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On 29 April 2021, the UK National Security and Investment (NSI) Bill has received Royal Assent which means that the adopted provision will be enforced from 4 January 2022 onwards. The act replaces the public interest merger regime from the Enterprise Act of 2002 for the transactions that involve national security. The bill introduces mandatory notification obligations for foreign investments in 17 areas, including data infrastructure and Artificial Intelligence. Transactions subject to mandatory filing obligations and completed without clearance will be deemed void, representing the first suspensory review regime in the UK for qualifying transactions. Acquisitions will be subject to mandatory notification in circumstances where an investor acquires control in an entity (technically 25%, 50% or 75% of shares or voting rights but "material influence" is also considered) or can stop or pass any form of resolution in an entity. The reception and management of notifications are under the control of the new Investment Security Unit while the Department of Business, Energy & Industrial Strategy is responsible for oversight of the process, which has different stages: an initial review period of 30 days, the calling-in for substantive review by the Secretary of State giving the ISU further 30 days fo a detailed assessment, which can be extended to (45 days).
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