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On 12 July 2023, the majority of the new EU Foreign Subsidies Regulation (FSR) will start to apply. The FSR constitutes a new investigatory review tool for the European Commission. It will focus on economic behaviour on the internal market by companies who received foreign subsidies from non-EU States. It will step next to the established competition, merger control, state aid, FDI and trade rules of the EU. The FSR will have a huge impact and has the possibility to seriously limit the business of third state funded companies in the EU.