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Watch out for the National Security and Investment Act which has now received royal assent although it is still not expected to come fully into force until this Autumn due to the amount of secondary legislation that needs to be prepared. The Act introduces a whole new regulatory landscape for overseas and domestic investors and will significantly increase the UK government s ability to scrutinise investments on national security grounds. The Act introduces a mandatory and voluntary notification regime depending on the type of transaction but it is drafted so that it has very broad scope and no de minimis thresholds. The Act is already live and captures deals from 12 November 2020 onwards although no notifications can be made until the Act comes fully into force.
Introduction
The National Security and Investment Bill (“NSI Bill”) is due to complete its passage through Parliament in May 2021 and it is anticipated it will receive Royal Assent soon after. A number of necessary statutory orders will then be made under the new Act and the legislation is due to enter into force by the end of the year (2021).
The NSI Bill seeks to establish a new, standalone statutory regime to allow the UK Government to scrutinise and intervene in certain acquisitions and investments for the purposes of protecting national security (NSI Regime). It will replace the current powers of the UK Government to intervene on the grounds of national security under the Enterprise Act 2002.
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In November 2020, the UK Government introduced the National Security and Investment Bill (the Bill ). Subject to the passing through UK Parliament, the Bill is expected to become law in early 2021, ushering in a Committee on Foreign Investment in the United States (CFIUS)-style regime for the UK Government to scrutinise foreign investment. The Bill gives the Secretary of State for Business, Energy and Industrial Strategy (BEIS) powers to screen business transactions where BEIS reasonably suspects there is, or could be, a risk to national security. The provisions of the Bill would cover the whole of the UK and will also apply to certain transactions that involve the UK. Once passed, the Bill would come into effect from 12 November 2020. As such, non-UK investors will need to be mindful of the proposed reforms given that the UK Government will have retroactive enforcement powers in respect of transactions that have occurred
Thursday, December 17, 2020
In November 2020, the UK Government introduced the National Security and Investment Bill (the Bill ). Subject to the passing through UK Parliament, the Bill is expected to become law in early 2021, ushering in a Committee on Foreign Investment in the United States (CFIUS)-style regime for the UK Government to scrutinise foreign investment. The Bill gives the Secretary of State for Business, Energy and Industrial Strategy (BEIS) powers to screen business transactions where BEIS reasonably suspects there is, or could be, a risk to national security. The provisions of the Bill would cover the whole of the UK and will also apply to certain transactions that involve the UK. Once passed, the Bill would come into effect from 12 November 2020. As such, non-UK investors will need to be mindful of the proposed reforms given that the UK Government will have retroactive enforcement powers in respect of transactions that have occurred following the introduc
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