Clifford Chance

Proposed Reforms and Recent Statistics for the UK National Security Merger Screening Regime

1 August 2025

The UK Government has announced that it intends to exempt certain intra-group transactions from the mandatory filing requirements of the National Security and Investment Act 2021 (NSIA). It is also consulting on proposed changes to the definitions of "sensitive activities" that determine whether other transactions are notifiable, which would refine several of the existing definitions, while adding certain activities in the water sector.

Separately, the Government has published its annual report on the operation of the NSIA, providing insights into the types of transactions and investors affected by the regime.

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