National Security and Investment Bill
(Source: UK Dept for Business, Energy & Industrial Strategy; issued Nov. 11, 2020)
Information relating to the introduction of the National Security and Investment Bill in the House of Commons on 11 November 2020.
The National Security and Investment Bill is required to ensure that the government has the necessary powers to scrutinise and intervene in business transactions, such as takeovers, to protect national security, while providing businesses and investors with the certainty and transparency they need to do business in the UK.
The Bill legislates for the National Security and Investment Regime. The National Security and Investment regime replaces the Secretary of State’s ability to scrutinise mergers which give rise to a national security consideration under the Enterprise Act 2002.
Click here for the National Security and Investment Bill 2020, on the UK Government website.
Click here for the related factsheets, on the UK government website.
Chair for the Defence Sub Committee on Foreign Involvement in the Defence Supply Chain, Richard Drax MP, reacts to the National Security and Investment Bill
(Source: House of Commons Defence Subcommittee; issued Nov. 11, 2020)
The Chair for the Sub Committee on Foreign Involvement in the Defence Supply Chain, Richard Drax MP, has reacted to the Government’s introduction today of the National Security and Investment Bill.
The Bill marks a step-change in the Government’s enforcement powers to screen investments and to address any national security risks they may involve.
Reacting to the Bill, Chair of the Sub Committee Richard Drax said: “We are pleased that this long-awaited Bill has been introduced. The Bill, as proposed, envisages a much stronger foreign investment regime which Parliament will examine closely over the coming months.
“The Defence Committee has identified this as an area of critical importance to our security and defence, and has launched a Sub Committee on Foreign Involvement in the Defence Supply Chain. The Sub Committee’s first evidence session on 9 November focused, in part, on the NSI Bill. We will continue our scrutiny of this important piece of legislation, with further sessions planned, including one on 23 November.
“The risks from hostile foreign involvement remain ever present, particularly in light of the financial impact of COVID-19, and in recent years it has become evident that state actors, such as Russia and China, are employing covert and increasingly creative methods to gain intelligence and to exert influence. We hope that this Bill will provide Government with the powers to respond to hostile challenges.”