A few international updates: First, the UK made some changes to its National Security and Investment Act, particularly related to mandatory notifications. And Japan approved a bill that would ostensibly create a Japanese version of CFIUS. Overview and links to source documents inside.
Last week, the UK announced it would introduce exceptions to its mandatory notification process, loosening the burdens of the National Security and Investment Act 2021. At the same time, the government expanded the list of sectors covered by the regime. Details, latest UK annual report inside.
The National Security and Investment Act hasn’t even been in force for two full years, but the UK government is already seeking feedback from the business community about the way investments are being screened for national security. Details on the “Call for Evidence” is inside.
Last week, the UK government published its second report on the country’s investment screening regime. While the report shed some helpful light on cases and transaction parties, it’s silent on the reasoning for the regime’s decisions, leaving plenty within the NSIA “black box.”
A committee of Parliament has now been given the power to scrutinize the work of the UK’s Investment Security Unit, which administers the country’s foreign investment screening regime. Interestingly, the committee chair visited the U.S. to understand how Congressional oversight of CFIUS operated.
The UK government has blocked the acquisition of British chip-making facility Newport Wafer Fab by Chinese-owned Nexperia. The deal had been under scrutiny for months; U.S. Congressional leaders had even asked Pres. Biden to revoke the UK’s “excepted foreign state” status if the deal went through.
In July, the UK government took its first major action since unveiling the National Security and Investment Act 2021, blocking a Chinese company from licensing certain technology developed at a British research university. Last week, the UK government made its second move. Details inside.
Last week, the UK government released its first-ever report on the country’s new investment review regime. So how’s it working? For insights, we turned to Nicole Kar at Linklaters, who advised the UK government on the passage of the bill. Stats, decisions, more are inside.
Congressional leaders want the UK government to prevent the sale of a British semiconductor facility to a Chinese-controlled company. In a letter to Pres. Biden, the group urges action, threatening to revoke the UK’s “excepted foreign state” status with CFIUS. Details and letter inside.
This week we sit down with Nicole Kar, Global Practice Head of the Antitrust & Foreign Investment Group at Linklaters. According to Nicole, FIRRMA is a bit like Arnold Schwarzenegger, and the UK’s NSIA is more like Hugh Grant. Her explanation, insights, and tips are inside.
A student at Duke University’s School of Law has completed an analysis of the UK’s new national security regime, contrasting it with CFIUS. The conclusion? The NSIA is more aggressive, more transparent, and more efficient than CFIUS. Details, video and more are inside.
This week, we sit down with London-based Michael Casey, an expert on the UK National Security and Investment Act. Casey, who recently jumped from Kirkland to Wilson Sonsini, discusses some NSI basics, and explores what companies should do now to prepare for the new regime.
The UK’s Competition and Markets Authority, which has national-security review powers similar to CFIUS, is looking into the acquisition of UK defense company Ultra Electronics by a U.S.-owned company. Details, filing documents, contacts, and more are inside.
This week, the UK unveiled its anticipated bill that would impose mandatory filing and pre-approval requirements for certain deals involving strategic sectors. Details, fact sheets, a process flow chart, the actual bill, and relevant contacts are all inside.
According to reports, a new plan being written in London would give the British government the power to unravel foreign investments in UK companies if national security is at risk. Details, related coverage, the draft of the proposal, and more are inside.
As anticipated, the UK Competition and Markets Authority has published guidance on their “powers and procedures.” Insights on their intended practices, including details on information-gathering and penalties, are inside.
As anticipated, the British government has passed a CFIUS-like reform that gives it greater authority to intervene and even block transactions integral to national security. Details and copy of the UK’s official guidance are inside.
The UK’s Competitive Markets Authority recently announced it was investigating the anticipated acquisition of an engineering firm that specializes in working with aerospace companies. Details, the disclosures, and more on the UK’s regulatory framework are inside…
The Competitive Markets Authority in the United Kingdom, which has powers similar to CFIUS in the U.S., is investigating the anticipated acquisition of a defense company by a Chinese firm. Details, the relevant notices, and regulatory contacts are inside.
The British Competitive Markets Authority recently gave private-equity consortium Connect Bidco the green light to acquire Inmarsat.