On 3 November 2026, in Brussels, the second edition of the PwC Conference on the EU Foreign Subsidies Regulation

From acquisitions to public tenders and ex officio investigations, the EU Foreign Subsidies Regulation is changing the rules of the game for anyone investing in Europe. For CFOs, general counsel and M&A heads, foreign subsidies are no longer a topic for EU law specialists alone. They are a variable that weighs on valuations, closing timelines and bidding strategies.

When competition between companies becomes competition between States

Tariffs, redesigned supply chains, tensions in the Persian Gulf: competition between companies is increasingly also competition between States. Against this backdrop, Europe has equipped itself with a new tool, the EU Foreign Subsidies Regulation (FSR). Under the Regulation, the European Commission assesses whether support granted by non-EU States distorts competition in the internal market. In force since 2023, the FSR allows Brussels to review large acquisitions and public tenders, up to prohibiting subsidised transactions, and to launch ex officio investigations in any economic sector.

A geopolitical challenge

Born as a competition tool, the FSR now has a geopolitical reach. The transactions reviewed in depth have involved acquirers from the United Arab Emirates and China. Ex officio investigations have touched strategic sectors such as e-commerce, detection systems and wind energy. Between openness to investment and the protection of economic sovereignty, the balance is delicate. The best-known case, in the German chemicals sector, was closed with commitments that also reflect industrial policy considerations.

A framework at a crossroads

2026 has been a pivotal year. On 9 January the Commission published its Guidelines, and on 14 July its first review report. The report finds the Regulation fit for purpose, but envisages targeted adjustments to reduce the administrative burden. The changes are expected to be adopted in 2027.

The event: “Growing Pains and Growing Power: The EU FSR Comes of Age”

This is the setting for the second edition of the EU Foreign Subsidies Regulation Conference, on 3 November 2026 at the PwC Campus in Diegem, just outside Brussels. Around the table will be policymakers, industry leaders, legal experts and, above all, senior European Commission officials. It is a rare opportunity to understand, first-hand from the decision-makers, where the rules are heading.

The opening: the big picture

The conference opens with a keynote address and a fireside chat on the FSR in the broader geopolitical landscape. Speakers include Antonio Nicita, Senator, former AGCOM Commissioner and Full Professor of Economic Policy at LUMSA University, and Thomas Deisenhofer, Principal Adviser at the European Commission. The same session will feature a video message from Enrico Letta, President of the Jacques Delors Institute and former Prime Minister of Italy.

The voice of the European Commission

Commission officials will speak in four of the five sessions. They are the people who have handled FSR cases to date and who are working on possible changes to the framework. Both Directorates-General that drafted the July 2026 review, DG Competition and DG GROW, will be represented. In each session, officials will engage with academics, in-house counsel and PwC professionals.

The PwC team: six countries, one global perspective

Foreign subsidies are a cross-border issue, and so is the PwC team speaking at the conference. Eight professionals from across the network, from Italy, Luxembourg, Germany, Hungary, the United States and China, will bring tax, legal and policy expertise to every session of the day.

The make-up of the team reflects the nature of the Regulation. Our European professionals advise on the application of the FSR in M&A transactions and public tenders. Colleagues from the United States and China offer the perspective of non-EU investors, who are the Regulation’s primary addressees. The result is an integrated tax and legal approach, the same one businesses need to manage foreign subsidies at every stage of a transaction.

Information

Date: 3 November 2026, 9:00 AM to 4:45 PM

Venue: PwC Campus, Culliganlaan 5, 1831 Diegem (Brussels)

Format: in-person only

View the full programme and register for the event