NRD Partnership have produced a very insightful report into how the National Security and Investment (NSI) Act is operating in practice, six months after it came into force on 4 January 2022.
Many of DRD's findings strike a chord with our own experiences.
On the plus side, we are seeing slightly fewer deals requiring notification than we had anticipated and, for deals that do need to be notified, the notification process is proving fairly straightforward and approvals are generally being received well within the 30 working day deadline.
Less positively, the absence of identified case handlers whom one can contact in the course of the process is frustrating. And, on deals that are "called in" for more detailed review, businesses' ability effectively to engage in the process and to address the perceived national security risk are hampered by the ISU's reticence to provide any explanation of what the concerns might be.
It remains clearly the case though that the NSI Act is significant legislation, the implications of which need to be considered carefully on deals.
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