National Security and Investment Act 2021: Q&A
The UK National Security and Investment Act 2021 started applying on 4 January 2022. The Act radically overhauls investment screening in the UK, by creating a standalone regime with some of the highest levels of scrutiny in the world. It is not limited to foreign investment, applying to UK investors too. Read our Q&A which sets out all you need to know.
Linklaters Global Foreign Investment Podcast Series
Throughout this podcast series, Linklaters lawyers from across our global offices and affiliate firms will be joined by speakers from global FI regulators to bring a different viewpoint on the practical issues, quirks and thoughts on the review process of the respective regimes.
Antitrust & Foreign Investment Outlook for 2024
In our Antitrust and Foreign Investment Legal Outlook 2024, we explore the key global trends across antitrust enforcement, foreign investment screening, merger control review and more, with practical calls to action for your business to best prepare for the year ahead.
-
NSIA 2021: Q&A
NSIA 2021: Q&A
-
FI Podcast Series
FI Podcast Series
-
AFIG Outlook for 2024
AFIG Outlook for 2024
Related blog posts
The UK government updates the NSIA guidance and clarifies the scope of the call-in power: What you need to know
30 maj 2024
The UK Government’s updated Market Guidance and revised ‘Section 3 Statement’ on national security powers have now been released - and there are a few key points investors will want to be aware of. We consider the key impacts for investors in this post.
Changes coming for the NSIA, but does the “fine-tuning” go far enough?
24 april 2024
The UK Government has now released its response to the Call for Evidence on the National Security and Investment Act, setting out its estimated timeline and focus points with respect to updating the NSIA. This post looks at what comes next, and whether the envisaged “fine-tuning” meets the stated objective of streamlining investment screening in the UK – or whether more is needed.
Changes needed to reduce the burden of UK investment screening
19 januari 2024
Following the UK Government’s call for evidence on the NSIA, Linklaters outlines its views on the proposals to streamline the UK’s investment screening regime. Read our views on how the NSIA could benefit from targeted improvements to make the regime more business-friendly, by reducing the number of non-critical cases being screened, improving clarity on when a filing is required and providing better certainty and transparency for businesses.
UK government to reduce the burden of its investment screening rules
20 november 2023
The UK has published a call for evidence on the National Security and Investment Act, which would refine the activities covered by the regime, and reduce the number of notifications that investors must file. ForeignInvestmentLinks examines the proposed changes and how they may affect the UK’s investment screening framework.
UK releases 2nd Annual Report on the operation of the NSIA: key points
12 juli 2023
The second annual report on the operation of the UK’s National Security and Investment Act was published yesterday, covering the first full year since the regime started to apply. Read our latest blog post to find out more on these freshly released statistics.
New Market Guidance issued on the NSIA – what are the key changes?
5 maj 2023
The UK Government has published new and updated guidance on the National Security and Investment Act 2021. Our latest ForeignInvestmentLinks blog post sets out some of the key changes.
The NSIA turns one – Part 3: top marks on process?
17 februari 2023
While NSIA processes have worked well in straightforward cases, there nevertheless remain areas where the UK’s investment screening regime can improve. In the final instalment in a mini-series on the NSIA’s first year in force, we reflect on how well the regime has performed from a process perspective and consider what to expect going forward.
The NSIA one year on: spotlight on remedies and prohibitions
8 februari 2023
One year on since the National Security and Investment Act (NSIA) took effect, the UK government has issued 14 final orders, comprising 5 prohibitions and 9 conditional clearances. In this second instalment of ForeignInvestmentLinks’ mini-series to mark the first anniversary of the NSIA, we explore the key takeaways from the UK government’s remedies and prohibitions.
Happy First Birthday to the NSIA? – A review of BEIS’ substantive assessment of cases in the first year
27 januari 2023
Since the NSIA came into force, the UK government has exercised its new powers to intervene in transactions raising potential national security risks. In the first in a series of blog posts on the NSIA’s first year in force, we highlight emerging trends in the substantive assessment of transactions under the new investment screening regime.
Newport Wafer Fab: first NSIA “lookback” concludes in prohibition
17 november 2022
The UK foreign investment saga involving the acquisition of the UK’s largest semiconductor manufacturer, Newport Wafer Fab (NWF), by China-backed Nexperia, has come to an end, with the Secretary of State blocking the transaction.
The case has spanned three UK Prime Ministers and three Secretaries of State.
Market guidance issued on NSIA – but is it enough to smooth the road-bumps?
17 augusti 2022
The UK Government has published the first of its Market Guidance Notes, providing clarification on the operation of the UK National Security and Investment Act 2021. This post explores some key issues the MGNs resolve, the uncertainties that remain, and where further guidance would be welcome.
First deal blocked under UK’s NSIA
21 juli 2022
Yesterday Kwasi Kwarteng (Secretary of State for BEIS), issued a final order, marking the first prohibition published under the NSIA, which came into force 6 months ago on 4 January 2022. Read our post to find out more.
NSIA Annual Report casts light on the UK regime's first 3 months
16 juni 2022
The first report on the operation of the UK’s National Security and Investment Act has been published today, covering the first three months since the regime started applying. Our latest post delves into these freshly released statistics.
Five months with the NSIA – what have we learnt?
10 juni 2022
The UK’s foreign investment regime has been in operation for five months. This post explores some key takeaways from our practical experience of the NSIA, and considers what to expect from the most recent call-ins.
Foreign investment takeaways from the tech sovereignty battleground
24 maj 2022
As regulators reform and expand foreign investment regimes, technology continues to be at the top of the agenda. We explore recent developments in the UK, US and EU relating to different technologies, including semiconductors, drones, and cloud tech – but what should investors take away from this evolving landscape?
ForeignInvestmentLinks turns one – and what a year it has been!
4 maj 2022
From the UK’s new regime to “hot” sectors to early experiences of the EU screening mechanism, we’ve seen many global developments in the first year of FILinks. Read our post to find out more about the key changes from the past year – and what we expect over the next year.
Foreign investment in semiconductors: UK Government investigates China-backed acquisition of largest wafer manufacturer
28 april 2022
The UK foreign investment saga involving the acquisition by China-backed Nexperia of the UK’s largest silicon wafer manufacturer, Newport Wafer Fab continues, with the latest development being pressure from a US congressional committee about the need for the transaction to be urgently reviewed.
Game On? CFIUS Clears Chinese Video Game Acquisition
9 februari 2022
A CFIUS review in the video game sector is not always fatal - this is the lesson from CFIUS's recent clearance of Tencent's acquisition of British gaming studio Sumo Group. However, investors need to be mindful of the current legal and political terrain affecting technology deals. Read our blog to find out more.
National Security and Investment Act to take effect on 4 January 2022
28 juli 2021
The Government has confirmed that the UK National Security and Investment Act 2021 will take effect from 4 January 2022. Additionally, updated draft definitions for the 17 sectors that will require mandatory notification have been published, alongside a consultation on the use of NSIA call-in powers and four guidance notes on how the NSIA will operate. Read our blog to learn about what these developments mean for investors and what they should expect moving forward.
Sovereignty not for sale: the Foreign Affairs Committee Report
15 juli 2021
The UK’s Foreign Affairs Committee has published its report, “Sovereignty for sale: the FCDO’s role in protecting strategic British assets”. While it builds on some of the core features of the NSIA, some of its recommendations introduce elements with a wider reach than the legislation. Read our blog to find out more.
UK National Security Regime passes Parliament: implications for deal doers before commencement later this year
7 maj 2021
Last week saw the enactment of the National Security and Investment Act 2021. Although the regime is only expected to become operational towards the end of the year, investors already need to consider the impact of the new rules on their current deals, particularly in light of the new regime’s retroactive provisions. Read about this, and the next steps to be aware of, in our blog.
Changes to forthcoming UK foreign investment rules to make 25% the threshold for mandatory notification, up from 15%
12 april 2021
The UK Government is reportedly tabling an amendment to its much anticipated FI screening legislation. Amid concerns from business groups about delays that the mandatory notification threshold may cause, this amendment would raise the threshold to 25%. Read our blog to find out more.
