The National Security and Investment Act (“NSI Act”) came into force this week, completing the overhaul of the UK’s foreign investment rules and creating a standalone foreign investment screening regime. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of and investments in companies operating in 17 key sectors. The rules also grant the UK Government extensive powers to investigate and impose conditions on a wide range of transactions, including corporate investments as well as asset transactions, on national security grounds.
This is important for export control professionals to be aware of as they may be called upon to assist with assessments, particularly where military and dual-use assets are concerned.
For more information on foreign investment regimes, please visit our Foreign Investment and National Security blog.