On 11 November 2020, the UK government published its long-awaited National Security and Investment Bill. The Bill introduces measures which strengthen the UK government’s powers to review and intervene in acquisitions of UK assets (companies, land, moveable assets and intellectual property) on national security grounds. Under the Bill, investors and businesses acquiring UK assets will be required to notify to a newly established dedicated government unit, the Investment Security Unit, all transactions in certain designated sensitive sectors, which are likely to include, among others, communications, defence, energy, technology, key suppliers to emergency services, and transport. It is expected that under the new regime, the review process for most transactions will take 30 working days or less. Transactions outside these sensitive sectors can be notified voluntarily. Any transaction which has not been notified and that the BEIS becomes aware of within 5 years of being completed (if completed on or after 12 November 2020) can be ‘called-in’ by the BEIS for review.