A subcommittee of MPs from the Business, Energy and Industrial
Strategy (BEIS) Committee has launched a short enquiry into how
the Investment Security Unit (ISU) shares information about its
work.
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.
