Key Facts

• Clause 29 requires the Secretary of State to publish a notice when a final order has been made, varied or revoked.
• Subsection (3)(a) allows redaction if publishing would prejudice commercial interests.
• Amendment 27 proposes preventing redactions unless publication is in the public interest.
• Amendment 24 would enable the Secretary of State to give financial assistance for interim or final orders.
• Amendment 28 mandates reporting to Parliament if financial assistance exceeds £100 million in a calendar year.
• Clause 30 provides financial assistance through loans, guarantees or indemnities for entities affected by final orders.
• The clause requires a report to Parliament if financial assistance totals £100 million in any financial year.
• No limit on the amount of financial assistance provided under clause 30.
• Clause 30 provides legal authority for the Secretary of State to provide financial assistance after a final order has been made.
• Financial assistance can be given only with Treasury consent and subject to appropriate safeguards.
• Amendment 28 would require reporting if financial assistance exceeds £100 million in any calendar or financial year.
• Chi Onwurah highlights concerns about interim orders not providing adequate time for financial assistance.
• Matt Western points out the importance of support for larger organizations beyond SMEs experiencing financial difficulties.
• The Minister mentions ongoing communication with various companies, including those in distress due to losing clients.
• The amendment targets the need for clarity and alignment between the new investment security unit in BEIS and the Competition and Markets Authority (CMA).
• Public interest intervention notice regimes allow the Secretary of State to direct the CMA.
• Businesses seek assurances on clear guidance on how the merger control process will operate under the new regime.
• The clause enables the Secretary of State to direct the CMA to take or not take a particular course of action.
• Directions must be transparent and published by the Secretary of State.
• Consultation with the CMA is required before giving a direction.
• Clauses 32 to 36 focus on enforcement and appeal mechanisms.
• Clause 32 establishes an offence for completing notifiable acquisitions without approval.
• Clause 33 makes it an offence to breach interim or final orders.
• Clause 34 addresses compliance with information notices and attendance notices.
• Clause 35 provides a defence for lawful use of disclosed information.
• Clause 36 ensures individuals are responsible for corporate offences.
• Clause 40 provides the Secretary of State with the power to impose monetary penalties on a person who has committed an offence under clauses 32 to 34.
• The maximum fixed penalty and daily rate penalty are set out in clause 41, intended as deterrents against disregarding legal requirements that could jeopardize national security.
• Clause 44 enables the Secretary of State to enforce monetary penalties by making unpaid penalties recoverable through court order methods.
• Amendment 26 seeks to extend the period for judicial review applications from 28 days to three months.
• Relevant decisions specified in various clauses include power to require information, witness attendance, data protection, and CMA information.
• The amendment concerns the procedure for judicial review of certain decisions as detailed in clause 49.
• The Bill reduces the timeframe for judicial review from three months under standard rules to 28 days.
• Skeleton arguments in judicial reviews must be provided within 21 working days according to civil procedure rules.
• Getting the starting point of the clock ticking correct is crucial for adhering to the reduced timeframe.
• The Bill's Clause 49 sets a 28-day period for judicial review of certain decisions, shorter than the usual three-month period.
• Exceptional circumstances may allow proceedings beyond the 28 days.
• Decisions under the Bill include those relating to screening acquisitions.
• MP Graham Brady discusses clauses 50, 51, and 52 of the National Security and Investment Bill.
• The discussion focuses on procedural aspects including appeals against monetary penalties.
• Clause 50 allows appeal against penalty notices or variation notices within 28 days.
• Court can confirm, reduce, or quash decisions on monetary penalties but cannot increase them.
• Clause 51 provides right of appeal against costs related to monetary penalties.
• Clause 52 grants extraterritorial jurisdiction for offences under the regime.