Key Implications of the UK's New CFIUS-Style Foreign Investment Regime for Chinese Investors

China Law Podcast

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3y ago 27:38

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National security has driven reforms to foreign direct investment regimes around the world, including the United States, Australia, the EU and China. The U.K. is the latest major economy to join in on the act with its new National Security and Investment Bill, which will for the first time in the country’s history introduce a standalone foreign investment regime similar to the U.S. CFIUS review process. Roger Barron and Garrett Hayes discuss the ins and outs of the new regime: its scope and review timeline, the impact on M&A auctions and completed transactions, and recommendations for Chinese investors.

Roger Barron is Paul Hastings' global vice chair for mergers and acquisitions based in London, who recently provided expert evidence to the U.K. parliament on the proposed National Security and Investment Bill. Garrett Hayes is a corporate partner at Paul Hastings based in London who has considerable experience in cross-border M&A, especially in the telecoms industry.

The China Law Podcast is a weekly podcast exploring China’s business and financial sectors from a legal perspective. Get in touch at vchow@alm.com with any feedback and ideas for future episodes.

Episode Outline

01:29 Levels of Chinese investment in the U.K.
02:38 Current investment regime under Enterprise Act of 2002
03:34 Mandatory notification requirement for 17 sensitive sectors
08:05 Potential disadvantage in M&A auctions
10:28 Key considerations for voluntary filing
13:42 Comparisons with CFIUS
20:06 Information-gathering to sway sellers and regulators