NSIA call for evidence

The Cabinet Office last month launched a review of the National Security and Investment Act’s (NSIA’s) screening regime with a call for evidence. The government wants to use the evidence to:

• hone the scope of the system’s mandatory notification requirements;
• improve NSIA notification and assessment processes; and
• develop the government’s public guidance and communications on how the NSIA works and where the government tends to see risk arising.

ICAEW head of corporate finance, David Petrie, played an important role in the drafting of the bill, which became the NSIA and came into effect in January 2022. He gave evidence at Parliament to the Public Bill Committee in November 2020. The faculty held a series of round tables so that members’ concerns could form a co-ordinated ICAEW response to the consultation ahead of the bill becoming law. 

Members can reply online at tinyurl.com/CF-NSIAcall or can send their experience of the NSIA to Katerina.Joannou@icaew.com. She will send a consolidated response on behalf of the faculty and ICAEW.

The deadline for response to the government is 15 January 2024 and the deadline for responses to Joannou is 8 January 2024.

New ICAEW CEO

ICAEW announced the appointment of Alan Vallance as new chief executive in October. He is currently chief executive of the Chartered Insurance Institute. His previous roles have included chief executive of the Royal Institute of British Architects and group chief operating officer at the Law Society. He will take over from Michael Izza, who has been chief executive since 2006, in the spring of 2024. Vallance trained as an ACA with EY in London before joining its corporate finance team. 

Upcoming consultations

The Corporate Finance Faculty’s technical committee currently has two consultations and regulatory developments under consideration:

IAASB’s Proposed International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements is a proposed standard for sustainability assurance engagements that aims to be implementable by all assurance providers and, significantly, not just accountants.

The Department for Business and Trade’s Smarter regulation and the regulatory landscape is a call for evidence overview. The department has asked for views and experience of the approaches of regulators, as well as suggestions for improvement.

In brief

The Corporate Finance Faculty’s Middle East Panel hosted a seminar at the Capital Club in Dubai in October, covering M&A trends, investment in emerging technologies and the application of technology in corporate finance. The members of the discussion panel were Zubin Chiba, partner and head of corporate finance, PwC Middle East; Suhail Mirza, corporate partner, Al Tamimi; Kushal Shah, corporate VC managing director at e& capital; and Khaled Talhouni, managing partner, Nuwa Capital.

The Corporate Finance Faculty’s launch event for the Cyber Security in Corporate Finance guide has been delayed from Tuesday 5 December 2023 to Wednesday 31 January 2024, 8:30-1:00 in the Great Hall at Chartered Accountants’ Hall. This will be a free event for members. Book places at tinyurl.com/CF-Cybersecurity

The Corporate Finance Faculty’s AGM will be held on 24 May 2024 at Chartered Accountants’ Hall, 12:30-14:00. Members are welcome to attend for lunch and a review of the previous year and outlook for the coming year. Booking details will follow.

Renewal reminder

Individual members of the Corporate Finance Faculty must renew their membership by the end of this month. Members can renew at icaew.com/facultyrenew. For membership enquiries, contact cff@icaew.com