The Government is anticipating 1,000-1,830 notifications to be made each year. It is expecting to call in a further 75-90 non-notified deals per year. Of this total, the Government expects only around 10 deals per year to require remedies.
The expected timings for processing notifications remain the same as under earlier proposals, i.e.: (i) 30 working days to assess the notification (the 'review period'); and (ii) 30 working days, extendable to 45 working days, to undertake the national security assessment (the 'assessment period').
By the end of the review period, the Government will either (i) clear the acquisition and inform the acquiror that it can go ahead with the transaction, or (ii) call-in the acquisition for a full national security assessment. Notices requiring further information, or attendance of individuals at meeting/s, that are issued during the review period will not impact the 30 working day deadline. However information or attendance notices issued during the assessment period will have the legal effect of 'stopping the clock'.
Within 30 working days of a transaction being called in for a national security assessment, the Government will either inform the acquiror that (i) the acquisition is cleared and can go ahead; (ii) the acquisition can go ahead subject to certain conditions; (iii) the acquisition is blocked and cannot go ahead, or (iv) the assessment period needs to be extended for another 45 working days, on the basis that it is reasonably believed that the acquisition raises or would raise a national security risk, and an additional period is required to further assess the acquisition.
The Secretary of State has powers to impose hold separate orders, both interim and final, if necessary and proportionate.