Lexis®Library update: The new factsheet goes into detail about the Investment Security Unit, a new unit within BEIS whose purpose is to identify, address and mitigate risks posed to UK national security when a person acquires control of a qualifying asset or entity, as defined in the Bill.
The Bill’s aim is to modernise the UK’s investment screening processes by creating a new national security investment screening regime which is separate from competition regulation, and by establishing a platform to expedite interaction with the regime by the entities and companies covered by it. The Bill includes the creation of a mandatory notification regime for companies engaging in certain types of transactions across 17 targeted sectors, as well as a voluntary notification regime for companies whose transactions may raise national security concerns. The new Investment Security Unit will operate within this regime.
Businesses are already able to contact the Investment Security Unit for guidance and advice on the details of the new regime.
BEIS has also released policy statements for each of the eight statutory instruments necessary for the commencement of the new regime.
Though the Bill is to be further scrutinised and debated by Parliament, the government intends to bring in the new regime by the end of 2021.
Sources:
• National Security and Investment Bill 2020: factsheets
• Policy Statements regarding statutory instruments required for the commencement of the NSI regime
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 4 March 2021 and is published with permission. Further information can be found at: https://www.lexisnexis.co.uk/
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