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The Cooperation Agreement is the first horizontal Belgian instrument coordinating FDI screening across all levels of the Belgian federal state (Federal State + three Regions + three Communities). Earlier sectoral screening rules existed only for specific sub-domains (defence under the 1997 Law on Arms Trade; regional rules for some public undertakings); the 30 November 2022 agreement is the first cross-sector, cross-territory ex-ante regime.
Notifiable transactions. Foreign investors (defined as natural or legal persons established outside the EU, or, for the most sensitive sectors, also outside Belgium) must notify the ISC before completion of any acquisition that crosses sector-specific voting-rights / control thresholds:
digital infrastructures, dual-use goods and technologies, and technologies of strategic interest (semiconductors, AI, quantum, biotech, robotics, advanced materials, etc.);
interest at the lower threshold, supply of critical inputs, access to sensitive information, freedom and pluralism of the media, private security, and biotechnology (full-spectrum); and
Procedure. Notifications are filed via the centralised ISC secretariat (FPS Economy). A preliminary 30-day phase determines whether the operation raises concerns for public security, public order or strategic interests of the federated entities; if it does, the file enters a 28-business-day formal screening phase, extendable where remedies are negotiated. ISC decisions are taken by consensus across the federal and federated representatives; absent consensus, the matter escalates to the Inter-Ministerial Economic Committee (IMEC), where each entity retains a final veto for its own competences.
Sanctions. The ISC may impose corrective measures, conditions or prohibition; in case of failure to notify or breach of conditions, the transaction may be unwound and administrative fines up to 10–30% of the transaction value may be levied.
filings prior to this action despite being a core EU chemicals/pharma/ports/dual-use jurisdiction. The 30 November 2022 Cooperation Agreement is the foundational instrument under which every subsequent Belgian FDI screening guideline or annual report is issued.
action is the Belgian peer of the already-filed NL Wet Vifo (2022-05-18), GR Law 5202/2024 (2025-05-23), HU Act L of 2025 (2025-08-19), DE AWG/§§55–62, FR Décret 2014-479, UK NSI Act 2021 (2026-03-12 amendment filed), CH IPG (2025-12-19), and IT Decreto Asset golden-power expansion (2023-08-10) / Legge 4/2026 (2026-01-15).
the Belgian mechanism must reconcile competences of the federal level (defence, energy, dual-use, foreign affairs) with those of the regions (economic policy, ports, energy distribution) and communities (media, health, education). The Cooperation Agreement's IMEC veto architecture is unusual and a source of procedural complexity.
guidance flagged in earlier discovery ticks) operate under the authority of this Cooperation Agreement and should reference it as responds_to.
2023 – 30 June 2024; second report 2024–2025) is the primary empirical input for tracking BE FDI screening intensity.
approval by all parliamentary assemblies of the signatory entities — i.e. inter-federal amendments are politically expensive, which biases reform toward administrative guidance rather than statutory revision.
formally tabled at the inter-federal level following the 2024 Annual Report?
acquisition is blocked/unwound under this regime (none confirmed to date in publicly disclosed cases).