{"id":27029,"date":"2021-09-27T20:31:49","date_gmt":"2021-09-28T00:31:49","guid":{"rendered":"https:\/\/cssregtech.com\/?page_id=27029"},"modified":"2021-09-28T20:00:06","modified_gmt":"2021-09-29T00:00:06","slug":"regulatory-changes-to-sensitive-industries","status":"publish","type":"page","link":"https:\/\/cssregtech.com\/fr\/regulatory-changes-to-sensitive-industries","title":{"rendered":"Regulatory Changes to Sensitive Industries"},"content":{"rendered":"<p class=\"has-black-color has-text-color\">Since 2020 and the start of the&nbsp;COVID-19 pandemic,&nbsp;several governments&nbsp;have&nbsp;amended&nbsp;laws&nbsp;and regulations&nbsp;in the context of sensitive industries (SI). SI refers to two distinct types of investment restrictions: 1) foreign direct investment (FDI) restrictions, often part of national security screenings of incoming foreign capital and 2) sector-specific investment restrictions applicable without regard to nationality. <\/p>\n\n\n\n<p class=\"has-black-color has-text-color\">Much of the regulatory response has been directed to tightening FDI reviews by lowering shareholding thresholds as well as expanding the sectors caught by an&nbsp;FDI review. As a result of the COVID-19 changes, more investments are now subject to regulatory scrutiny, accelerating an existing trend of reform in this space.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color\">Hover over a jurisdiction below to see where regulatory changes in sensitive industries have occurred since March 2020 and recent developments that have led to some extensions.<\/p>\n\n\n\n<div id=\"wrapper\" style=\"position:relative;\">\n  \n<img decoding=\"async\" class=\"aligncenter\" style=\"max-width: 100%; border: 2px solid #666;\" src=\"https:\/\/cssregtech.com\/sensitive2\" alt=\"\" width=\"100%\">\n    \n<p><a id=\"anchor-australia\" target=\"_blank\" style=\"height: 16%;width: 18%;position:absolute; left: 69%;top:79%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('australia').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('australia').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"australia\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left: 35%;top:45%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Australia<\/strong> 29 March &#8211; <strong>ended<\/strong><br>\n<ul><li>Eliminated monetary thresholds under FATA<\/li>\n<li>Approval required for all propose FDI subject to FATA, regardless of investment value or nature of foreign investor<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-japan\" target=\"_blank\" style=\"height: 16%;width: 10%;position:absolute; left: 76%;top:27%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('japan').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('japan').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"japan\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left: 35%;top:45%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Japan<\/strong> 7 June &#8211; <strong>continues, but is not COVID-specific<\/strong><br>\n<ul><li>Lowered threshold for prior notification of stock purchases from 10% to 1% in listed companies in 12 core sectors. Exemptions may apply.<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-newz\" target=\"_blank\" style=\"height: 7%;width: 4%;position:absolute; left: 96%;top:93%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('newz').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('newz').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"newz\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left: 35%;top:66%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>New Zealand<\/strong> 28 May &#8211; <strong>ended<\/strong><br>\n<ul><li>Eliminated monetary thresholds and introduced \u201cnational interest\u201d screening<\/li>\n<li>Notification required (temporarily) by overseas person from 25%+ ownership<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-hungary\" target=\"_blank\" style=\"height:2%;width:2.5%;position:absolute; left: 22%;top:26%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('hungary').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('hungary').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"hungary\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left: 29%;top:26%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Hungary<\/strong> 28 May &#8211; <strong>extended indefinitely<\/strong><br>\n<ul><li>Temporary, new FDI screening procedure applies to foreign investments in 21 sectors, starting at 10% shareholding<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-germany\" target=\"_blank\" style=\"height: 6.75%;width:2.75%;position:absolute; left: 17.75%;top:19%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('germany').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('germany').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"germany\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left:26%;top:16%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Germany<\/strong> 20 May<br>\n<ul><li>Expanded FDI notification to health sector acquisitions by non-EEA investors at 10% voting rights<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-slovenia\" target=\"_blank\" style=\"height: 1.15%;width:1%;position:absolute; left: 20.5%;top:27.5%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('slovenia').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('slovenia').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"slovenia\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left:26%;top:25%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Slovenia<\/strong> 31 May &#8211; <strong>continues, but is not COVID-specific<\/strong><br>\n<ul><li>Established new FDI screening<\/li>\n<li>Prior notification of all foreign investments in critical sectors at 10% shareholding<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-italy\" target=\"_blank\" style=\"height: 6.75%;width:2.5%;position:absolute; left: 17.75%;top:28%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('italy').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('italy').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"italy\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left:27%;top:32%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Italy<\/strong> 8 April<br>\n<ul><li>Expanded \u201cgolden powers\u201d of investment review to additional critical sectors<\/li>\n<li>Temporary prior notification of non-EU investments in critical sectors from 10%+ voting capital \u2013 <strong>extended to 31 December 2021<\/strong><\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-italy2\" target=\"_blank\" style=\"height: 6%;width:2%;position:absolute; left: 20.25%;top:31%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('italy').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('italy').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<p><a id=\"anchor-france\" target=\"_blank\" style=\"height: 6.75%;width:4%;position:absolute; left: 13.25%;top:24%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('france').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('france').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"france\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left:26%;top:28%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>France<\/strong> 27 April &#8211; <strong>extended to 31 December 2021<\/strong><br>\n<ul><li>Added biotechnology to list of critical sectors<\/li>\n<li>Proposed temporary reduction of review threshold to 10% (down from 25%) in listed companies<\/li><\/ul><\/div>\n    \n<p><a id=\"anchor-spain\" target=\"_blank\" style=\"height: 5.75%;width:3%;position:absolute; left: 11.25%;top:31%; z-index:1;cursor:pointer;\" onmouseover=\"javascript:document.getElementById('spain').style.display = 'block';\" onmouseout=\"javascript:document.getElementById('spain').style.display = 'none';\" rel=\"noopener noreferrer\"><\/a><\/p>\n    \n<div id=\"spain\" style=\"position:absolute; border: 3px solid #fff; background:#223154; z-index:2; border-radius:3%; left:21%;top:33%; padding:5px; max-width:50%; text-align:left; color:#fff; display:none;\" class=\"pop\"><strong>Spain<\/strong> 17 March<br>\n<ul><li>Established new FDI screening<br><\/li>\n<li>Prior authorization of non-EU\/EFTA investors 10% of share capital in strategic sectors \u2013 <strong>extended to 31 December 2021<\/strong><\/li><\/ul>\n<\/div>\n<\/div>\n\n<style>\n.title h1{font-size: 52px;}\nul {\nlist-style-position: outside;\npadding-left: 30px;\n}\n<\/style>\n\n\n\n<p class=\"has-black-color has-text-color\"><em>*This map includes content derived from Rulefinder Shareholding Disclosure, the online legal service from aosphere LLP. We work with aosphere to source legal content for our rules engine.<\/em> <em>CSS collaborates with aosphere to source legal content for our Investment Monitoring rules engine.<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Since 2020 and the start of the&nbsp;COVID-19 pandemic,&nbsp;several governments&nbsp;have&nbsp;amended&nbsp;laws&nbsp;and regulations&nbsp;in the context of sensitive industries (SI). SI refers to two&#8230;<\/p>","protected":false},"author":1,"featured_media":26481,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"coauthors":[636],"class_list":["post-27029","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/pages\/27029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/comments?post=27029"}],"version-history":[{"count":0,"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/pages\/27029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/media\/26481"}],"wp:attachment":[{"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/media?parent=27029"}],"wp:term":[{"taxonomy":"author","embeddable":true,"href":"https:\/\/cssregtech.com\/fr\/wp-json\/wp\/v2\/coauthors?post=27029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}