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It came into effect on 4 January 2022 but, unusually, has retrospective effect meaning the UK Government can look back at relevant transactions taking place since 11 November 2020.
The new regime can apply equally to domestic and foreign acquirers and investors. In certain circumstances it can also catch acquisitions of non-UK entities or assets. Additionally, the events which trigger a notification or call-in review are broad – including share and asset acquisitions, minority investments, intragroup transactions and certain insolvent transactions.
The Act doesn’t define “national security”. Instead it describes 17 “sensitive sectors” which are considered strategic enough to warrant notifications being made to the UK Government if a trigger event is proposed in the space. General guidance on the sectors can be found here.
Follow this page for frequently updated FAQs and our insights based on the latest government updates and our practical experience of making submissions to the UK’s Investment Security Unit.