Inquiry into Government’s investment security watchdog opens
1 February 2023
A subcommittee of MPs from the Business, Energy and Industrial Strategy (BEIS) Committee examines how the Investment Security Unit (ISU) shares information about its work in a short inquiry launched today.
- Inquiry: Information sharing by the Investment Security Unit
- BEIS Sub-Committee on National Security and Investment
- Business, Energy and Industrial Strategy Committee
The ISU was set up under the National Security and Investment Act to monitor investments and takeovers of UK businesses that might pose risks to the UK’s national security. It has the power to unwind deals where it concludes a deal could threaten UK interests.
As the Parliamentary committee which will be taking on scrutiny of the ISU, MPs on the BEIS Sub-Committee will probe how the ISU communicates with firms involved in the transactions it reviews, and how it reports on its activity to Parliament and the public.
Terms of Reference
The Committee is calling for those with knowledge of investment screening processes in the UK or abroad, or companies with experience of investments scrutinised by the ISU, to submit evidence through the inquiry webpage before midnight on 24 February on any of the following questions;
- How, and how effectively does the Investment Security Unit (ISU) communicate with the firms involved in transactions? How could this improve?
- What metrics and information should be used to assess the impact and effectiveness of the investment screening systems, and over what time frame?
- What can the UK learn from the way other countries report on the work of their investment screening systems?
The inquiry will only take evidence on transactions where the ISU decision and period for any judicial review have both been completed. The Committee is happy to consider requests for evidence to be kept anonymous or confidential. More information on how Select Committees handle evidence can be found here.