UK NSI Act 2021: energy and nuclear—notifiable acquisitions, call-in powers, qualifying entities, assets and thresholds, with guidance for new-build downstream projects and Ofgem licence applications

Published by a LexisNexis Energy expert

Practice notes

The National Security and Investment Act 2021 (NSI Act)

The National Security and Investment Act 2021 (NSI Act) took full effect on 4 January 2022. It empowers the UK government to scrutinise and intervene in a broad range of acquisitions involving certain business entities and assets, described as ‘qualifying entities’ and ‘qualifying assets’, across 17 defined sensitive areas, with the overarching aim of preventing deals that could threaten the UK’s national security. Acquisitions of qualifying entities carry mandatory notification obligations and must be cleared by the government before completion. In addition, the government may ‘call in’ any transaction concerning a qualifying entity or qualifying asset for an in-depth assessment where a national security concern is identified, irrespective of whether a mandatory filing applies. Following review, the government can impose conditions on a deal, or unwind or block it altogether. Breaches of the rules may result in civil penalties up to the higher of 5% of the business’s global turnover or £10m, as well as potential criminal sanctions. The NSI Act is administered by the Investment Security Unit (USU) in the Cabinet Office...

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Web page updated on 22/05/2026

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