The FCDO’s role in blocking foreign asset stripping in the UK

Foreign Affairs Committee Closed Inquiry
Opened: 7 Apr 2020 Closed: 28 Apr 2022 Parliament page
This inquiry will examine how the FCDO assesses whether a potentially hostile party is seeking to secure significant influence or control over a UK company and in what circumstances the FCDO should intervene. The Committee will also focus on what safeguards are required in the forthcoming National Security and Investment … Read more
14 Recommendations
4 Conclusions
3 Reports
8 Oral sessions
17 Letters
8 Events
Activity timeline 31 events
28 Apr
2022
Report published
5 Apr
2022
Report published
12 Jan
2022
Correspondence
25 Oct
2021
Report published
28 Jul
2021
Correspondence
15 Jul
2021
Correspondence
14 Jul
2021
Report published
7 Jul
2021
Correspondence
9 Jun
2021
Correspondence
23 Mar
2021
Oral evidence
26 Feb
2021
Report published
23 Feb
2021
Oral evidence
Oral evidence sessions 8 sessions
23 Mar 2021
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Foreign Affairs Committee
Chris Rampling · Foreign, Commonwealth and Development Office Jacqui Ward · Department for Business, Energy and Industrial Strategy Paul Scully Rt Hon James Cleverly Sarah Mackintosh · Department of Business, Energy and Industrial Strategy
23 Feb 2021
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Foreign Affairs Committee
Dr Ashley Lenihan · Georgetown University Michael Formosa · Renaissance Strategic Advisors Paddy McGuinness · Brunswick
1 Dec 2020
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Foreign Affairs Committee
Christopher Mackmurdo · Legatus Hazel Moore · FirstCapital Russ Shaw · Global Tech Advocates & Tech London Advocates Sophia Gaston · British Foreign Policy Group
24 Nov 2020
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Foreign Affairs Committee
Andy Sellars · Compound Semiconductor Catapult Roger Barker · Institute of Directors Roger Barron · Paul Hastings Veronica Roberts · Herbert Smith Freehills
3 Nov 2020
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Foreign Affairs Committee
Azeem Azhar Grace Cassy · CyLon Ventures Professor Nick Jennings Professor Shaowei He
13 Oct 2020
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Foreign Affairs Committee
Matthew Rous · China-Britain Business Council Professor Ciaran Martin · Blavatnik School of Government, University of Oxford Professor Deeph Chana · Institute for Security Science and Technology, Imperial College London Ting Zhang · Crayfish.io
8 Sep 2020
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Foreign Affairs Committee
Chris Cummings · The Investment Association Elisabeth Braw · Atlantic Council John Fingleton · Fingleton Professor Jeffrey Henderson · University of Bristol
5 May 2020
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The FCO’s role in blocking foreign asset stripping in the UK
Dr Ron Black · Imagination Technologies John Rayfield · Imagination Technologies Ray Bingham · Imagination Technologies Sir Hossein Yassaie · Imagination Technologies
Recommendations & Conclusions
5 results
Clear
2 Conclusion Acknowledged
Sixth Report: Striking the balance…
The Bill in its current form does not provide sufficiently clear guidance on how national...
The Bill in its current form does not provide sufficiently clear guidance on how national security should be understood. This is likely to hinder targeted application of the new law, with adverse repercussions for the UK’s national security and economy. Read more
Government Response
The government acknowledges the committee's observation by reiterating its deliberate decision not to define ‘national security’ in the Bill, citing the need for flexibility to respond to evolving risks.
Foreign, Commonwealth & Development Office
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3 Recommendation Acknowledged
Third Report - Sovereignty for sal…
It is vital that there is continuous monitoring of the investment and technology landscapes to...
It is vital that there is continuous monitoring of the investment and technology landscapes to catch non-notified transactions, as well as monitoring for changes to board compositions or ownership models, which may not serve the UK’s security interests, after the … Read more
Government Response
The government agrees that regular market monitoring to identify national security concerns should be a key part of the new regime but does not detail specific additional monitoring mechanisms or multi-departmental inputs.
Foreign, Commonwealth & Development Office
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4 Recommendation Acknowledged
Third Report - Sovereignty for sal…
Ongoing monitoring of the global technology landscape by the FCDO should inform any future changes,...
Ongoing monitoring of the global technology landscape by the FCDO should inform any future changes, as needed, to (a) the sectors subject to mandatory notification under the National Security and Investment Bill, and (b) the factors to be taken into … Read more
Government Response
The government noted the recommendation, stating FCDO will be involved in future revisions of mandatory notification regulations to keep pace with technological changes but did not commit to FCDO's ongoing monitoring proactively informing changes or reporting on it in the annual report.
Foreign, Commonwealth & Development Office
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1 Conclusion Acknowledged
Sixth report - Sovereignty for sal…
In the absence of any evidence to the contrary, we have no choice but to...
In the absence of any evidence to the contrary, we have no choice but to assume that the NSA review that the Prime Minister said he had initiated has not, in fact, been started. In its response to this report, … Read more
Government Response
The government states that the Secretary of State for Business, Energy and Industrial Strategy must take decisions relating to national security in a quasi-judicial manner based on facts and evidence, with advice from the Investment Security Unit and potentially the National Security Advisor.
Foreign, Commonwealth & Development Office
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2 Conclusion Acknowledged
Sixth report - Sovereignty for sal…
The Government has explicitly recognised the criticality of semiconductors to the UK’s national security and...
The Government has explicitly recognised the criticality of semiconductors to the UK’s national security and wider global interests; likewise, the Chinese Government’s ambitions to achieve self-sufficiency in semiconductors and the means by which it aims to achieve this are well … Read more
Government Response
The government recognises the geostrategic importance of the semiconductor industry and states that the Department for Digital, Culture, Media and Sport are undertaking a review of the sector.
Foreign, Commonwealth & Development Office
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Government Response AI assessment · 18 of 14 classified
Accepted 5
Accepted in Part 2
Acknowledged 5
Deferred 2
Not Addressed 1
Rejected 3
Total 14 recs + 4 conclusions
Correspondence 17 letters
12 Jan 2022 Correspondence with the National Security Adviser relating to the acquisition of Newport Wafer Fab by Nexperia, dated 17/12/2021 and 08/12/2021
Parliament page
28 Jul 2021 Correspondence with the Secretary of State for Business, Energy and Industrial Strategy relating to Newport Wafer Fab, dated 22/07/2021 and 13/07/2021
Parliament page
15 Jul 2021 From committee Letter to the Prime Minister relating to the takeover of Newport Wafer Fab, dated 13/07/2021
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7 Jul 2021 Correspondence with the Secretary of State for Business, Energy and Industrial Strategy relating to the takeover of Newport Wafer Fab, dated 30/06/2021 and 18/06/2021
Parliament page
9 Jun 2021 Correspondence with the Secretary of State for BEIS on Newport Wafer Fab and the National Security and Investment Act, dated 28/05/2021 and 20/05/2021
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27 Jan 2021 Correspondence with the Danish Ministry of Foreign Affairs regarding national security implications of technology, dated 15/12/2020 and 21/01/2021
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18 Nov 2020 To committee Letter from the Secretary of State for Business, Energy and Industrial Strategy relating to the Government’s proposed reforms on national security and investment, dated 11/11/2020
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18 Nov 2020 To committee Letter from the Economic Secretary to the Treasury relating to Action 19 of the Economic Crime Plan, dated 11/11/2020
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18 Nov 2020 Correspondence with the Foreign Secretary and the Secretary of State for Business, Energy and Industrial Strategy relating to regulations under the Enterprise Act 2002 (also published as BFA0022), dated 9/11/2020 and 15/10/2020
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1 May 2020 Correspondence from Foreign Secretary regarding Imagination Technologies Group, dated 30/04/2020
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1 May 2020 Correspondence from Imagination Technologies evidence to inquiry on asset stripping, dated 30/04/2020
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14 Apr 2020 Correspondence from Canyon Bridge on Imagination Technologies, dated 13/04/2020
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11 Apr 2020 Correspondence to the CEO of Imagination Technologies, dated 8/4/2020
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11 Apr 2020 Correspondence to Canyon Bridge on Imagination Technologies, dated 8/04/2020
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11 Apr 2020 Correspondence to the Secretary of State DCMS on Imagination Technologies, dated 09/04/2020
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11 Apr 2020 Correspondence to the Prime Minister on Imagination Technologies, dated 3/04/2020
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7 Apr 2020 Correspondence to Imagination Technologies on board membership, dated 7/04/2020
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