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Last week the UK Government introduced the Telecommunications (Security) Bill to Parliament, which would give the Government new powers to control telecommunications providers thought to present a security risk, and to implement the UK ban announced earlier this year on the installation of equipment from Huawei and high risk vendors in 5G networks from the end of September 2021. These new rules will directly impact public telecoms providers (public electronic communications networks and services -…

On 6 November 2020, the UK Government launched a website (see here) designed as a guide for digital and tech firms doing business in China. The guidance explains that the UK and China can develop new technology to tackle climate change for example, create new jobs and rebalance the British economy and includes case studies showing the scale of opportunities linked to China’s growing economy. However, it also seeks to raise awareness of what the…

Following on from our previous post on 22nd October 2020 (please see here), the UK Government have confirmed that a full consultation will be launched in early 2021 on potential precautionary powers to block company listings on UK stock exchanges on national security grounds in certain scenarios. The announcement has coincided with the recent introduction of the National Security and Investment (“NS&I”) Bill which significantly expands the UK Government’s powers to review the national security…

Mandatory, CFIUS-style screening system in place for transactions in 17 industry sectors On 11 November 2020, the UK Government introduced the long-anticipated National Security & Investment Bill before Parliament. The new law will significantly expand the Government’s existing powers to review the national security implications of transactions and has been timed to coincide with the end of the Brexit Transition Period. The reforms follow concerns globally about foreign control of national businesses active in sensitive…

According to recent press reports, the UK Treasury intends to open a consultation on new powers that could see companies blocked from listing on UK stock exchanges in certain scenarios. The consultation is expected to cover a proposal that the UK government be able to block a listing if it thinks a foreign state is attempting either to undermine the stock exchange’s reputation or to steal state secrets. Commenting on these proposals, Nick O’Donnell, Corporate…

Introduction The UK’s current investment review regime is set for a significant overhaul with the publication of the National Security and Investment Bill (“NSIB”), anticipated before the end of this year. Some have argued that the existing UK public interest regime – contained in the Enterprise Act 2002 – is not fit for purpose, and that without legislative reform, the UK would be left exposed at a time of evolving national security threats. The NSIB…

Overview Within the next few months, the UK Government is expected to introduce a new self-standing investment screening regime, representing a fundamental overhaul and major expansion of its existing powers to intervene in transactions on national security grounds. These upcoming changes reflect a broader global trend of sharpened scrutiny towards inbound foreign investment, particularly in light of the COVID-19 situation and political mistrust of foreign State actors. Current regime There is currently no standalone investment…