FDI Screening Expert
FDI Screening Expert in France, Europe and the United States. More than twenty years of experience in FDI screening, foreign investment review and sensitive transactions.
Relians has supported investors, companies, investment funds, investment banks and law firms for more than twenty years on matters involving French FDI screening, foreign investment screening and transactions exposed to sovereignty-related issues.
The firm’s expertise is based on operational experience developed at the core of sensitive transactions involving foreign investors, critical technologies, strategic infrastructure and sectors exposed to economic security concerns.
Relians acts as an FDI screening expert for transactions where regulatory analysis, State-risk assessment and strategic execution must be addressed together.
Relians is the pioneering strategic advisory firm in foreign investment screening in France (French FDI / IEF) and FDI screening, with more than 20 years of experience.
FDI Screening Expert — At a Glance
- More than 20 years of experience in FDI screening and foreign investment review
- More than 150 matters and situations handled cumulatively
- Expertise covering French FDI screening, European FDI screening and U.S. CFIUS
- Authors of several reference publications on foreign investment screening
- Regular engagement with public authorities and Parliament
- Recognized expertise in sensitive transactions and sovereignty-related issues
- Experience in transactions involving defense, critical technologies and strategic infrastructure
The Global Strengthening of FDI Screening Mechanisms
In recent years, FDI screening mechanisms have undergone major strengthening at the international level.
The evolution of U.S. CFIUS, European FDI screening frameworks, national security review mechanisms and economic sovereignty policies has profoundly transformed the environment for transactions involving sensitive assets, critical technologies or strategic infrastructure.
FDI screening has now become a central issue in industrial, technological and national security policies.
This international evolution explains the growing role of FDI screening experts in contemporary sensitive transactions.
For investors, acquirers and advisers, the issue is no longer limited to determining whether a filing is required. The decisive point is to understand how the State may assess the transaction, what concerns may arise and how those concerns may affect timing, governance, conditions and deal certainty.
Pascal DUPEYRAT, FDI Screening Expert
Pascal DUPEYRAT has worked for more than twenty years on matters relating to FDI screening, foreign investment review, economic sovereignty and sensitive transactions.
His expertise includes, in particular:
- French FDI screening;
- CFIUS-related issues;
- European FDI screening mechanisms;
- Sensitive mergers and acquisitions;
- Economic security issues;
- Interactions between transactions and the State factor.
Over the years, he has advised on numerous transactions involving foreign investors, strategic assets and sensitive sectors.
This operational practice is now the foundation of the approach developed by Relians as an FDI screening expert for sensitive and strategic transactions.
Expertise Developed Since the Earliest French Reflections on Economic Security
Pascal DUPEYRAT has worked since the early 2000s on issues relating to economic security, foreign investment and sensitive transactions.
As early as 2006, he organized one of the first conferences at the French National Assembly devoted to the links between foreign investment and national security, at a time when FDI screening issues were still largely absent from the French public debate.
This pioneering approach to economic sovereignty and the security of strategic assets gradually led to the development of recognized expertise in:
- French FDI screening;
- U.S. CFIUS;
- Economic security;
- National security review mechanisms;
- European FDI screening.
Institutional and Parliamentary Recognition
The work and analyses developed by Pascal DUPEYRAT have led to regular exchanges with public authorities and institutional stakeholders on issues relating to FDI screening, foreign investment review and economic sovereignty.
This recognition includes, in particular:
- Hearings and contributions in connection with parliamentary work on industrial policy and foreign investment screening;
- His 2018 hearing before the parliamentary inquiry commission chaired by Olivier Marleix, Member of Parliament, tasked with reviewing State decisions in industrial policy in light of recent corporate mergers, including Alstom, Alcatel and STX;
- Exchanges in connection with the parliamentary assessment mission on foreign investment screening in France led by Members of Parliament François Jolivet and Hervé de Lépinau;
- Contributions to the parliamentary work of Members of Parliament Christophe Plassard, Charles Rodwell and Jean-Louis Thiériot on the strengthening of the French foreign investment screening regime;
- and recognized expertise in sovereignty, economic security and sensitive transaction matters.
This institutional experience is central to Relians’ positioning as an FDI screening expert able to assess not only the legal framework, but also the expectations of public authorities.
International Expertise on CFIUS and U.S. National Security Review
In 2012, Pascal DUPEYRAT was selected to participate in the Eisenhower Fellowships Multinational program devoted to U.S. national security, economic sovereignty and foreign investment screening issues.
This program made it possible to deepen the analysis of:
- the Committee on Foreign Investment in the United States, CFIUS;
- U.S. national security review mechanisms;
- economic security policies;
- and the interactions between sovereignty, critical technologies and foreign investment.
This international experience helped strengthen the comparative approach developed by Relians between:
- the French FDI screening regime;
- U.S. foreign investment review mechanisms;
- European FDI screening.
This comparative perspective is particularly relevant for cross-border transactions involving U.S. investors, French strategic assets, dual-use technologies or sectors exposed to national security review.
Expertise Built on Operational Transaction Experience
Relians’ approach is not based solely on a regulatory reading of FDI screening mechanisms.
It is grounded in concrete experience with transactions exposed to:
- sovereignty issues;
- institutional constraints;
- acceptability concerns;
- political risks;
- foreign investment review procedures;
- and State-related transaction risk.
The firm has advised on transactions involving, in particular:
- critical technologies;
- defense-related activities;
- strategic infrastructure;
- sensitive industrial assets;
- international investors;
- and complex cross-border transactions.
With more than 150 matters and situations handled cumulatively, Relians has developed recognized experience as an FDI screening expert for transactions exposed to sensitive regulatory, institutional and strategic issues.
Jean-Christophe MARTIN | Sensitive Transactions and Strategic Sectors
Jean-Christophe MARTIN brings to the firm complementary expertise focused on sensitive transactions subject to FDI screening, strategic sectors and complex industrial issues.
His work covers, in particular:
- transactions exposed to defense and security issues;
- sensitive industrial matters;
- critical technologies;
- aerospace and sovereign sectors;
- and transactions involving a high level of institutional sensitivity.
This combination of regulatory expertise, strategic assessment and operational understanding of transactions is one of the defining features of the Relians approach.
It enables the firm to address FDI screening not only as a filing process, but also as a matter of transaction strategy, execution risk and institutional positioning.
FDI Screening Has Become a Major Strategic Issue
FDI screening is no longer merely a regulatory procedure.
In many transactions, it becomes a structuring factor in the feasibility of the deal itself.
States now intervene directly in sensitive transactions in order to protect:
- their sovereign interests;
- their critical technologies;
- their strategic infrastructure;
- their industrial capabilities;
- and their national security interests.
In this context, understanding institutional logic and the expectations of public authorities becomes essential to securing transactions.
For acquirers and advisers, working with an FDI screening expert helps identify sensitive issues early, anticipate State concerns and reduce execution uncertainty.
Areas of Expertise of Expertise
French FDI screening
European FDI screening
CFIUS and national security review
Foreign investment screening
Sensitive transactions
Economic sovereignty
Economic security
Defense and strategic industries
Structuring sensitive transactions
State risk in M&A transactions
Publications and Reference Works
Pascal DUPEYRAT’s published works include, in particular:
Ces publications prolongent une pratique opérationnelle construite depuis plus de vingt ans sur les problématiques de souveraineté économique, de sécurité nationale et de contrôle des investissements étrangers.
Why This Expertise Is Recognized
The expertise developed by Relians is based on a combination of:
- operational experience in sensitive transactions;
- doctrinal work and reference publications;
- institutional and parliamentary contributions;
- and a long-standing practice in foreign investment screening issues since the early 2000s.
This combination of transactional experience, strategic understanding of the State factor and regulatory expertise is now one of Relians’ differentiating features.
Relians’ role as an FDI screening expert is therefore not limited to interpreting the applicable rules. It also consists in assessing how a transaction may be perceived by public authorities and how that perception may affect execution.
An Approach to FDI Screening Based on Understanding the State Factor
In sensitive transactions, FDI screening is not merely a regulatory procedure.
It also reflects:
- an assessment of strategic interests;
- an analysis of critical dependencies;
- an evaluation of industrial capabilities;
- and a sovereign reading of the assets concerned.
In this context, understanding institutional logic and the expectations of public authorities becomes a central element in the analysis of transactions exposed to FDI screening issues.
This strategic reading of the State factor has been one of the foundations of the approach developed by Relians for more than twenty years.
Frequently Asked Questions About French FDI Screening
What is FDI screening in France?
FDI screening in France is a prior authorization mechanism that applies to certain transactions involving foreign investors in sectors considered sensitive or strategic.
When does a transaction require French FDI authorization?
Authorization may be required when a foreign investor takes control of, acquires certain equity interests in, or exercises influence over a French company carrying out a sensitive activity.
Which sectors are considered sensitive?
Sensitive sectors include, in particular, defense, critical technologies, strategic infrastructure, energy, cybersecurity, artificial intelligence and certain activities linked to national security.
What is the difference between French FDI screening and CFIUS?
French FDI screening refers to the French foreign investment control mechanism. CFIUS is the U.S. national security review mechanism applicable to foreign investments in the United States.
Why should investors work with an FDI screening expert?
An FDI screening expert helps investors assess whether a transaction may trigger a foreign investment review, anticipate State concerns, prepare the filing strategy and secure the execution of sensitive transactions.
Why has FDI screening become strategic in M&A?
An FDI screening expert helps investors assess whether a transaction may trigger a foreign investment review, anticipate State concerns, prepare the filing strategy and secure the execution of sensitive transactions.
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