Samantha Mobley and Farin Harrison • In recent years, the investment policy landscape has become more complex as nations respond to national security threats, state development strategies and geopolitical risks. Covid-19 created a major economic shock worldwide, prompting some countries to take an even more stringent approach, with a focus on protecting the security of supply of inputs.• Many jurisdictions continue to tighten their screening rules or are introducing robust new measures to protect strategically…
On 16 June 2022, the UK Government published its first Annual Report (the “Report”) pursuant to the National Security and Investment Act 2021 (the “NSI Act”), along with a Memorandum of Understanding (“MoU”) between the Department for Business, Energy & Industrial Strategy (“BEIS”) and the Competition and Markets Authority (the “CMA”) on the operation of the NSI Act. NSI Act Annual Report The Report provides a summary of the functioning of the UK’s new foreign…
What are the implications of the new NSI Act regime and the Government’s “public health emergencies” powers for healthcare and life sciences transactions? On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act 2021 (“NSI Act”, available here) came into force. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of, and investments in, companies active in 17 key sectors of the economy.…
On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act (“NSI Act”) came into force, completing the overhaul of the UK’s foreign investment rules and commencing operation of a standalone foreign investment screening regime for the first time in the UK. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of and investments in companies active in 17 key sectors of the…
The UK Government has invited comments on a draft Statement which explains how the Secretary of State’s power to call in acquisitions for review will be used. This Consultation closes on 30 August. Baker McKenzie has identified a number of key issues with the draft Statement that merit consideration: The draft Statement provides that acquisitions in areas of the economy which are “closely linked” to the 17 sectors that are subject to mandatory notification could…
In brief On 20 July 2021, the UK Government announced that the National Security and Investment Act will enter into full force on 4 January 2022. To help businesses prepare for commencement of the regime, the Government also published alongside this announcement a series of further guidance notes and materials. The NSI Act creates a new, self-standing UK investment screening regime on national security grounds, comparable to CFIUS in the US. The Act is extremely…
Following the successful launch of our inaugural virtual Annual Compliance Conference in 2020, attracting close to 2,500 in-house senior legal and compliance professionals from across the world, we will return this year in a virtual format to deliver our cutting-edge insights and guidance on key global compliance issues, as businesses and enforcement agencies transition to a new post-pandemic global compliance and investigations landscape. Held across five weeks from 6 September – 8 October 2021, we…
What are the latest developments? On 20 July 2021, the UK Government announced that the National Security and Investment Act 2021 (“NSI Act” or “Act”) will enter into full force on 4 January 2022. To help businesses and investors prepare for the commencement of the regime, the Government also published alongside this announcement a series of further guidance notes and materials (see here). As mentioned in our previous blog posts on this topic (see here,…
Since the end of the Brexit transition period on 31 December 2020, there has been significant uncertainty regarding the practical application of the UK’s international commitments (in particular, under the EU-UK Trade and Cooperation Agreement) on subsidy control. However, on 30 June 2021, the Government outlined its main legislative proposals for a new UK subsidy control regime. It introduced its long-awaited Subsidy Control Bill (the Bill) to Parliament, published a number of policy papers and…
To highlight recent developments in foreign direct investment restrictions in Germany, Baker McKenzie has published a podcast setting out what businesses should be aware of, and what the German regulator will look for. Produced in partnership with Concurrences, our foreign investment experts Samantha Mobley and Anahita Thoms discuss these developments with Angelika Milger, a member of the Investment Screening team at the German Federal Ministry of Economic Affairs. This is the first in a series…