The Foreign Subsidies Regulation (FSR) lets the Commission police subsidies from outside the EU that distort competition within it. Three years in, its first statutory review concludes the FSR is fit for purpose and merits no structural change. Roughly a third of concentrations cleared at preliminary review involved a fund or private equity acquirer. Around 80 per cent of FSR filings were also notifiable under the merger rules and 28 per cent drew a national investment screening. When three filings ride on one deal, the newest is remembered last, and its data is what nobody has.