (3) or Article 9(7), and without prejudice to the Commission’s power to adopt a decision pursuant to Article 7(9c), the host Member State concludes that the foreign investment is likely to negatively affect security or public order in one or more Member States, including where a project or programme of Union interest is concerned, it shall issue a screening decision to:

RemovedArticle 14 – paragraph 1 – subparagraph 2: The screening decision shall comply with the principle of proportionality, be based on documented risks and take into consideration all circumstances of the foreign investment.

RemovedArticle 14 – paragraph 2: 2. Where the host Member State concludes that the foreign investment is not likely to negatively affect security or public order or considers that other measures pursuant to Union or national law are available and appropriate to effectively address the foreign investment’s effect on security and public order, and except in cases where the Commission has taken a decision pursuant to Article 7(9c), the foreign investment shall be authorised without conditions.

RemovedArticle 14 – paragraph 2 a (new): 2a. The mitigating measures referred to in paragraph 1, point (a), shall be sufficient to address the foreign investment’s effect on security and public order and shall comply with the principle of proportionality. Those measures may include: / (a) changes to the proposed governance structure of the target; / (b) modifications to the voting rights conferred on the investor; / (c) prevention of unauthorised access to sensitive technologies or information; / (d) commitments by the investor to ensure a specific supply and/or supply to a specific client; / (e) commitments by the investor to maintain or create local added value; / (f) commitments by the investor to address the risk of dependency, including the transfer of technologies and know-how; / (g) measures to ensure the continuation of business activities; / (h) requirements to source critical components from secure and reliable suppliers; / (i) implementation of cybersecurity protocols to protect against potential threats; / (j) the requirement for the foreign investor to establish a joint venture with a Union undertaking; / (k) an obligation to store and process specific data within the Union.

RemovedArticle 14 a (new): Article 14a / Group of experts on the screening of foreign direct investment into the Union / 1. The group of experts on the screening of foreign direct investments into the Union, which provides advice and expertise to the Commission, shall continue to engage in discussions regarding foreign direct investment screening. It shall share best practices, lessons learnt, and exchange views on emerging trends and issues of common concern related to foreign direct investments. The Commission shall also seek the advice of that group on systemic matters concerning the implementation of this Regulation. That group shall meet on a regular basis to ensure ongoing dialogue and mutual learning. / 2. The discussions in that group shall be kept confidential.

RemovedArticle 14 b (new): Article 14b / Public transparency requirements / 1. By ... [the date of entry into force of this Regulation] the Commission shall publish guidelines regarding the application of: / (a) the criteria for determining whether an investment enables effective participation in the management or control of a Union target pursuant to Article 2, point (1); / (b) the criteria for determining whether an undertaking is part of or participates in a project or programme of Union interest pursuant to Article 4(4), point (a); / (c) the criteria for determining whether an undertaking is economically active in one of the areas listed in Annex II pursuant to Article 2, point (9); / (d) the criteria for assessing potential risks to security and public order, including cross-border risks and those posed by greenfield investments, as set out in Article 13. / Before issuing the guidelines referred to in the first subparagraph, the Commission shall conduct appropriate consultations with stakeholders. The Commission shall regularly update those guidelines in light of the experience gained in implementing this Regulation. / 2. The Commission shall publish a list of all screening mechanisms established by the Member States. That list shall contain summary information on the respective scope and on the relevant procedural rules of each screening mechanism. It shall also contain a link to the screening authorities’ guidance referred to in paragraph 3 and the contact details of the contact point concerned.…

RemovedArticle 15 – paragraph 1: Member States and the Commission may cooperate with the responsible authorities of third countries and engage through bilateral and multilateral platforms on issues relating to the screening of investments on grounds of security and public order. That cooperation may involve the exchange of information and best practices, as well as technical and capacity-building support. In the context of that cooperation, the Commission shall encourage the establishment of investment screening mechanisms by third countries, particularly those that are candidates for accession to the Union and countries in the Union’s neighbourhood.

RemovedArticle 16 – paragraph 1 – introductory part: 1. By 31 March of each year beginning in [add date: first year of application], Member States shall report to the Commission, on a confidential basis, on their activities under their screening mechanism and under the cooperation mechanism for the preceding calendar year. This report shall contain:

RemovedArticle 16 – paragraph 1 – point c: (c) the number of foreign investments prohibited, the number of foreign investments withdrawn or unwound;

RemovedArticle 16 – paragraph 1 – point e: (e) information on the origin of the foreign investors and the sector of activity of the targets of the foreign investments screened, authorised without conditions, authorised with conditions, and foreign investments prohibited, respectively;

RemovedArticle 16 – paragraph 1 – point e a (new): (ea) the average duration of investment screening procedures;

RemovedArticle 16 – paragraph 1 – point f: (f) a description of the risks and vulnerabilities identified in the foreign investments that led to a screening decision;

RemovedArticle 16 – paragraph 1 – point f a (new): (fa) the number of own initiative procedures opened pursuant to Article 9(1) and the number of instances where they resulted in the initiation of a screening procedure by the host Member State.

RemovedArticle 16 – paragraph 1 a (new): 1a. By ... [1 January of the first year of application], the Commission shall adopt an implementing act pursuant to Article 21 setting out the form to be used for reporting the information referred to in paragraph 1 of this Article.

RemovedArticle 16 – paragraph 2: 2. Based on the information received in accordance with paragraph 1, its implementation practice, and its assessment of trends and developments, the Commission shall provide an annual report on implementation of this Regulation to the European Parliament and to the Council by 30 September of each year beginning in ... [the first year of application of this Regulation]. That report shall be made public.

RemovedArticle 16 – paragraph 2 a (new): 2a. The Commission’s annual report shall include an overview of the information referred to in paragraph 1 for each Member State, an assessment of the trends and figures on foreign investments into the Union, relevant legislative developments across Member States, international cooperation efforts, lessons learnt, and best practices to support the implementation of this Regulation.

RemovedArticle 18 – paragraph 1: 1. The Commission shall evaluate the functioning and effectiveness of this Regulation 3 years after the date of application of this Regulation and every 5 years thereafter and present a report to the European Parliament and to the Council. Member States shall be involved in this evaluation process and, if necessary, provide the Commission with additional information for the preparation of that report. That report shall include an analysis of the evolution of foreign investments into the Union as well as an assessment of the contribution of this Regulation to the economic security of the Union. It should include an assessment of whether the conditions set out in Article 4(4) and (4a) should be amended in order to ensure a consistent approach to the screening of foreign investments, taking into consideration the criteria set out in Article 13(3) and (4), including the security of military facilities and other sensitive public facilities. The report shall also assess the compliance costs faced by businesses.

RemovedArticle 19 – paragraph 2 – introductory part: 2. The Commission is empowered to adopt delegated acts in accordance with Article 20 for the purposes of amending, where necessary, the list of technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, these considerations shall include the following:

RemovedArticle 19 – paragraph 2 – point b a (new): (ba) the results of relevant risk assessments undertaken by the Commission and Member States under the Union Economic Security Strategy;

RemovedArticle 19 – paragraph 2 a (new): 2a. The first of the delegated acts referred to in paragraph 2 of this Article shall be adopted by ... [9 months from the date of entry into force of this Regulation] for the purpose of amending Annex II to further specify the list of technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union.

RemovedArticle 20 – paragraph 2: 2. The power to adopt delegated acts referred to in Article 19 shall be conferred on the Commission for a period of five years from ... [the date of entry into force of this Regulation]. The Commission shall draw up a report in respect of the delegation of power no later than nine months before the end of the five-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or Council opposes such extension no later than three months before the end of each period.

RemovedArticle 21 – paragraph 1: deleted

RemovedArticle 21 – paragraph 2: 2. Implementing acts referred to in Article 10(2), Article 12a(3), Article 12a(6) and Article 16(1a) shall be adopted in accordance with the advisory procedure referred to in Article 22(2).

RemovedArticle 23 – paragraph 1: Regulation (EU) 2019/452 is repealed with effect from ... [12 months from the date of entry into force of this Regulation].

RemovedArticle 24 – paragraph 2: It shall apply from ... [12 months from the date of entry into force of this Regulation].

RemovedArticle 24 – paragraph 2 a (new): However, Article 19(2) and (2a) shall apply from ... [the date of entry into force of this Regulation]. / This Regulation shall apply regardless of whether the single portal referred to in Article 12a(2) is operational.

RemovedAnnex I – point 7 – paragraph 2: Regulation (EU) 2024/1679 of the European Parliament and of the Council of 13 June 2024 on Union guidelines for the development of the trans-European transport network, amending Regulations (EU) 2021/1153 and (EU) No 913/2010 and repealing Regulation (EU) No 1315/2013 (OJ L 2024/1679, 28.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1679/oj).

RemovedAnnex I – point 17 a (new): 17a. European Defence Industry Programme (EDIP) / [Reference to be added once the Regulation has been adopted.]

RemovedAnnex I – point 20 a (new): 20a. Projects of common interest and projects of mutual interest / Commission Delegated Regulation (EU) 2024/1041 of 28 November 2023, amending Regulation (EU) 2022/869 of the European Parliament and of the Council as regards the Union list of projects of common interest and projects of mutual interest. (OJ L, 2024/1041, 8.4.2024, p. 1, ELI: http://data.europa.eu/eli/reg_del/2024/1041/oj).

RemovedAnnex II – subheading 1: List of technologies, materials, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union

RemovedAnnex II – point 3 – point a – introductory part: a. Semiconductors technologies:

RemovedAnnex II – point 3 – point a – indent 1: – design of integrated circuits and other semiconductors, including microprocessors, graphic processors, microcontrollers, logic chips, memory chips, radio frequency chips, photonic chips, analog chips, quantum chips, optical semiconductors, power semiconductors, discretes and sensors / microsystem, as well as related semiconductor intellectual property core

RemovedAnnex II – point 3 – point a – indent 2: – electronic design automation software for the design of integrated circuits and other semiconductors, or for the design of advanced packaging

RemovedAnnex II – point 3 – point a – indent 3: – front-end fabrication of integrated circuits and other semiconductors

RemovedAnnex II – point 3 – point a – indent 4: – assembly, testing and packaging of integrated circuits and other semiconductors, including advanced printed circuit boards and packaging

RemovedAnnex II – point 3 – point a – indent 4 a (new): – semiconductor manufacturing equipment, both for the front-end and back-end fabrication of integrated circuits and other semiconductors, including etching, deposition, epitaxy, lithography, advanced packaging, testing or metrology tools

RemovedAnnex II – point 3 – point a – indent 4 b (new): – core components or software of semiconductor manufacturing equipment

RemovedAnnex II – point 3 – point a – indent 4 c (new): – materials used in the fabrication of integrated circuits and other semiconductors, in particular specialty chemicals, rare gases, semiconductor materials, substrates or wafers

RemovedAnnex II – point 3 – point a – indent 4 d (new): – data storage and processing equipment and facilities

RemovedAnnex II – point 3 – point b – introductory part: b. Artificial intelligence technologies, meaning any technology or know-how related to a machine-based system that is designed to operate with varying levels of autonomy and that may exhibit adaptiveness after deployment, and that, for explicit or implicit objectives, infers, from the input it receives, how to generate outputs such as predictions, content, recommendations, or decisions that can influence physical or virtual environments (‘AI system’), used for the following applications:

RemovedAnnex II – point 3 – point b – indent 1: – generative AI systems trained using more than 10^25 FLOPS (floating point operations)

RemovedAnnex II – point 3 – point b – indent 2: – generative AI systems trained in a significant part on biological/ genomic data, or designed to be used in a biotechnological, space or defence context

RemovedAnnex II – point 3 – point b – indent 3: deleted

RemovedAnnex II – point 3 – point b – indent 4: deleted

RemovedAnnex II – point 3 – point e – indent 1: – Secure digital communications and connectivity, such as RAN & Open RAN (Radio Access Network), 5G and 6G, laser and light communication

RemovedAnnex II – point 3 – point e – indent 2: – Cyber security technologies incl. cyber-surveillance, encryption, security and intrusion prevention and detection systems, digital forensics

RemovedAnnex II – point 3 – point e – indent 5 a (new): – Submarine fibre-optic cables

RemovedAnnex II – point 3 – point g – indent 5 a (new): – Operational technologies for all transport modes, such as signalling systems, traffic management systems and safety-related technologies

RemovedAnnex II – point 3 – point h – introductory part: h. Energy technologies, services and infrastructure:

RemovedAnnex II – point 3 – point h – indent 1: – Nuclear technologies, reactors and power generation, radiological conversion/enrichment/recycling technologies, nuclear storage and disposal of radioactive waste

RemovedAnnex II – point 3 – point h – indent 3: – Net-zero technologies, including photovoltaics and solar thermal infrastructure, as well as onshore and offshore renewable energy technologies

RemovedAnnex II – point 3 – point h – indent 3 a (new): – Grid operators (TSOs and DSOs)

RemovedAnnex II – point 3 – point h – indent 4: – European and cross-border grids, including smart grids and energy storage solutions, batteries, battery technologies for grid applications and renewable energy integration

RemovedAnnex II – point 5: 5. The following critical entities and activities in the Union’s financial system: / (a) central counterparties or CCPs as defined in Article 2, point (1), of Regulation (EU) No 648/20122; / (b) payment systems and payment institutions as defined in Article 4, points (7) and (4) respectively, of Directive (EU) 2015/2366 of the European Parliament and of the Council3; / (c) electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council4; / (d) market operators as defined in Article 4(1), point (18), of Directive 2014/65/EU of the European Parliament and of the Council5 and investment firms that operate a multilateral trading facility or an organised trading facility; / (e) central securities depositories as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014 of the European Parliament and of the Council6; / (f) significant issuers of asset-referenced tokens or e-money tokens and crypto asset service providers operating trading platforms for crypto-assets as defined in Article 3(1), points (10), (6), (7), (15) and (18), respectively, of Regulation (EU) 2023/1114 of the European Parliament and of the Council7; / (g) large institutions as defined in Article 4(1), point (146), of Regulation (EU) No 575/2013 of the European Parliament and of the Council8; / (h) global providers of specialised financial messaging services and designated critical ICT third-party service providers as defined in Ar…

RemovedAnnex II – point 5 a (new): 5a. Transport industries, technologies and infrastructure components of critical importance: / (a) Aerospace manufacturing industry, including the production, maintenance and operation of aircraft, as well as their engines, propellers, parts, non-installed equipment and equipment1a / (b) Maritime technology industry, including, production, maintenance and conversion of all types of ships1b and equipment1c / (c) Rail industry, including all aspects of design, manufacturing, maintenance and refurbishment of rail transport systems, subsystems and related equipment1d / (d) Automotive industry, including automotive suppliers1e, refuelling infrastructure, including electric charging infrastructure1f and intelligent transport systems (ITS)1g / 1a Article 2.1 (a) (b) Regulation (EU) 2018/1139 of the European Parliament and of the Council of 4 July 2018 on common rules in the field of civil aviation and establishing a European Union Aviation Safety Agency, and amending Regulations (EC) No 2111/2005, (EC) No 1008/2008, (EU) No 996/2010, (EU) No 376/2014 and Directives 2014/30/EU and 2014/53/EU of the European Parliament and of the Council, and repealing Regulations (EC) No 552/2004 and (EC) No 216/2008 of the European Parliament and of the Council and Council Regulation (EEC) No 3922/91. / 1b Article 12 (a, b, c) Framework of State Aid to Shipbuilding O2011/C 364/06). / 1c Article 2 (1) Directive 2014/90/EU of the European Parliament and of the Council of 23 July 2014 on marine equipme…

RemovedAnnex II – point 5 b (new): 5b. Media services as defined in Article 2, point (1), of Regulation (EU) 2024/1083 of the European Parliament and of the Council of 11 April 2024 establishing a common framework for media services in the internal market and amending Directive 2010/13/EU (European Media Freedom Act) that contribute to public opinion formation and are characterised by particular topicality and broad impact.

RemovedAnnex II – point 5 c (new): 5c. Electoral infrastructure: the physical and digital systems, processes, and facilities necessary for the organisation and conduct of elections, including voting systems, voter registration databases and other technological systems ensuring the integrity, accessibility, and security of electoral processes.

RemovedAnnex II – point 5 d (new): 5d. Critical raw materials as listed in Annexes I and II of Regulation (EU) 2024/12521a: / – extraction and refining of critical raw materials / – recycling and recovery technologies for critical raw materials, particularly from batteries and electronic waste / – strategic stockpiling and storage facilities for critical raw materials / – supply chain infrastructure for the secure transport and distribution of critical raw materials / – research and development into material substitution, processing innovations, and advanced recycling methods / 1a Regulation (EU) 2024/1252 of the European Parliament and of the Council of 11 April 2024 establishing a framework for ensuring a secure and sustainable supply of critical raw materials and amending Regulations (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1724 and (EU) 2019/1020 (OJ L 2024/1252, 3.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1252/oj).

RemovedAnnex II – point 5 e (new): 5e. Farming, when the Union target possesses or operates more than 10,000 hectares of farmland.