Executive Summary

On 12 June 2026, the Swiss Federal Council opened the consultation on the Investment Screening Ordinance. The ordinance implements the Investment Screening Act passed by Parliament in December 2025. This Act enables the screening and prohibition of corporate takeovers by foreign investors if they endanger Switzerland's public order or security. The approval requirement applies to takeovers in critical sectors by state-controlled foreign investors. The consultation period runs until 5 October 2026.

Persons

  • Federal Council (Institution)

Topics

  • Investment screening
  • Corporate takeovers
  • Economic security
  • Regulation of foreign investment

Clarus Lead

The Investment Screening Ordinance marks a turning point in Swiss economic security policy. With the approval requirement for state-controlled foreign investors in critical sectors, Switzerland is responding to global trends in takeover screening and positioning itself more defensively toward state actors. The consultation period running until October will reveal how the business community and cantons assess the balance between security and investment openness.

Detailed Summary

The Investment Screening Act, which Parliament passed on 19 December 2025, creates the legal basis for targeted control of corporate takeovers. The ordinance now open for consultation implements these provisions and regulates central aspects of the approval procedure. It defines which countries are exempt from the approval requirement – a point that raises particular questions regarding trading partners such as the EU. The ordinance also specifies what information and documents investors must submit to ensure transparency.

The ordinance also addresses data protection issues that arise when reviewing sensitive corporate structures, as well as the fee schedule for approval procedures. This creates an administrative framework that makes investment screening practicable without making procedures excessively costly. The focus on "particularly critical sectors" and "state-controlled" investors signals a differentiated approach that does not blanketly restrict private foreign investment.

Key Points

  • The Federal Council is implementing the Investment Screening Act passed by Parliament through an ordinance with implementing provisions
  • Takeovers by state-controlled foreign investors in critical sectors will henceforth be subject to an approval requirement
  • The ordinance regulates exemptions for certain countries, procedural requirements, data protection, and fees
  • Consultation period until 5 October 2026 enables feedback from business, cantons, and interest groups

Critical Questions

  1. Source Validity: Which specific sectors are defined as "particularly critical," and is this categorization based on risk assessment or political criteria?

  2. Conflicts of Interest: Which countries are exempt from the approval requirement, and does this list follow international security agreements or national trade interests?

  3. Causality: To what extent does the ordinance address actual security risks from foreign takeovers, or does it primarily respond to geopolitical perceptions without empirical evidence?

  4. Feasibility: How will authorities practically demonstrate and verify "state control" of foreign investors without infringing on business secrets?

  5. Side Effects: Could approval requirements and fee schedules cut Swiss companies off from capital markets or lead to circumvention structures?

  6. Procedure Duration: What timeframes are envisaged for approval procedures, and how do delays affect investment decisions?

Sources

Primary Source: Investment Screening Ordinance – Consultation Opened – https://www.news.admin.ch/de/newnsb/Di8EBcLj9hGfoojQjcLis

Verification Status: ✓ 12.06.2026

This text was created with the assistance of an AI model. Editorial responsibility: clarus.news | Fact-check: 12.06.2026