These Regulations are the second commencement regulations made under the National Security and Investment Act 2021 (c. 25) (“the 2021 Act”) and commence the remaining provisions of the Act and make transitional and saving provision.

Regulation 3 brings into force the provisions in the 2021 Act that are not already in force.

Regulation 4 provides that the 2021 Act does not apply to a proposed merger where the Secretary of State has given an intervention notice under sections 42(2), 59(2) or 67(2) of the Enterprise Act 2002 (c. 40) (“the 2002 Act”) in relation to the proposed merger before 4th January 2022 citing national security as the public interest consideration and that the provisions of the 2002 Act continue to apply.

Regulation 5 provides that where, immediately before the commencement date, the Competition and Markets Authority has made a reference under sections 22 or 33 of the 2002 Act or is considering whether to make a such a reference and the initial period as defined in section 34ZA of the 2002 Act has commenced, the provisions of the 2002 Act shall apply as if unamended by the 2021 Act.