On 11 November, the UK Government introduced to Parliament the long-awaited National Security and Investment Bill. The Bill, which is expected to be enacted in Spring 2021, is a transformative event for investors in UK businesses and assets, proposing sweeping new powers for Government to scrutinise and intervene in a wide range of transactions on the basis of UK national security. Here we set out the key elements of the regime and what it means for parties looking to invest in businesses and assets with a UK nexus.