On 9 January 2023, UK GVT updated guidance on UK GVT notification rules.
- UK GVT updated guidance for investors and businesses on the legal requirement to tell it about sensitive acquisitions / takeovers under national security and investment act (NSIA 2021).
- Follows UKP November 2020 issued bill on national security and investments.
- Content relating to when to tell the government about an acquisition has been moved from the Market Guidance Notes July 2022, and then incorporated into this guidance.
- This confirms the need for investors and firms to tell UK GVT about certain acquisition / takeover of qualifying entities in 17 sensitive areas of the economy subject to certain criteria.
- The sensitive areas include Advanced Materials, Advanced Robotics, AI, Civil Nuclear, Energy, Military and Dual-Use, Satellite and Space Technologies, as well as Transport.
- Reporting requirements also apply if shareholding or voting rights in firms rise from under 25% to over 25%, from under 50% to over 50% or under 75% to 75% or more.