The European Commission currently applies the substantive standard under the FSR in a black box. Formal guidance will only be available in 2026. The wording, context and structure of Art. 4(1)1 FSR suggest that the theories of harm under the merger control and state aid rules cannot be copied but must be considered where appropriate. As for M&A transactions, it will not suffice to find the M&A market affected but the target’s product markets will also have to be distorted for Art. 4(1)1 FSR to apply