Last week the government published new guidance on “notifiable” acquisitions under the National Security and Investment Act 2021 (NSI). This welcome guidance sets out the types of relevant activities in each of the 17 sensitive areas of the economy (listed below) which will trigger a mandatory notification to government on a proposed acquisition or investment.

Advanced Materials	Advanced Robotics	Artificial Intelligence	Civil Nuclear	Communications	Computing Hardware
Critical Suppliers to Government	Cryptographic Authentication	Data Infrastructure	Defence	Energy	Military and Dual-Use
Quantum Technologies	Satellite and Space Technologies	Suppliers to the Emergency Services	Synthetic Biology	Transport

Further welcome clarification was also provided on what to expect when an acquisition is being reviewed and assessed, including guidance on submitting a notification under the NSI; the review and assessment process; compliance and enforcement; and contacting the government's dedicated Investment Security Unit (which sits within the Department for Business, Energy and Industrial Strategy and provides a single point of contact for businesses wishing to understand the NSI and notify the government about transactions).

Guidance on how to register for the online notification form service and complete notification forms remains to be "published closer to full commencement".