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National Security and Investment Act 2021 in England

2021 c. 25 · Enacted 29 April 2021 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 3 May 2023.

An Act to make provision for the making of orders in connection with national security risks arising from the acquisition of control over certain types of entities and assets; and for connected purposes.

[29th April 2021]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C1

Annotations to the whole text

Modifications

C1

Act: functions made exercisable concurrently (3.5.2023) by The Secretaries of State for Energy Security and Net Zero, for Science, Innovation and Technology, for Business and Trade, and for Culture, Media and Sport and the Transfer of Functions (National Security and Investment Act 2021 etc) Order 2023 (S.I. 2023/424), arts. 1(2), 15(1) (with arts. 16(5)(6), 17)

Contents

  1. Part 1: Call-in for national security
  2. Chapter 1: Call-in power
  3. 1Call-in notice for national security purposes
  4. 2Further provision about call-in notices
  5. 3Statement about exercise of call-in power
  6. 4Consultation and parliamentary procedure
  7. Chapter 2: Interpretation
  8. 5Meaning of “trigger event” and “acquirer”
  9. 6Notifiable acquisitions
  10. 7Qualifying entities and assets
  11. 8Control of entities
  12. 9Control of assets
  13. 10Holding and acquiring interests and rights: supplementary
  14. 11Exceptions relating to control of assets
  15. 12Trigger events: supplementary
  16. Chapter 3: Approval of notifiable acquisition
  17. 13Approval of notifiable acquisition
  18. Chapter 4: Procedure
  19. Procedure in respect of notifiable acquisition
  20. 14Mandatory notification procedure
  21. 15Requirement to consider retrospective validation without application
  22. 16Application for retrospective validation of notifiable acquisition
  23. 17Retrospective validation of notifiable acquisition following call-in
  24. Voluntary notification of trigger event
  25. 18Voluntary notification procedure
  26. Information, etc
  27. 19Power to require information
  28. 20Attendance of witnesses
  29. 21Information notices and attendance notices: persons outside the UK
  30. 22False or misleading information
  31. Part 2: Remedies
  32. Assessment period
  33. 23Meaning of “assessment period”
  34. 24Effect of information notice and attendance notice
  35. Interim and final orders
  36. 25Interim orders
  37. 26Final orders and final notifications
  38. 27Review, variation and revocation of orders
  39. 28Orders: supplementary
  40. 29Publication of notice of final order
  41. Financial assistance
  42. 30Financial assistance
  43. CMA functions
  44. 31Interaction with CMA functions under Part 3 of Enterprise Act 2002
  45. Part 3: Enforcement and Appeals
  46. Offences
  47. 32Offence of completing notifiable acquisition without approval
  48. 33Offence of failing to comply with order
  49. 34Offences: information and attendance of witnesses
  50. 35Offences in relation to sharing information
  51. 36Offences by bodies corporate etc
  52. Prosecution and penalties
  53. 37Prosecution
  54. 38Proceedings against partnerships etc
  55. 39Offences: penalties
  56. Civil sanctions
  57. 40Power to impose monetary penalties
  58. 41Permitted maximum penalties
  59. 42Review, variation and revocation of monetary penalties
  60. 43Monetary penalties: criminal proceedings and convictions
  61. 44Recovering penalties
  62. 45Monetary penalties: cost recovery
  63. 46Review, variation and revocation of cost recovery notice
  64. 47Enforcement of cost recovery notice
  65. Civil proceedings
  66. 48Enforcement through civil proceedings
  67. Judicial review and appeals
  68. 49Procedure for judicial review of certain decisions
  69. 50Appeals against monetary penalties
  70. 51Appeals against costs
  71. Territorial application
  72. 52Extra-territorial application and jurisdiction to try offences
  73. Part 4: Miscellaneous
  74. Administrative requirements
  75. 53Procedure for service, etc
  76. Information gateways
  77. 54Disclosure of information
  78. 55Disclosure of information held by HMRC
  79. CMA information
  80. 56Duty of CMA to provide information and assistance
  81. Data protection
  82. 57Data protection
  83. Minor amendments, etc
  84. 58Minor and consequential amendments and revocations
  85. Disclosure of information under the Enterprise Act 2002
  86. 59Overseas information disclosure
  87. Defamation
  88. 60Defamation
  89. Annual report
  90. 61Annual report
  91. Part 5: Final provisions
  92. 62Transitional and saving provision in relation to the Enterprise Act 2002
  93. 63Regulations under this Act
  94. 64Financial provision
  95. 65Interpretation
  96. 66Short title, commencement and extent
  97. Schedule 1: Trigger events: holding of interests and rights
  98. Joint interests
  99. 1Paragraph 1
  100. Joint arrangements
  101. 2Paragraph 2
  102. Indirect holdings
  103. 3Paragraph 3
  104. Interests held by nominees
  105. 4Paragraph 4
  106. Rights treated as held by person who controls their exercise
  107. 5Paragraph 5
  108. Rights exercisable only in certain circumstances etc
  109. 6Paragraph 6
  110. Rights attached to shares held by way of security
  111. 7Paragraph 7
  112. Connected persons
  113. 8Paragraph 8
  114. 9Paragraph 9
  115. 10Paragraph 10
  116. Common purpose
  117. 11Paragraph 11
  118. Arrangements
  119. 12Paragraph 12
  120. Schedule 2: Minor and consequential amendments and revocations
  121. 1Paragraph 1
  122. 2Paragraph 2
  123. 3Paragraph 3
  124. 4Paragraph 4
  125. 5Paragraph 5
  126. 6Paragraph 6
  127. 7Paragraph 7
  128. 8Paragraph 8
  129. 9Paragraph 9
  130. 10Paragraph 10
  131. 11Paragraph 11