The UK’s National Security Screening Regime: The First Six Months

June 28, 2022

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The UK’s new national security screening regime came into force in January 2022. Requiring pre-closing approval for investments in companies active in the UK in 17 specified sectors, this change is the most significant shift in the regulatory environment for over 20 years. The new rules also give the UK Government the power to intervene in transactions outside of these sectors.

The panel, moderated by Cleary Gottlieb partner Nicholas Levy, discussed their experience with the new regime over its first six months, the interaction between national security screening and merger control, and reflections from an EU and U.S. perspective. The panel included Alex Olive, Director of Mergers at the UK Competition and Markets Authority (CMA); Shannon Kirby, Director of Brunswick Group; Cleary partners Jackie Holland, Chase Kaniecki, and Nallini Puri; and Cleary senior attorney John Messent.