On 10 September 2024, the UK Cabinet Office published its Annual Report (see here) on the operation of the National Security and Investment Act (“NSI Act”), covering the period from 1 April 2023 to 31 March 2024 (the “Reporting Period”). This is the third annual report published by the Government, as per its statutory requirements under the NSI Act, and provides key data and statistics into the operation of the Act during the second full…
On 20 May 2024, the UK Government issued updated guidance on the use of powers under the National Security and Investment Act (“NSI Act”). As noted in our blog post dated 26 April 2024, this updated guidance forms part of the UK Government’s response to the call for evidence that it launched in December 2023 asking for stakeholder feedback on a number of areas of potential change to the NSI Act. The updates to the…
On 18 April 2024, the UK Government published its response to the call for evidence that it launched in December 2023 asking for stakeholder feedback on a number of areas of potential change to the UK’s National Security and Investment Act (“NSI Act”). The call for evidence, launched nearly two years after the UK’s first, standalone foreign investment review regime came into force (see here), sought views on a broad range of questions concerning both…
FDI enforcement in 2023 has been caught between two different public policy aims: the first is a willingness of authorities to expand their FDI regimes to review more investments; and the second, is a greater interest in and attention to the consistency and proportionality of such intervention. We have set out below the three main trends for companies to be aware of in relation to the enforcement of FDI rules and how they may affect…
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…
With less than 2 months to go until the UK National Security and Investment (“NSI”) Act comes into force – introducing a new foreign investment screening regime to the UK – we are pleased to be joined by Chris Blairs, Deputy Director at NSI (BEIS), and Daniel McCarthy, Senior Policy Advisor at NSI (BEIS), for a webinar discussion, chaired by Tristan Grimmer, Partner in Baker McKenzie’s International Trade team, on the launch of the UK’s…
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…