The article examines Regulation (EU) 2026/1386 on foreign investment screening, which will apply from January 17, 2028 and obliges all member states to operate a screening mechanism with harmonised minimum requirements. It lists the sensitive sectors requiring prior authorisation and compares the regime with Austria's Investment Control Act. The authors anticipate four changes for transactional practice: more deals requiring approval, a possible exemption for internal restructurings, faster clearance of routine deals, and transitional issues for deals closing after the application date. They view the shift towards fewer but more targeted reviews as welcome.