Since January 1, 2024, the German Government now charges administrative fees for foreign invest-ment control (FIC) proceedings.

Under the German FIC regime, the competent federal ministry, the Bundesministerium für Wirtschaft und Klimaschutz (BMWK), may review foreign investments in domestic target companies above certain thresholds. Based on a filing submitted by the direct acquirer, BMWK has two months to review the transaction and issue a clearance certificate (Phase I). In the event of remaining queries or concerns, BMWK may initiate formal investigation proceedings, which may take several months or in certain cir-cumstances even longer (Phase II). In around 90% of cases, foreign investments are cleared in Phase 1.

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