The UK government has published its much-anticipated National Security and Investment Bill, which creates a new stand-alone regime for it to intervene in a broad range of transactions on national security grounds.
Some key features of the Bill are:
- A wide range of deals are in scope including deals where as little as 15% of shares in a target are acquired, acquisitions of assets such as land and intellectual property rights, and acquisitions of overseas targets with a nexus to the UK
- The Bill has retrospective effect to 12 November 2020 and so could potentially impact current deals
- Once the Bill is law, mandatory notification rules will apply to deals in 17 high-risk sectors including advanced materials, robotics, AI, communications, computing hardware, cryptographic authentication, data infrastructure, quantum technologies and satellite and space technology