by David Mangan December-12-2023 in Corporate
Summary
A foreign direct investment (FDI) screening regime has been introduced in Ireland for the first time.
- When the regime begins operation (expected Q2 2024), it will empower the Minister for Enterprise, Trade and Employment (the Minister) to scrutinise, attach conditions to and potentially prohibit FDI transactions in a range of scenarios, based on security and public order criteria.
- The notification regime is mandatory for all in-scope transactions.
- A FDI transaction may fall within scope where an investor from outside the EEA or Switzerland acquires a certain level of ownership or control in an Irish asset or undertaking that relates to or impacts a list of specified activities and sectors.
- The list of notifiable transactions is broad, and the monetary threshold (€2 million) is relatively low. As a result, investment screening will join the default checklist for cross-border transactions involving Irish assets.
More details are available here: Download The Screening of Third Country Investments Act 2023 - Hayes solicitors LLP.pdf.
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About the Author
David Mangan
David is a partner in our Corporate team. He advises clients on structuring and executing domestic and cross-border transactions, including mergers & acquisitions, joint ventures, private equity investments and capital markets transactions.