The UK National Security and Investment Bill: Impact on transactions concerning intangible assets

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The UK’s new national security regime has important implications for business. The new regime captures a much broader range of transaction types than the national security regime under the Enterprise Act 2002 it replaces, with the UK Government predicting almost 2,000 transactions will be reviewed each year under the new regime (whereas fewer than 20 transactions have been reviewed for national security concerns under the Enterprise Act since 2003). This article focuses on the implications for transactions concerning intangible assets, falling under the voluntary notification side of the new regime. The article explains the types of transactions involving intangible assets that fall within the scope of the regime, relevant factors in terms of whether such transactions are likely to be called-in for review and thereby suggesting that a voluntary notification may be advisable, and the procedure for any review.