The UK Government introduces a national security and investment bill to Parliament which affects private equity investments

The implications of the UK’s proposed national security investment screening regime have been widely debated since the National Security and Investment Bill (NSI Bill) was introduced to Parliament on 11 November 2020. However, as the NSI Bill progresses through the House of Lords, there has been a notable lack of public analysis of the effect of the new NSI regime on private equity, despite the significant implications for fund managers and institutional investors, whether as holders, sellers or acquirers of investments. Key takeaways The UK’s proposed NSI regime represents an important new execution risk factor, with a similar risk profile to merger control rules. Broadly speaking, the new regime will apply to any acquisition of “material influence” in a company (which may be deemed to

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  • Herbert Smith Freehills (London)

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Jonathan Blake, The UK Government introduces a national security and investment bill to Parliament which affects private equity investments, 11 November 2020, e-Competitions Foreign Investment, Art. N° 99627

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