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National Security and Investment Act 2021

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1Call-in notice for national security purposesU.K.

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(1)The Secretary of State may give a notice if the Secretary of State reasonably suspects that—

(a)a trigger event has taken place in relation to a qualifying entity or qualifying asset, and the event has given rise to or may give rise to a risk to national security, or

(b)arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or qualifying asset, and the event may give rise to a risk to national security.

(2)For the purposes of this Act, in considering whether a trigger event has taken place, or whether arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place, the effect of section 13(1) (notifiable acquisitions that are void) must be disregarded.

(3)A notice under subsection (1) is referred to in this Act as a call-in notice.

(4)If the Secretary of State decides to give a call-in notice, the notice must be given to—

(a)the acquirer,

(b)if the trigger event relates to a qualifying entity, the entity, and

(c)such other persons as the Secretary of State considers appropriate.

(5)The call-in notice must include a description of the trigger event to which it relates and state the names of the persons to whom the notice is given.

(6)The Secretary of State may not give a call-in notice unless a statement has been published (and not withdrawn) for the purposes of section 3.

(7)The Secretary of State must have regard to that statement before giving a call-in notice.

(8)But nothing in the statement limits the power to give a call-in notice.

Commencement Information

I1S. 1 in force at 4.1.2022 by S.I. 2021/1465, regs. 2, 3 (with regs. 4, 5)

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