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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…

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…

In the second episode of its podcast series, Baker McKenzie discusses recent developments in foreign direct investment restrictions in the UK. Produced in partnership with Concurrences, a leading antitrust publication, our foreign investment experts Samantha Mobley and Sunny Mann discuss these developments with Sarah Mackintosh, Deputy Director, National Security and Investment, BEIS, London. To access this podcast, and our previous episode focusing on Germany, click here.

Chancellor Rishi Sunak will launch a consultation in the coming weeks on a proposal to enable the National Security Council to prevent companies from listing on London’s financial markets over national security concerns. Decisions regarding the eligibility of companies to list in London are currently made by the UK Listing Authority, a part of the Financial Conduct Authority (“FCA”). A Treasury spokesperson confirmed the plan to create a targeted new power to block listings that…