Background: Overview of the National Security and Investment Regime Mandatory notification
The Act provides for a mandatory notification requirement for acquisitions of certain shares or voting rights in the qualifying entities to be specified in regulations made by the Secretary of State, which are termed "notifiable acquisitions". Proposed acquirers must notify the Secretary of State of notifiable acquisitions before they take place in order to obtain clearance to go ahead.
	A notifiable acquisition that is completed before being approved by the Secretary of State is void and of no legal effect. Additionally, the acquirer may be subject to criminal or civil penalties for completing the acquisition without clearance. The Secretary of State may retrospectively validate a notifiable acquisition. Regulations will specify how to notify the Secretary of State of notifiable acquisitions.
	The Act provides a power for the Secretary of State to amend the acquisitions which are notifiable through regulations. The Secretary of State may also make regulations exempting acquisitions from the mandatory notification regime on the basis of the characteristics of the acquirer. These powers collectively allow the regime to reflect changing national security risks.