On 11 November 2020, the UK government announced a new NSI regime.
Under the new regime, certain direct foreign investments
in the UK will require mandatory notification to, and prior
approval by, the Department for Business, Energy & Industrial
Strategy (BEIS) before completion. In addition, BEIS will
be able to “call in” retroactively deals (within six months of
becoming aware of them) that fall outside the mandatory
notification requirements, but which it deems still to raise
potential national security risks. BEIS will be able to look
backwards at deals that closed within 5 years, so long as they
closed on or after 12 November 2020.