Competition
Legal and Regulatory Developments
ACTS COMMENCED IN FULL SINCE THE PREVIOUS TRACKER
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: The whole act commenced on 6 January 2025 by S.I. No. 714/2024.
Matheson insights:
IRISH PROPOSED LEGISLATION
Media Regulation Bill
The purpose of this bill is to transpose the European Media Freedom Act (“EMFA”). In particular, it will amend the media merger regime under the Competition Act, establish rules in relation to transparency of state advertising and assign a number of functions required by EMFA, primarily to the media regulator Comisiún na Meán.
Latest stage: Heads in preparation. Listed for priority drafting in the Spring 2025 Legislative Programme.