The National Security and Investment Act 2021 (Commencement No. 1 and Transitional Provision) Regulations 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations bring into force certain provisions of the National Security and Investment Act 2021 (c.25) (“the Act”) and make transitional provision.

Regulation 2(a) brings into force sections 3 and 4 of the Act. Section 3 gives the Secretary of State the power to publish a statement setting out how the Secretary of State expects to exercise the power to give a call-in notice. Section 4 sets out the requirement on the Secretary of State to consult on the statement and lay it before Parliament before publishing it.

Paragraphs (b) to (d) of regulation 2 bring into force provisions relating to the power to make regulations in section 6(1) (notifiable acquisition), section 41(8) (permitted maximum penalties) and section 53(1) (procedure for service).

Regulation 2(e) brings into force section 59 of the Act. Section 59 amends section 243(3)(d) of the Enterprise Act 2002 (c. 40) (“the 2002 Act”) by removing a restriction on a public authority disclosing information to an overseas public authority which comes to it in connection with a merger investigation under Part 3 of the Enterprise Act 2002.

Regulation 3 makes transitional provision in relation to the amendment made by section 59 and provides that it only applies to information which comes to a public authority on or after 1st July 2021 in connection with a merger investigation under Part 3 of the Enterprise Act 2002.