This Chapter provides a critical assessment of the EU Foreign Subsidies Regulation (FSR) roughly two years into its implementation. Drawing on the findings of the previous parts of the volume, the Chapter assesses the FSR’s overly broad scope, burdensome notification requirements affecting a wide range of undertakings including many EU based ones, and legal and procedural uncertainties. Bases on this, the Chapter questions the FSR’s effectiveness in achieving a level playing field, given its conceptual ambiguities, extensive Commission discretion both in interpretation and enforcement, and potential conflict with international obligations. These weaknesses might give cause for a potential misuse of the FSR as a protectionist tool. Furthermore, the Chapter questions the FSR’s compatibility with international obligations and warns of possible geopolitical repercussions. The Chapter therefore calls for a judicious application, and for legal and practical reconsiderations and alterations of Commission practice.