Key Facts

• Amendment 29 proposes changing 'may' to 'shall'.
• The change would require the Secretary of State to set out the process to be followed.
• Companies may find it comforting that the Bill requires those details to be produced.
• Amendment 30 aims to modify clause 54.
• The proposed change requires the Secretary of State to conduct a reasonable inquiry before sharing information in national security reviews.
• Clause 54 specifies circumstances for disclosing information by public authorities to the Secretary of State.
• The amendment aims to add 'which, on a reasonable enquiry, appears to the Secretary of State' into clause 54.
• Concerns are raised about the wide range given to the Secretary of State in sharing data with overseas public authorities based solely on appearances.
• The Secretary of State needs access to relevant information at the right time to make decisions under the Bill.
• Clause 54 allows public authorities to disclose information to the Secretary of State and vice versa, including for crime prevention and national security protection.
• Safeguards in clause 54 prohibit onward disclosure without consent and require consideration of prejudice to commercial interests.
• Clause 54(7) lists factors the Secretary of State must consider when deciding whether to release information.
• There is no requirement in clause 54 for assessing the rule of law or equivalent legislation in other countries.
• The amendment aims to increase scrutiny on the Secretary of State's decision-making process regarding overseas public authorities.
• Clause 56 places a duty on the Competition and Markets Authority (CMA) to provide information and assistance to the Secretary of State.
• This ensures the Secretary of State has access to pertinent information for decision-making under the Bill.
• The clause is ordered to stand part of the Bill without further amendments.
• Clause 58 inserts Schedule 2 into the National Security and Investment Bill.
• Schedule 2 removes national security as grounds for intervention under the Enterprise Act 2002 once the new Bill's provisions are enacted.
• The Secretary of State will retain powers to intervene in mergers that raise issues of media plurality, financial stability, or public health emergencies.
• Clause 59 amends the overseas disclosure gateway in section 243 of the Enterprise Act 2002.
• The clause removes restrictions on UK public authorities disclosing information related to merger investigations.
• The Labour party is concerned that this provision extends beyond national security.
• Amendment 31 requires reporting on time taken for processing notices.
• It demands reporting on resource allocation to the new unit.
• The amendment aims to track the extent to which SMEs are called in under the regime.
• Clauses 62 to 66 are being discussed in relation to the National Security and Investment Bill.
• The discussion includes transitional provisions and stand part issues.
• Clause 62 sets out transitional provisions for mergers under both the Bill and the Enterprise Act 2002.
• Regulations under clauses 6, 11, and 41 will be subject to draft affirmative procedure.
• All other regulations are subject to negative resolution procedure.