Clifford Chance

Narrower definitions for mandatory filing sectors announced for the UK national security screening regime

4 March 2021

The UK Government has narrowed the definitions of sectors that will be subject to mandatory filing obligations for investors under the National Security and Investment Bill. The draft definitions are of practical importance to deals that are being done now, because they indicate how, when the new regime is in place, the Government is likely to use its retroactive power to call in transactions that have already closed by that time.

The Government has also indicated that after the Bill is enacted it intends to put in place various other pieces of secondary legislation with a view to commencing the new regime by the end of the year.

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