The White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information and discussion resource regarding surprise on-the-spot inspections by antitrust authorities (dawn raids) across Europe. DRAQ provides updates on recent case law, enforcement activity and trends.

Sustainability and antitrust are converging - but not consistently. Our updated Global Antitrust Sustainability Heatmap tracks how 20+ jurisdictions are navigating this fast-moving intersection: from open-door approaches in some regions to more sceptical stances in others. 

Key Q3 2026 FSR developments

Debt Explorer | Syndicated loan markets stayed open for business in the first half of 2026 despite persistent macroeconomic uncertainty, but cautious lenders concentrated their efforts on refinancing proven issuers rather than underwriting new risks

Debt Explorer | AI-linked financing is reshaping the US high yield market, but geopolitical tensions and investor caution are creating a more complex environment for issuers across Europe and APAC

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2026 Q2.

Key Q2 2026 FSR developments

M&A Explorer | Record deals, government-backed megaprojects and a race to power Europe's data centers are drawing capital into a sector long considered politically untouchable

Debt Explorer | Despite headwinds related to AI-led disruption and the conflict in Iran, leveraged loan markets in Europe and the US proved resilient in Q1, with high-quality borrowers continuing to access financing throughout the quarter

M&A Explorer | Europe's renewables buildout is gathering pace, turning the infrastructure needed to store and transmit that power into hotly contested subsectors

M&A Explorer | As drones, AI and autonomous systems replace traditional military hardware, the race to acquire and invest in defense technology is heating up

Debt Explorer | AI-driven demand and lower exposure to software shield US high yield markets from macro challenges, but activity dips in Europe and Asia

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2026 Q1.

Key Q1 2026 FSR developments  

Greece's mandatory and suspensory foreign direct investment ("FDI") screening regime became fully operational on November 11, 2025. Foreign investors must comply with notification requirements and consider review timelines in deal planning.

The Republic of Cyprus' ("RoC") new Foreign Direct Investment Screening Law (the "FDIS Law") will reshape the investment landscape from April 2, 2026, introducing look-back provisions, a screening remit, internal change trigger points, and relatively low notification thresholds.

Croatia introduced a foreign direct investment ("FDI") screening regime on November 13, 2025. As of January 1, 2026, the regime is not yet operational but expected to be implemented soon.

During September and October 2025, the Ukrainian Parliament introduced an updated foreign investment screening framework, marking a significant step toward strengthening national security controls over inbound investments.

Sustaining economic stability and building on the strong foreign direct investment ("FDI") momentum of 2025, Türkiye continues to prioritize policies that strengthen its position as an attractive and competitive investment hub.

Switzerland is set to introduce its first cross-sector foreign direct investment ("FDI") screening regime.

The year 2025 continued with the implementation of the course set earlier in 2023 and 2024, with few substantial updates to cybersecurity legislation extending FDI regulation to new fields of business critical for the Slovak Republic.

The year 2025 was not marked by any major changes in the sphere of regulation of foreign investments in Russia, and the regulator continues to implement the course on strengthening control taken earlier.

While far-reaching in its scope, compared with other countries in the European Union, the Romanian foreign direct investment ("FDI") regime is generally perceived as investor friendly.

In 2025, Poland's foreign direct investment ("FDI") regime was made permanent, and responsibility for its enforcement was transferred to the Ministry of Finance and Economy.

Malta's foreign direct investment ("FDI") regime regulates specific transactions that must be notified to the authorities and may, in some instances, be subject to screening.

All investments concerning national security are within the scope of review in Lithuania.

The Latvian foreign direct investment ("FDI") regime applies to companies of significance to national security, as well as companies owning or possessing critical infrastructure.

Italy's "Golden Power Law" review: Over a decade old, yet continuously expanding its reach.