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Romania amends its FDI screening rules aiming for fewer filings and faster reviews
On 12 March 2026, the Romanian government adopted a long-anticipated emergency ordinance that fine tunes the local investment screening regime (“GEO 17/2026”). GEO 17/2026 was published in the Official Gazette and entered into force the following day, on 13 March 2026. At a high level, the amendments appear to reflect a more business-oriented approach. They incorporate several suggestions raised by the business community during the past few years, aim to reduce administrative burdens, and move the Romanian framework closer to the anticipated changes to the EU FDI Screening Regulation. The amendments introduce structural and procedural changes intended to improve predictability and reduce administrative bottlenecks.
Kinstellar welcomes Sebastian Reiter as Partner, further strengthening its capabilities in Austria
February 2025 – Kinstellar is pleased to announce that Sebastian Reiter, a highly regarded competition and dispute resolution lawyer, has joined the firm’s Vienna office as a Partner. His arrival further strengthens Kinstellar’s Austrian team, expands its competition capabilities, and enhances the firm’s ability to deliver full-service legal advice in Austria. Sebastian advises clients on Austrian and EU competition law, Austrian foreign direct investment (FDI) control, and regulatory matters across various sectors. He also represents clients in complex disputes, including civil litigation and arbitrations. Sebastian joins Kinstellar from a leading Austrian law firm and brings broad experience gained across top-tier practices
Ukraine takes fresh step toward FDI screening with launch of Interagency FDI Commission
Ukraine’s government has adopted a key resolution to establish an Interagency Commission for screening foreign investments (the "FDI Commission"). At the same time, the country’s parliament (Verkhovna Rada) is presently assessing competing draft laws on foreign direct investment ("FDI") screening. The FDI Commission is set to serve as an interim coordination mechanism to assess national security risks related to foreign investments. The body will act as an umbrella for the relevant authorities to streamline reviews and reduce frag mented decision-making in sensitive cases. The FDI Commission will reportedly be co-chaired by the Minister of the Economy and the First Deputy Secretary of the National Security and Defense
Kinstellar advises Foxway on the acquisition of All Birotic Devices Trade & Service in Romania
Kinstellar has advised Foxway, a leading provider of sustainable technology solutions, on the acquisition of All Birotic Devices Trade & Service (ABD), a Romanian company specializing in the refurbishment of IT devices to premium standards. The acquisition is an important part of Foxway’s regional expansion strategy, aimed at enhancing its capacity to meet the growing demand for high-quality, circular technology solutions across Europe. With the acquisition of ABD, Foxway strengthens its operational base in Romania, supporting its long-term goal of providing sustainable and top-performing tech solutions to businesses. ABD has been operating in Romania for over two decades, specializing in refurbishing IT
FDI remedies: EU trends and Romania’s emerging practice
As EU Member States increasingly rely on conditional approvals rather than outright prohibitions in FDI screening, remedies have steadily become more of a deal-shaping instrument rather than a purely theoretical risk. Conditions attached to FDI clearances are more routinely used to address national security and public order concerns while preserving transaction viability. Against this backdrop, the Romanian FDI authorities have signalled greater willingness to clear transactions subject to commitments, which has made Romania stand out, particularly compared to some other jurisdictions in the region. Therefore, understanding how remedies could be set up becomes essential for investors seeking predictability and effective
Guidance on FDI screening obligations in Austria
The Austrian ministry responsible for Foreign Direct Investment (FDI) matters, the Federal Ministry for Economy, Energy, and Tourism (“the Ministry”), recently released guidance on the assessment of the filing obligation for foreign direct investments in Austria. In particular, it provided clarification on the scope of critical infrastructure and offered information regarding the acquisition of key assets, controlling influence, as well as the micro-enterprise exemption. In general, Austrian FDI rules apply to foreign direct investments into Austria by non-EU, non-EEA, and non-Swiss persons or undertakings. The Austrian FDI regime applies when such persons or entities acquire an Austrian undertaking, obtain 10%
Corporate and M&A: Key Bulgarian legal developments
Over the past months, Bulgaria has adopted and implemented several important legislative changes affecting foreign investment screening, merger control, corporate reorganisations, and company transparency. In addition, the country is preparing for euro adoption on 1 January 2026, which will bring adjustments to corporate governance and registration procedures. Courts have also issued significant rulings clarifying directors’ duties in insolvency, the validity of detrimental transactions, and shareholder rights. Our overview provides detailed information about these updates and outlines their implications for businesses and transactions. Update on Bulgarian legislation 1. Foreign Direct Investment
Notification obligation under the Austrian Investment Control Act (Investitionskontrollgesetz) for data centre investments in Austria
Increasing digitalisation, the market growth of cryptocurrencies, and the growing importance and use of AI are among the reasons that have led to an increasing demand for data centres and a growing interest in investments in this asset class in recent years. In addition to numerous other challenges associated with the acquisition and/or development of data centres, such as, in particular – (i) the search for a suitable location, for which the most important criteria are power supply and network infrastructure, as well as zoning and building regulations; (ii) obtaining the necessary public law approvals, whereby in addition to building and operating permits, also nature and water law approvals, as well as the conclusion
EU FDI Screening: Insights from the Commission’s 5th Annual Report and what they mean for CEE
The European Commission published its fifth annual report on the screening of foreign direct investment (FDI) into the EU accompanied by a Staff Working Document. The report covers developments during 2024 and provides an overview of FDI screening across the EU, the evolution of national screening mechanisms, and emerging investment trends highlighting both the EU’s ongoing openness to foreign investors and its efforts to strengthen safeguards for security and public order. While the EU-27 continued to attract significant investment FDI inflows slowed in 2023 and 2024 due to a decline in greenfield investments, even as mergers and acquisitions began to recover unevenly across Member States and sectors. By the end of
Kinstellar announces leadership appointments across firmwide Sectors and Service Lines
Kinstellar is delighted to announce several leadership appointments across our Service Lines and Sectors: Horst Ebhardt (Office Managing Partner, Vienna) has been appointed Co-Head of the M&A, Corporate and Private Equity Service Line, alongside Jan Juroška (Prague Office Managing Partner), Cătălin Graure (Counsel, Bucharest) will serve as Head of the firm-wide Foreign Direct Investment (FDI) Screening Service Line, and Barbara Kusak (Partner, Prague) and Rusandra Sandu (Partner, Bucharest) will lead our firm-wide Consumer & Retail Sector. Horst brings 25 years of experience in private practice, specialising in complex cross-border M&A, privatisations, and restructuring
Croatia introduces Draft Foreign Direct Investment Screening Act
The Croatian Government has introduced the Draft Act on the Screening of Foreign Investments, which is currently undergoing public consultations. The Draft Act seeks to establish a foreign direct investment (FDI) screening mechanism in line with Regulation (EU) 2019/452 and OECD investment standards. Its aim is to create a national framework for reviewing FDIs that may pose risks to national security or public order. The Draft Act is open to public comments (via https://esavjetovanja.gov.hr/) until 3 October 2025. Scope of application The screening mechanism will apply to: Foreign investors – natural or legal persons from third countries, and EU entities that are under direct or
Ukraine takes steps towards FDI screening law
Ukraine's parliament has registered a draft law “On the Screening of Foreign Direct Investments” (the “FDI Draft”), which, in line with EU standards, seeks to establish mandatory screening mechanisms for foreign investments into sensitive sectors. At this stage, the FDI Draft has only been registered as draft legislation, and thus its prospects for adoption remain unclear. Its alignment with EU standards enhances the likelihood of eventual adoption; however, the wartime context may affect both the timing of the legislative process and the substance of the final law. The draft law provides for the following framework: Sectors Foreign investments will require screening if directed toward companies