Competition and Regulated Markets

FOREIGN DIRECT INVESTMENT SCREENING

The Screening of Third Country Transactions Act 2023 was signed into law on 31 October 2023. It gives the Minister for Enterprise, Trade and Employment wide-ranging powers to review investments which meet specified criteria and ultimately to block investments that create national security and/or public order risks.

The Act is expected to come into force in Spring 2024. It will have significant implications for in-scope transactions. Parties to transactions will need to assess the applicability of the new regime and, where a filing obligation arises, there may be a lengthy review period which may impact deal timetables.

Read our in-depth briefing here.