The article details how the UK's National Security and Investment (NSI) Act 2021 operates as a standalone screening regime for acquisitions of control over UK‑connected entities or assets, with most provisions effective from January 4, 2022, and a retroactive call‑in power back to November 12, 2020. It emphasizes that the regime is acquirer- and value-agnostic, applies to UK and foreign buyers, and mandates pre-completion approval for acquisitions in 17 sensitive sectors, with voiding risk and significant civil/criminal penalties if notifiable deals are completed without approval. Additionally, the article highlights what is in and out of scope, and how financial services are frequently in scope because fintech and market infrastructure intersect with areas such as data infrastructure, communications, cryptographic authentication, AI, and quantum-adjacent software.
It is noted that the government has consulted on streamlining the regime (e.g., refining AI and data infrastructure definitions) and plans targeted exemptions for intragroup reorganizations and certain insolvency appointments, although these changes require secondary legislation. Meanwhile, standard timelines are roughly 30 working days for initial review, with possible 45-day extensions on call-in.
"Explainer: the UK's NSI Act," The Banker, December 11, 2025
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