The European Union’s Foreign Subsidies Regulation (FSR), published on December 23, 2022, entered into force on January 12, 2023. The FSR will apply with most of its provisions six months after its entry into force—i.e., on July 12, 2023. The FSR will grant the European Commission (EC) new enforcement powers to address subsidies received by companies from third-country governments or public entities. In yet another game-changing move towards ex ante regulation by the EC, the FSR will require companies operating in the EU to report their M&A transactions as well as their participation in public procurement tenders if backed by foreign subsidies. The FSR will also allow the EC to investigate ex officio any economic activity carried out in the EU in such cases. This report provides a detailed overview of the adopted FSR, which introduces new red tape for all companies operating in the EU in case they benefit from support from third-country governments in the broadest sense.