This Chapter addresses the notions of foreign financial contribution and foreign subsidy as set out in Article 3 of Foreign Subsidies Regulation and as considered in the Commission’s practical application. The Chapter will first recall the difference between the concepts of foreign financial contribution and foreign subsidy, the distinction of which is highly important. The Chapter will then carefully assess the different requirements of the concept of foreign subsidy. This will be done by comparing it with the notion of EU State aid and subsidy under WTO law, and by contextualising the notion of foreign subsidy with the other two general concepts of the FSR. In this way, interpretive and conceptual issues can be clarified and those in need of further clarification by practice and jurisprudence can be identified. The comprehensive assessment of the notions of foreign financial contribution and of subsidy will allow for the formulation of proposals to further clarify their notions.