Expert in Foreign Direct Investment Screening

Relians, a specialist in foreign direct investment screening

With experience handling over 150 cases, Relians has unique expertise in all aspects of foreign direct investment screening in transactions in sensitive sectors.

Relians supports you with the specific requirements of foreign direct investment screening

Since its creation, Relians has developed unique expertise in public affairs and lobbying, specifically applied to foreign investment screening.

As a result, we offer unparalleled command of the institutional aspects of FDI screening mechanisms, including the French FDI (IEF) framework, the EU screening regulation, and CFIUS controls.

Mastering institutional uncertainty

In practice, the final decision lies with public authorities, introducing institutional uncertainty into the predictability of outcomes during the review of your transaction. It is therefore essential to anticipate and manage this uncertainty to safeguard your deal and avoid potential roadblocks or disabling outcomes.

This institutional dimension is particularly important due to the interministerial nature of the review process. Parties to the transaction must consider all aspects of this often complex procedure. Political factors may also come into play, especially when government or parliamentary levels have a decisive influence on certain transactions.

Decoding what goes unsaid

Unlike competition regulation practices, foreign investment screening procedures are far less transparent. Public authorities have little incentive to disclose the underlying reasons for their decisions to a foreign power.

The main challenge for parties involved in a foreign investment review lies in understanding the underlying dynamics of the interministerial process, as well as in assessing the often subjective sensitivity of the sectoral activity at stake.

Relians offers dedicated services for foreign investment screening

Relians’ services are specifically tailored to meet our clients’ needs in foreign investment transactions involving sensitive sectors.

The three phases of our support

To achieve our objectives, we provide our clients with unique expertise in the field and a deep understanding of institutional and political networks. This combination ensures transaction security by effectively managing institutional uncertainty.

We support a wide range of transactions, including:

Upstream of the transaction

We conduct what we call a strategic and institutional assessment. This in-depth analysis aims to structure the transaction in a way that aligns with public authorities’ expectations. This phase includes lobbying and institutional communication efforts, which we carry out alongside you to present the transaction in the most favorable light.

During the transaction

We maintain continuous institutional dialogue with public authorities—an essential component in securing the transaction. This ongoing engagement helps clarify the commitments required from the foreign investor, and in some cases, jointly with the target entity. It fosters greater understanding and acceptance of the deal by the relevant authorities.

After the transaction

For us, it is essential that you continue to ensure compliance with the commitments made to the authorities, thereby avoiding any risk of future sanctions. Safeguarding your reputation and credibility is also a key part of our mission.

Above all, our command of institutional uncertainty directly supports the valuation of your company—helping to neutralize any deal-breakers or potential barriers to a successful sale.

Three types of specialized services

To help you manage institutional uncertainty, we support you across three key stages: before, during, and after the transaction.

Foreign Investment Diagnostic

Assessing the sensitivity of the foreign investment transaction subject to screening

Structuring the foreign investment transaction

Designing the investment from an institutional standpoint

Managing the review process

Supporting the foreign investment screening of the transaction with public authorities

The tightening of foreign investment controls is impacting your M&A transactions .

At Relians, we understand that foreign investment screening has become a central feature of M&A—and more broadly, of cross-border mergers and acquisitions.

States at the negotiating table

In practice, states are now stepping directly into negotiations between foreign buyers and sellers. Around the world, public authorities are establishing or reinforcing prior authorization procedures that have become essential for any acquisition involving strategic companies, sensitive assets, critical infrastructure, or other key resources. It’s become a non-negotiable step.

A cornerstone of M&A

National security reviews have become a mandatory step—now as critical as antitrust or compliance due diligence.

Under this prior authorization regime, states hold significant powers, including the ability to impose conditions or even block a transaction outright. These enforcement and sanction powers can extend to unwinding or ordering divestment if the rules are not respected. In this way, states have effectively become full-fledged stakeholders in M&A transactions involving foreign investors.

France

In France, the procedure is known as “Investissements Étrangers en France” (IEF). Codified in Article L.151-3 of the Monetary and Financial Code, the framework has undergone significant changes—initially following the 2018 parliamentary inquiry into state decisions on industrial policy, and more substantially with the overhaul brought by the 2019 Pacte Law.

Europe

In Europe, the European Commission oversees a cooperation and alert mechanism among Member States, establishing a framework for screening foreign direct investments within the Union. Nearly all EU Member States have implemented such screening regimes. The United Kingdom, for its part, has introduced its own foreign investment control system through the National Security and Investment Act.

United States

n the United States, foreign investment screening has a long-standing tradition. The Committee on Foreign Investment in the United States (CFIUS), established decades ago, was significantly strengthened and modernized by the Foreign Investment Risk Review Modernization Act (FIRRMA) in 2018.

Foreign investment screening now takes place within a broader context of international cooperation, shaped by security alliances and trade dynamics. In some cases, these screening mechanisms can be triggered by transactions taking place outside the reviewing country’s borders. As control regimes tighten worldwide, states are increasingly intervening directly in cross-border deals.

Relians, a recognized Expertise in French FDI Screening (IEF) .

We also place our expertise at the service of public authorities during the development of new regulations. Relians has actively contributed to the revision of the decree on foreign investments in France, as well as to parliamentary work—most notably within the Parliamentary Commission of Inquiry on Industrial Policy.

Lastly, we share our know-how through authoritative publications, including:

These publications reaffirm our commitment to delivering cutting-edge expertise in a constantly evolving field.

In conclusion, Relians stands as a key partner in navigating the challenges of foreign investment screening—ensuring the security and success of your transactions.