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On 29 April 2021, the UK s National Security and Investment Bill (NSI Bill) gained Royal Assent. The NSI Bill, dubbed by some as CFIUK – a nod to the United States Committee on Foreign Investments (CFIUS) – has now become law as the National Security and Investment Act 2021 (the NSI Act). Widely seen as the biggest shake up of the UK s investment screening regime in 20 years, the NSI Act will modernise the UK Government s powers to investigate and intervene in potentially hostile foreign direct investment, while at the same time advancing the UK s world-leading reputation as an attractive place to invest post-Brexit. Whilst the new regime will not commence until later this year, the UK Government will have retroactive enforcement powers in respect of transactions that have taken place following the introduction of the NSI Bill in November 2020. What does this new law entail, and how will it affect M&A transactions goi