The National Security and Investment Act commences on 4 January 2022, bringing into force the new regime for UK Government approvals of corporate deals. A mandatory notification requirement will apply to 17 key sectors, and the Government will have an expansive new power to 'call-in' and potentially unwind deals on national security grounds. 

Corporate deal-makers, serial investors (including private equity and venture capital firms) and businesses operating in sensitive sectors will need to know what to look out for, or risk deals being void and those involved being subject to civil and criminal penalties.We looked at:

  • the tests that decide what deals are caught;
  • the application of the mandatory notification regime to the 17 identified sectors;
  • the Government's statement on its approach to assessing risks, and the use of its 'call-in' power;
  • the application of the Act to people and acquisitions outside the UK; and
  • the consequences for deals within the scope of the regime.