On September 13, 2017, the European Commission (the “Commission”) announced a proposal to set up a new EU-wide framework for screening foreign direct investment (“FDI”) into the European Union.  The proposal, set out in a draft Regulation, provides for: (i)  new foreign investment review powers for the Commission; (ii) a harmonized approach in screening FDI; (iii) specific criteria to be considered when reviewing investments; and, (iv) a cooperation mechanism between Member States and the Commission.