The BMWE plans to move German FDI screening from the AWG/AWV into a standalone Investment Screening Act (IPG, Investitionsprüfungsgesetz) and Ordinance (IPV, Investitionsprüfungsverordnung), implementing Regulation (EU) 2026/1386. 

The drafts have not yet been adopted by the Federal Government; consultation is ongoing and entry into force is expected in early 2027. The system stays familiar, but more transactions will become reviewable.

This decision tree shows whether a filing would become necessary under the new law.¹

What changes

• Three procedures, one "approval": sector-specific and case-group-specific (mandatory filing and standstill), plus a cross-sector catch-all without a mandatory filing requirement.

• Thresholds: 10% and 25% remain; 20% and 40% go; the step-up to 100% becomes reviewable. Listed targets: entry at 15% (instead of 25%) in Tests II and III, step-up at 30% (instead of 25%) in Test I.

• Wider net: all Annex I dual-use goods, election systems, broader AI, semiconductor and quantum case groups; relevant influence even possible without voting rights; licences as relevant assets; circumvention by effect; EFTA investors and dual nationals now count as foreign.

• Procedure: 45 + 120 days, but only from receipt of a complete filing; ex officio review limited to three years; prohibitions need no cabinet decision and are published by the BMWE; new fines and interim measures; filing data may be shared with non-EU screening authorities.

What deal teams should do prospectively

• Map the ownership chain up to the UBO, including nationalities, funds and co-investors.

• Check targets early for dual-use goods; many are unaware their products are listed. 

• Review governance rights, side letters, licences and squeeze-outs for filing triggers.

• Prepare complete filing packages before signing and align same-day filings across the EU.

This briefing reflects ministerial drafts. Thresholds, case groups and procedures may still change in the inter-ministerial and parliamentary process; in particular, greenfield investments and certain EU investors in critical infrastructure may yet be brought within scope. The current AWG/AWV rules continue to apply until the new law takes effect.