Working group to prepare the reform of the Foreign Corporate Acquisitions Act

The Ministry of Economic Affairs and Employment have appointed a cross-sectoral working group to prepare the reform of the Act on the Screening of Foreign Corporate Acquisitions, as outlined in the Government Programme. The Programme states that the Act will be reformed to more effectively take into account risks relating to national security, security of supply and wide-ranging influence activities.

The task of the working group is to prepare a proposal for the reform of the Foreign Corporate Acquisitions Act in the form of a government proposal. The working group will make use of a memorandum on the need to reform the Act, which is available in Finnish at the Gateway to Information on Government Projects: TEM045:00/2024 (Under the “Asiakirjat” tab). The memorandum was produced by a cross-government network of authorities dealing with foreign corporate acquisitions headed by the Ministry of Economic Affairs and Employment.

Finland’s security environment has undergone rapid changes in recent years. Against this backdrop, it is necessary to comprehensively reassess the effectiveness of the Act – from both national and EU perspectives. 

The current Act on the Screening of Foreign Corporate Acquisitions has been in force for more than 10 years. It was extensively updated in 2020. In addition, the EU is currently revising its Regulation on the screening of foreign investments in the Union. The working group will consider the EU Commission’s proposal in its work.

The working group will be appointed for the term of 17 March 2025–31 March 2026 and will be chaired by the Ministry of Economic Affairs and Employment. The other members of the working group represent the Ministry of Transport and Communications, Ministry of Defence, Ministry of the Interior, Ministry of Social Affairs and Health, Ministry of Economic Affairs and Employment, Ministry for Foreign Affairs, Prime Minister’s Office, Ministry of Finance as well as the National Emergency Supply Agency, Defence Command of the Finnish Defence Forces, Finnish Security and Intelligence Service and the Association of Finnish Cities and Municipalities.  

Inquiries:
Marjaana Aarnikka, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel.  +358 295 062 122 (chair of the working group)
Lasse Puroma, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 085 (vice-chair of the working group)
Linda Rönnqvist, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 174 (secretary of the working group)