OBS_VALUE: Royal Decree 571/2023 subjects foreign direct investment in certain critical sectors to prior authorization. These critical sectors are listed in the law and include (i) critical infrastructures (physical or digital); (ii) critical technologies, (iii) supply of fundamental inputs, particularly energy; (iv) sectors with access to sensitive information, (v) media. The Government may suspend the liberalization regime in other sectors if it affects public safety, public order or public health. The general threshold to qualify as foreign direct investment is the acquisition of 10% of the equity or social capital of the entity (article 4 Royal Decree 571/2023). To note that the new Decree provides for a new system of exemptions (article 17). It also establishes a voluntary consultation system (article 9) and reduces the time for resolution of applications from 6 to 3 months (article 15),