NSI Act – Time To Take Notice!

What we need from the Section 3 Statement under the National Security and Investment Act

The National Security and Investment Act received Royal Assent in April. Its implications for the property sector are still a subject for debate and speculation, but they are significant.

Briefly, the Act enables the government to screen retrospectively and, if necessary, intervene in, acquisitions of land it considers a ‘threat to national security' – a concept that is not defined by the Act.  It expects to use those powers rarely – mostly, we expect, where hostile state-backed actors seek to purchase sites close to, or which are, sites where sensitive activities are carried out. The Act prescribes 17 sensitive sectors which are viewed as relevant to national security. Deals in these sectors require mandatory notification to BEIS.