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Consultation on Power to Block Listings on National Security Grounds

Earlier this week, the government published a consultation on a new power to enable the National Security Council to block UK public listings on national security grounds. This follows concerns first highlighted in its 2019 Economic Crime Plan that there are remote but possible scenarios in which a company listing in the UK could present a risk to the nation’s security; the subsequent Hill review and the further announcement that the government intended to bring forward this precautionary power (please see the timeline below for further details). It is intended that the new power will sit alongside existing protections and safeguards in place in the UK under the anti-money laundering and sanction framework.

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