Question 11938 — businesses

Summary

Mr. Philippe Juvin questions the Minister of the Economy, Finance and Industrial, Energy and Digital Sovereignty on the adequacy of the list of sensitive sectors and activities subject to prior authorization under the control of foreign investments in France (IEF), in view of the recent evolution of the European Union's guidelines in terms of filtering foreign investments. France has, for a long time, took care to strictly limit the sectoral scope of its control system, in order to avoid any risk of conflict with the European framework then in force. However, in light of the economic security vulnerabilities revealed by the health crisis as well as the strategic tensions induced by the war in Ukraine, the European Commission presented, on January 24, 2024, the proposal for a Regulation COM(2024) 23 final aimed at strengthen and harmonize the screening of foreign investments within the Union. This proposal provides in particular for the identification of a common minimum sectoral base that all Member States should cover in their national filtering mechanisms. However, it emerges from the general scheme of this reform that this minimum European base would explicitly include, beyond the sectors traditionally taken into account - such as defense, dual-use goods and technologies, critical technologies, critical raw materials, energy, transport and even digital infrastructure - several categories whose consideration does not emerge explicitly from the current French list appearing in article R. 151-3 of the monetary and financial code. This concerns in particular certain critical entities and infrastructures of the financial system, electoral infrastructure, as well as specific issues related to critical medicines and the security of their supply. Furthermore, the interinstitutional negotiations resulted, on December 11, 2025, in a provisional political agreement between the Council and the European Parliament on the revision of the foreign investment screening framework, confirming the establishment of a common minimum base of sectors to be covered by national systems. In this context, even though the Commission has proposed sectoral enlargement from 2024 and the political agreement of December 2025 enshrines the principle, France seems to be lagging behind in adapting its regulatory list, at the risk of presenting a less comprehensive sectoral scope than that now promoted at Union level. Therefore, he asks him if the Government intends to take, without waiting for the final outcome of the European process, a decree supplementing article R. 151-3 of the monetary and financial code in order to explicitly integrate the sectors and categories of assets now identified as falling within the common minimum base in Europe.

Machine translation from French. The official text remains authoritative.

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