On 10 September 2024, the UK Government published its third Annual Report (the “Report”) on the enforcement of the National Security and Investment Act 2021 (the “NSI Act”), covering the period from 1 April 2023 to 31 March 2024.Continue Reading UK National Security Regime: Annual Report 2024 and Observations on Recent Practice
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UK Government Publishes Updated Guidance on the Application of the National Security and Investment Act
By Nicholas Levy, Jackie Holland, Tihir Sarkar, Nick Rumsby, Ian Shawyer, Michael Preston, Gabriele Antonazzo, Nallini Puri, Michael James, Dan Tierney, Paul Gilbert, Henry Mostyn, Paul Stuart, John Messent, Kseniia Simongauz & Matthew Day on
On 21 May 2024, the UK Government published updated guidance on the application of the National Security and Investment Act (NSIA). This includes:Continue Reading UK Government Publishes Updated Guidance on the Application of the National Security and Investment Act
UK Government Prohibits Acquisition of UK Supplier of Military Aircraft Components
By Nicholas Levy, Paul Gilbert & John Messent on
Posted in Cross-border M&A, United Kingdom
On 5 September 2020, the UK Government accepted undertakings from Gardner Aerospace not to proceed with its proposed acquisition of Impcross, a UK-based manufacturer of components for the aerospace industry (including for military aircraft). Gardner is owned by Shenzhen-listed Ligeance Aerospace Technology. This is a rare case of the UK Government effectively prohibiting a transaction…
European Commission Urges Member States to Protect Suppliers of Essential Products from Foreign Takeovers
By Giuseppe Scassellati-Sforzolini, Nicholas Levy, Michael J. Ulmer, François-Charles Laprévote, Richard Pepper, Aurèle Delors, Mirko von Bieberstein, Francesco Iodice, John Messent, Konstantin Bondarenko, Katherine Nobbs & Edward Crane on
In a March 25, 2020 communication, the European Commission (“EC”) issued guidance on the screening of foreign direct investments (“FDI”) in the context of the COVID-19 pandemic. The communication identifies an increased risk of attempts by non-EU acquirers to obtain control over suppliers of essential products, in particular healthcare sector products. The EC calls on Member States to make use of pre-existing FDI regimes, and to introduce robust screening mechanisms where they do not already exist, to protect “critical health infrastructure, supply of critical inputs, and other critical sectors.” The communication builds on the increasing coordination among Member States that was already encouraged by the EU FDI Screening Regulation that comes into effect in October 2020.
Continue Reading European Commission Urges Member States to Protect Suppliers of Essential Products from Foreign Takeovers