Following on from its first annual report on the National Security and Investment Act (“NSIA”) in June 2022 ), on 19 July 2022 the UK’s Department for Business, Energy & Industrial Strategy (“BEIS”) published its first set of “market guidance notes” on the NSIA regime (see here). These guidance notes are based on BEIS’s analysis of notifications received to date since the regime came into force in January 2022, as well as feedback from stakeholders on their experiences with the nascent regime to date. In this short article, we summarise the new guidance and advice from the Government as set out in the market guidance notes and what this means for parties active in M&A.