\tThe Council of the European Union primed rules to scrutinise direct investments, including takeover proposals, from countries outside the region on the grounds of\u00a0security\u00a0or\u00a0public order.<\/p>\n
\u201cThis is the\u00a0first time\u00a0that the EU is equipping itself with such a\u00a0comprehensive framework, while its major trading partners already have comparable rules in place,\u201d the EU Council said in a statement.<\/p>\n
\u0218tefan-Radu Oprea, EU Council President (pictured) added: \u201cThe new rules on the screening of investments will ensure that openness goes hand-in-hand with sensible protection of our strategic assets”.<\/p>\n
In its statement, the council explained member states will retain the power\u00a0to review and block foreign direct investment, while the\u00a0European Commission will be allowed to issue opinions\u00a0in cases concerning several member states, or when an investment could affect a project or programme of interest to the whole EU.<\/p>\n
The regulation will be published on 21 March, with the new rules set to be passed 20 days later and be applied in a further 18 months.<\/p>\n
Hard line
\nMeanwhile in the Netherlands, the government submitted a law to parliament that would give it the power to block takeovers of telecom companies if they were considered a threat to national security, Reuters reported.<\/p>\n
The government has been wanting to do this since 2013, when Mexico-based America Movil tried to buy the country\u2019s top operator, KPN.<\/p>\n
\u201cInternet, data traffic and telephone services are basic needs\u201d, Deputy Economy Minister Mona Keijzer said. \u201cWe therefore want to protect this vital sector against unwanted influences.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Council of the European Union primed rules to scrutinise direct investments, including takeover proposals, …<\/p>\n
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