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In the News: UK is Updating Investment Act; China Relaxes Rules for QFIIs; and Stealing NFTs is a Criminal Offense in China
November 15, 2023 | BY
Brian Chan &Krista LeeUK NSI Act update may bring new opportunities for foreign companies; Fund registration and operational requirements are relaxed to lower cost of foreign investment in China capital markets; and NFT theft is considered criminal theft due to its property and data characteristics.
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UK NSI Act May Get an Update Due to Broad Scope
U.K. Deputy Prime Minister Olive Dowden is planning to review the 2022 National Security and Investment Act (NSI), according to Reuters. The official U.K. government website is asking for a "call for evidence description." U.K. and foreign stakeholders are being asked to complete a survey in which they can share their feedback about the NSI. The U.K. prime minister believes the National Security and Investment Act must be consistently updated, and now is the right time. Since the NSI was enacted, 40% of the companies that have been flagged by the NSI were Chinese and four-fifths of the prohibition decisions from the NSI involved investors of Chinese origin.
The NSI Act was put into effect on January 4th 2022. It was intended to protect the U.K. from "foreign takeover" on the U.K. market. The NSI