A thorough Client Alert from Baker McKenzie on 13 November says that on 11 November, the UK Government introduced the long-anticipated National Security & Investment Bill before Parliament. The new law will significantly expand the Government’s existing powers to review the national security implications of transactions and has been timed to coincide with the end of the Brexit Transition Period. The Alert provides some detail of the proposals.
The Government will have the ability to “call in” both mandatory transactions (that should have been notified) and transactions meeting the voluntary criteria (but where the purchaser decided not to notify). Although the Government cannot use the call-in power before the new regime has commenced.
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