On 4 January 2022, the National Security and Investment Act 2021 (NSI Act) introduced a mandatory foreign direct investment (FDI) notification regime in the UK for transactions in certain sectors to protect national security. This new regime sits alongside the existing merger control regime and replaced the previous powers for the government to intervene in merger investigations on national security grounds. The below tracker summarises the history of the NSI Act through the parliamentary process. More specifically, it highlights the passage of the legislation through Parliament to its publication as an Act, as well other subsequent key events and documentation published after the NSI Act entered into force. 2026 Date Stage Further reading 14/07/2026 The Government publishes its 2025-26 Annual Report • Annual Report published 26/03/2026 The Cabinet Office published a Memorandum of Understanding (MoU) between it and the CMA on the operation of the NSI Act. The MoU replaces a June 2022 MoU between BEIS and the CMA • MoU published 12/03/2026 The Government publishes its response to its consultation on proposed updates to the Notifiable

This Practice Note contains court decisions relating to National Security and Investment Act 2021 (NSIA 2021) and tracks transactions in which the UK government has intervened on national security grounds. Information on the NSIA 2021 can be found in the following Practice Notes: • The National Security and Investment Act 2021 • The National Security and Investment Act—implications for finance transactions • FAQs for insolvency professionals on the National Security and Investment Act 2021 Under NSIA 2021, s 26, where a transaction has been called-in for review (whether following a mandatory notification, voluntary notification, or pursuant to its call-in power), the government must, before the end of the assessment period, either: • make a final order, provided it considers that both a trigger event under the NSIA 2021 and a risk to national security has occurred or will occur (as applicable), or • issue a final notification that no further action will be taken NSIA 2021, s 26 specifies that a final order may include: • provision

ARCHIVED: This Practice Note has been archived and is not maintained. This archived Practice Note looked at how parties on UK public company takeover transactions dealt with the mandatory foreign direct investment (FDI) notification regime (NSI regime) introduced by the National Security and Investment Act 2021. The NSI regime sits alongside the existing merger control regime and replaces the powers for the government to intervene in merger investigations on national security grounds. The Act received royal assent on 29 April 2021 and came into effect fully on 4 January 2022. For further details, see News Analysis: New UK FDI screening regime approved and Practice Note: National Security and Investment Bill—progress tracker. This Practice Note tracks looks at how companies are dealing with the NSI regime in UK public company takeover transactions. For analysis of these deals and the underlying transaction documents, see our Market Standards deal analysis tool. Our Market Standards—a guide for users provides both an online demonstration of Market Standards database and a PDF user guide. Date of offer announcement Offer

The official online facility for the storage of regulated information in the UK (ie information required to be disclosed under the Listing Rules, Prospectus Regulation Rules and Disclosure Guidance and Transparency Rules). It can be accessed via the FCA Homepage or see FCA: Submit documents electronically.

National Trading Standards has reported that five money launderers, who conned victims out of over £1m, have been sentenced to nine and a half years imprisonment at Leeds Crown Court. The investigation was led by the National Trading Standards eCrime Team and supported by officers from West Midlands, Staffordshire and Wiltshire police services.

The SLC-led forum for sharing common research and development needs, risks and opportunities.

Calls to non-geographic NTS (Number Translation Service) for which calling customers are charged at the national call rate.

A curriculum which is mandatory in all maintained schools.

Set up by the government to support employers to comply with their obligations under automatic enrolment.

A national legal act adopted by the Member States to implement, transpose or give effect to the requirements of a specific EU legal act, usually a Directive.

A nationwide network of integrated electronic communications that connects people, businesses, schools, institutions and governments with one another. (See Information Superhighway).

PI & Clinical Negligence analysis: A rapid national investigation into NHS maternity and neonatal care has been launched with the aim of identifying a set of actions to improve services across England. The investigation, chaired by Baroness Valerie Amos, is due to produce an initial set of recommendations by December 2025. This follows a series of earlier investigations over the last decade which have identified systemic failings leading to harm to mothers and babies at a number of individual NHS Trusts. The investigation by Baroness Amos intends to apply a national focus, reviewing care provided by maternity and neonatal services at 14 NHS Trusts, as well as undertaking a system-wide review of maternity and neonatal care across the country. Written by Suzanne Farg, Director in the Medical Negligence team at Fieldfisher.