Davina Garrod Discusses Recent Clarifications to U.K. National Security and Investment Act
Global Competition Review has quoted Akin Gump London partner Davina Garrod in its article “UK issues guidance on new foreign investment control regime.” The article discusses recent clarifying updates to the U.K. Department for Business, Energy and Industrial Strategy’s National Security and Investment Act.
According to the publication, the U.K. government has issued definitions on the 17 sectors that will assume “national importance” and clarifies which types of acquisitions will be subject to mandatory notification requirements as of January 2022. To this, Garrod said the guidance is “particularly welcome,” as it will help businesses interpret which acquisitions are notifiable.
Then, on the topic of AI, Garrod discussed examples of various “identification” types that would allow “companies and their counsel to more swiftly determine which target activities are within the scope of the mandatory notification obligation, without having to informally engage with the Investment Security Unit too often,” the article noted. Garrod added that this will be particularly useful “in the run-up to D-Day,” in reference to the January 4, 2022 deadline, at which point there will be a “deluge of notifications.”