ACTS AWAITING COMMENCEMENT
Screening of Third Country Transactions Act 2023
Date published: 2 August 2022
The purpose of this bill is to implement Regulation 2019/452 on Foreign Direct Investment Screening. The legislation will allow for certain transactions that might present security or public order risks to the State to be reviewed by the Minister for Enterprise, and allows the State to respond to threats posed by particular types of foreign investments. The bill provides that a transaction must be notified where:
- a third country undertaking, or a person connected with such an undertaking, is a party to the transaction;
- the value of the transaction is no less than €2,000,000;
- the transaction relates to an asset or undertaking in the State, directly or indirectly;
- the transaction relates to the factors set out in Article 4(1) of Regulation 2019/452, such as critical infrastructure including energy, transport, water, health, communications; critical technologies including artificial intelligence, semiconductors, cybersecurity; energy supplies; sensitive data etc.
Under the legislation the Minister will be empowered to require data from investors in order to screen, and take actions in relation to, certain transactions. The legislation will also establish an Investment Screening Advisory Panel to advise the Minister in relation to certain transactions.
Latest stage: Signed into law by the President on 31 October 2023. Not yet commenced.
Communications Regulation and Digital Hub Development Agency (Amendment) Act 2023
For more information on this act see the Data Protection, Privacy and Technology section.
Competition (Amendment) Act 2022
Date signed into law: 29 June 2022
This act implements ECN+ Directive (EU) 2019/1 and provides for the reform of competition enforcement in Ireland. The ECN+ Directive harmonises the enforcement of EU competition law across the EU and bolsters the enforcement powers of national competition authorities. In Ireland, these include the Competition and Consumer Protection Commission, the Commission for Communications Regulation, the Director of Public Prosecutions, and the courts. The act introduces administrative fining powers for the Competition and Consumer Protection Commission as well as the establishment of a leniency, or ‘whistle-blower’ programme.
Latest stage: Apart from section 26, this Act was commenced in full by SI 448/2023.
Agricultural and Food Supply Chain Act 2023
Date signed into law: 11 July 2023
This bill will establish a new independent statutory authority, provisionally named the Office for Fairness and Transparency in the Agri-Food Supply Chain to enforce the Unfair Trading Practices Directive (Directive (EU) 2019/633).
Latest stage: Not yet commenced.
EU REGULATIONS
Regulation on foreign subsidies distorting the internal market
Date published: 5 May 2021
This Foreign Subsidies Regulation ("FSR") aims to address the distortive effects of foreign subsidies in the EU Single Market, allowing the Commission to investigate financial contributions granted by public authorities of non-EU countries which benefit companies undertaking economic activities in the EU. The regulation will accordingly address distortion caused by foreign subsidies which are not covered by the EU’s system of state aid control, merger control, and antitrust rules.
Applies from: The regulation applies generally from12 July 2023 with a number of exceptions:
- Articles 47 and 48 applied from 11 January 2023
- Article 14(5), (6) and (7) apply from 12 January 2024
- Articles 21 and 29 apply from 12 October 2023