The government has published its response to the consultation on the sectors where mandatory notification will be required under the proposed new national security screening regime contained in the National Security and Investment Bill.
The Bill was published in November 2020 (see our blog post here) and is currently making its way through the House of Lords. It is expected to enter into force in autumn 2021.
A wide range of stakeholders had expressed concerns that many of the sector definitions originally proposed in the consultation document were drafted too broadly, and in many cases were not sufficiently specific to enable acquirers to identify whether a particular transaction would fall within scope of mandatory notification.
The government has now published revised definitions for each of the 17 sectors, with a significant narrowing of scope in many areas.
We have published a briefing which gives an overview of the key changes made to each of the 17 sector definitions, and related next steps.