On 11 November 2020, the UK government published the National Security and Investment Bill, which, if enacted, will significantly reform the regulation of M&A activity in the UK by introducing a new and separate review mechanism for transactions giving rise to national security concerns.  

Deal teams are encouraged to take account of these UK reforms (particularly given the ability of the UK government to retrospectively review transactions completed from 11 November 2020 onwards), as well as the increased interventionism of the CMA at an early stage in deal planning.