On 16 November 2021, UK GVT issued two further statutory instruments re NSI Act 2021.
- The National Security and Investment Act 2021 (Notifiable Acquisition) (Specification of Qualifying Entities) Regulations 2021, SI 2021/1264, as made on 10 November 2021.
- Sets qualifying entity definition, acquisition of which constitutes notifiable acquisition.
- The National Security and Investment Act 2021 (Monetary Penalties) (Turnover of a Business) Regulations 2021, SI 2021/1262, which was also made on 10 November 2021.
- Specifies for the purpose of calculating monetary penalties on businesses under the Act that a business includes a sole trader; how turnover is to be assessed; and when a business is deemed to be controlled by another business for calculation of turnover.
- Both these instruments will come into force on 4 January 2022.