The UK government has announced that responsibility for National Security and Investment policy will move to the Chancellor of the Duchy of Lancaster in the Cabinet Office, as part of the changes announced on Tuesday 7 February to a number of government departments.
Previous relevant entities
Responsibility for National Security and Investment policy previously sat under the Department for Business, Energy and Industrial Strategy (BEIS). BEIS was responsible for the establishment and application of the regime as set out under the National Security and Investment Act 2021 (NSIA), with the relevant decision maker for notifications being the Secretary of State for BEIS. BEIS also housed the Investment Screening Unit, the team within BEIS that reviewed NSIA notifications from parties.
Administration of the NSIA regime going forwards
Responsibility for National Security and Investment policy will now sit under the Chancellor of the Duchy of Lancaster in the Cabinet Office. Although this departmental restructuring does not alter the rules nor obligations for parties under the NSIA, it does mean notifications made under the NSIA will be reviewed by the Cabinet Office. Although it is yet to be explicitly confirmed, we assume that decisions about notifications will now be made by the Chancellor of the Duchy of Lancaster.
Whilst this structural change took effect immediately, the government has indicated that a full transition programme will be completed over the coming months. Further guidance on any changes made to the administration of the NSIA regime is likely to follow.