The National Security Act 2023 (Foreign Activities and Foreign Influence Registration Scheme: Exemptions for Certain Foreign Power Investment Funds, Education, Government Administration and Public Bodies) Regulations 2025
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2 Exemption: relevant foreign power investment funds – certain political influence activities
(1) Section 69(3) of the National Security Act 2023 (requirement to register foreign influence arrangements) does not apply to the extent that— (a) an agreement or arrangement is one pursuant to which a relevant foreign power (see paragraph (9)) directs a relevant foreign power investment fund for the purposes of section 69(1) of the National Security Act 2023 (direction relating to carrying out political influence activities, etc.), and (b) the political influence activities which are the subject of the direction relate to investment activities, whether in the United Kingdom or elsewhere, other than in the country or territory of the relevant foreign power. (2) In paragraph (1)(a), “relevant foreign power investment fund” means a person in respect of whom— (a) either Condition 1A or Condition 1B is satisfied, and (b) all of Conditions 2 to 4 are satisfied. (3) Condition 1A is that a foreign power— (a) holds, directly or indirectly, 100% of the shares in the person, (b) holds, directly or indirectly, 100% of the voting rights in the person, or (c) holds the right, directly or indirectly, to appoint or remove a majority of the officers of the person. (4) Condition 1B is that— (a) the trustees of a trust, or the members of a partnership, unincorporated association or other entity that is not a legal person under the law by which it is governed, meet one or more of the requirements set out in paragraph (5), in their capacity as such, in relation to the person, and (b) a foreign power directs or controls the activities of that trust or entity (in whole or in part). (5) The requirements are that the trustees or members (as the case may be)— (a) have the right to direct or control, or actually direct or control, the person’s activities (in whole or in part); (b) hold, directly or indirectly, 100% of the shares in the person; (c) hold, directly or indirectly, 100% of the voting rights in the person; (d) hold the right, directly or indirectly, to appoint or remove a majority of the officers of the person. (6) Condition 2 is that— (a) the principal activity of the person is to make or manage investments, and (b) the activities of the person include making or managing investments in countries or territories other than the country or territory of the relevant foreign power (“the overseas investments”). (7) Condition 3 is that the source of the funds for the overseas investments is (in whole or in part) the relevant foreign power. (8) Condition 4 is that the only purpose or purposes of the overseas investments is either or both of the following— (a) to benefit financially the relevant foreign power; (b) to make provision for the payment of pensions (however described) to persons by the relevant foreign power. (9) In this regulation, “relevant foreign power” means the foreign power mentioned in Condition 1A or 1B in relation to the person. (10) In paragraphs (3)(c) and (5)(d), “officer” is to be construed in accordance with paragraph 2 of Schedule 13 to the National Security Act 2023 (control of a person by a foreign power). (11) Part 2 of Schedule 13 to the National Security Act 2023 (interpretation of Part 1), with the modifications contained in the following table, applies to the interpretation of paragraphs (3) to (5) as it applies to the interpretation of Part 1 of that Schedule— Provision of National Security Act 2023, Schedule 13, Part 2 to be modified | Modification Paragraph 6(1) | For “more than 25%” substitute “100%”. For “exceeding (in aggregate) 25%” substitute “amounting to (in aggregate) 100%”. Paragraph 6(2)(b) | For “holding more than 25%” substitute “holding 100%”. For “share in more than 25%” substitute “share in 100%”. Paragraph 7(2) | Ignore paragraph (b).
2 Exemption: relevant foreign power investment funds – certain political influence activities
(1) Section 69(3) of the National Security Act 2023 (requirement to register foreign influence arrangements) does not apply to the extent that— (a) an agreement or arrangement is one pursuant to which a relevant foreign power (see paragraph (9)) directs a relevant foreign power investment fund for the purposes of section 69(1) of the National Security Act 2023 (direction relating to carrying out political influence activities, etc.), and (b) the political influence activities which are the subject of the direction relate to investment activities, whether in the United Kingdom or elsewhere, other than in the country or territory of the relevant foreign power. (2) In paragraph (1)(a), “relevant foreign power investment fund” means a person in respect of whom— (a) either Condition 1A or Condition 1B is satisfied, and (b) all of Conditions 2 to 4 are satisfied. (3) Condition 1A is that a foreign power— (a) holds, directly or indirectly, 100% of the shares in the person, (b) holds, directly or indirectly, 100% of the voting rights in the person, or (c) holds the right, directly or indirectly, to appoint or remove a majority of the officers of the person. (4) Condition 1B is that— (a) the trustees of a trust, or the members of a partnership, unincorporated association or other entity that is not a legal person under the law by which it is governed, meet one or more of the requirements set out in paragraph (5), in their capacity as such, in relation to the person, and (b) a foreign power directs or controls the activities of that trust or entity (in whole or in part). (5) The requirements are that the trustees or members (as the case may be)— (a) have the right to direct or control, or actually direct or control, the person’s activities (in whole or in part); (b) hold, directly or indirectly, 100% of the shares in the person; (c) hold, directly or indirectly, 100% of the voting rights in the person; (d) hold the right, directly or indirectly, to appoint or remove a majority of the officers of the person. (6) Condition 2 is that— (a) the principal activity of the person is to make or manage investments, and (b) the activities of the person include making or managing investments in countries or territories other than the country or territory of the relevant foreign power (“the overseas investments”). (7) Condition 3 is that the source of the funds for the overseas investments is (in whole or in part) the relevant foreign power. (8) Condition 4 is that the only purpose or purposes of the overseas investments is either or both of the following— (a) to benefit financially the relevant foreign power; (b) to make provision for the payment of pensions (however described) to persons by the relevant foreign power. (9) In this regulation, “relevant foreign power” means the foreign power mentioned in Condition 1A or 1B in relation to the person. (10) In paragraphs (3)(c) and (5)(d), “officer” is to be construed in accordance with paragraph 2 of Schedule 13 to the National Security Act 2023 (control of a person by a foreign power). (11) Part 2 of Schedule 13 to the National Security Act 2023 (interpretation of Part 1), with the modifications contained in the following table, applies to the interpretation of paragraphs (3) to (5) as it applies to the interpretation of Part 1 of that Schedule— Provision of National Security Act 2023, Schedule 13, Part 2 to be modified | Modification Paragraph 6(1) | For “more than 25%” substitute “100%”. For “exceeding (in aggregate) 25%” substitute “amounting to (in aggregate) 100%”. Paragraph 6(2)(b) | For “holding more than 25%” substitute “holding 100%”. For “share in more than 25%” substitute “share in 100%”. Paragraph 7(2) | Ignore paragraph (b).
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