Investment in or acquisition of certain assets, in particular enterprises or facilities with significance to national security and national-level or European critical infrastructure, is subject to permission of the Cabinet of Ministers. The review mechanism applies regardless of the nationality of the acquirer.
On 14 November 2022, an Amendment to the National Security Law entered into force. Among others, the Amendment extends the scope of the screening mechanism so as to include foundations and associations as subjects to the review (in addition to commercial companies, as under the previous regime) and companies owning or possessing critical infrastructure. The Act also expands the criteria to consider a company as important for national security (e.g., the production of dual-use goods).

"Article 10. Competence of the Cabinet of Ministers
(1) Cabinet of Ministers: [...]
9) decides on the preservation of a person's influence or permission to obtain influence in commercial companies and associations important for national security, as well as on the permission to transfer possession or ownership of critical infrastructure to another person; [...]
[...]
Section 22.2 Critical Infrastructure:
(1) Critical infrastructure is objects, systems or parts thereof and services located in the Republic of Latvia which are essential for the implementation of essential public functions, as well as for the protection of human health, safety, economic or social welfare and the destruction or disruption of which would significantly affect the state and implementation of the basic functions of the company, except for the critical financial services referred to in Section 22.3 of this Law and related financial market infrastructures, including payment and financial instruments settlement systems within the meaning of the Law on Settlement Finality in Payment and Financial Instruments Settlement Systems.
(2) Critical infrastructure shall be classified as follows:
1) especially important critical infrastructure of State level (Category A critical infrastructure), destruction of or reduction of operational capabilities of which significantly endangers State administration and national security;
2) important critical infrastructure of State level (Category B critical infrastructure), destruction of or reduction of operational capabilities of which hinders State administration and endangers public and national security;
3) critical infrastructure of local governments and sectors (Category C critical infrastructure), destruction of or reduction of operational capabilities of which hinders administration of local government activities or sectors, as well as endangers public security;
4) sectoral critical infrastructure (critical infrastructure of category D) the destruction, reduction of capacity or interruption of the provision of critical services during a declared state of emergency or during a war poses a significant threat to public and national security.
(3) A separate critical infrastructure, destruction of or reduction of operational capabilities of which would significantly affect at least two European Union Member States, may also be determined as a European critical infrastructure. [...]
(7) A permission from the Cabinet shall be required for transfer of the critical infrastructure referred to in Paragraph two, Clause 1 or 2 or Paragraph three of this Section into possession or ownership of another person.
[...]
Chapter VI - Prevention of threat to commercial companies, associations and foundations important for national security
Article 37. Commercial companies, associations and foundations important for national security.
The restrictions set out in this chapter apply to a commercial company, foundation and association registered in the Republic of Latvia, if it owns or possesses critical infrastructure or meets at least one of the following conditions:
1) is an electronic communications merchant with a significant impact on the market, for whom tariff regulation and cost calculation obligations have been determined in accordance with the procedure provided for in the Electronic Communications Law ;
2) is an audio electronic media whose program coverage area, using terrestrial broadcasting technical means, in accordance with the broadcast permit issued by the National Electronic Media Council, is Latvia or at least 60 percent of its territory, or is an audiovisual electronic media whose program coverage area, using the technical means of terrestrial broadcasting, in accordance with the broadcasting permit issued by the National Council of Electronic Media, is Latvia or at least 95 percent of its territory;
3) has received a license for natural gas transmission, distribution, storage in the Republic of Latvia or owns a liquefied natural gas facility connected to a transmission or distribution system;
4) is a producer of electricity or thermal energy whose installed actual capacity exceeds 50 megawatts;
5) is a heat energy transmission and distribution operator that owns heat networks of at least 100 kilometers in length;
6) has received a license for electricity transmission in the Republic of Latvia;
7) is the owner of forest land in the Republic of Latvia with an area of ​​at least 10,000 hectares;
8) is the owner of agricultural land in the Republic of Latvia with an area of ​​at least 4,000 hectares;
9) has received a special permit (license) issued by the Ministry of Defense for commercial activity with goods of strategic importance or a military manufacturer's certificate, and has a valid strategic partnership agreement with the Ministry of Defense;
10) within the last two years, there has been a manufacturer of goods listed in Annex I of Regulation (EU) 2021/821 of the European Parliament and of the Council of 20 May 2021 , which establishes a Union regime for the control of export, mediation, technical assistance, transit and transportation of dual-use goods and a developer that exports such dual-use items to foreign countries other than the European Union, the United States, Canada, Australia, New Zealand, Norway, Switzerland, Japan, the United Kingdom, Iceland and Liechtenstein;
11) has access to personal data of voters, as well as personal data of candidates for deputies, which cannot be published in accordance with the law; 
12) processes the data sets included in the state's critical infrastructure systems, except for the cases when it is performed by financial market participants;
13) is a commercial company that produces or develops the goods listed in Annex I of Regulation (EU) 2021/821 of 20 May 2021 of the European Parliament and of the Council establishing a Union regime for the control of export, mediation, technical assistance, transit and transportation of dual-use goods or produces or develops technologies, for example in the field of artificial intelligence, robotics, smart and autonomous mobility, cyber security, energy storage, quantum technology, nuclear technology, nanotechnology, biotechnology, and which the Cabinet of Ministers, based on the opinion of the national security authority, has determined to be important for national security commercial company.
Article 38. Impact assessment and limitation mechanisms
(1) In order to prevent national security threatening or potentially threatening influence in a commercial company, association or foundation important to national security, the Cabinet of Ministers determines the obligations mentioned in this chapter for commercial companies, associations or foundations important to national security and decides on permission for the following activities:
1) in relation to capital companies:
(a) acquisition of a significant participation; (b) obtaining decisive influence; (c) company transfer; (d) preservation of the status of a shareholder or participant or preservation of the right to use indirect participation, if the true beneficiary changes or if it is not possible to ascertain the true beneficiary and all possible means of ascertainment have been used, as well as doubts that the legal entity has another true beneficiary are excluded, — the last legal entity in the chain of control that can be found to have influence in a capital company important for national security (hereinafter — the beneficiary of indirect influence); and (e) receiving a loan;
2) in relation to partnerships and associations:
(a) entry of a new member; (b) maintaining the status of a member if the beneficial owner changes or if it is not possible to ascertain the beneficial owner and all possible means of investigation have been used, and doubts have been ruled out that the legal entity has another beneficial owner, the last legal entity in the chain of control to whom influence can be found in a personal association or association important for national security (hereinafter - beneficiary of indirect influence); and (c) receiving a loan;
3) in relation to foundations - receiving a loan.
(2) The Russian Federation or the Republic of Belarus, its citizens or legal entities registered in the Russian Federation or the Republic of Belarus (hereinafter referred to as "persons belonging to Russia or Belarus") cannot acquire a significant shareholding or decisive influence in a capital company important for national security or become a company important for national security a member of a partnership, as well as being the true beneficiary of a commercial company important to national security.
(3) In this law, the concept of "significant participation" corresponds to the concept of significant participation in the sense of the Financial Instruments Market Law , if a lower share of participation or other additional conditions are not stipulated in another law. The concept of "decisive influence" corresponds to the concept of decisive influence within the meaning of the Law on Concerns . The concept of "real beneficiary" corresponds to the concept of real beneficiary within the meaning of the Law on the Prevention of Money Laundering and Financing of Terrorism and Proliferation, observing the amount of participation determined by this law.
(4) When determining the true beneficiary or beneficiary of indirect influence, regulatory acts issued on the basis of Article 4.2 of the Financial Instruments Market Law shall also be applied  .
[...]
Article 40. Obtaining permission to acquire significant participation or decisive influence
(1) The permission of the Cabinet of Ministers is required before a person or several persons, acting in concert, acquires a significant share or decisive influence in a capital company important for national security or becomes a member of a personal partnership or association important for national security, or acquires influence in a capital company registered in the Republic of Latvia, which is a member of a partnership or association important to national security.
(2) If another law stipulates a direct prohibition for specific legal entities to acquire a specific type of participation in any of the commercial companies or associations important for national security, this prohibition is applicable regardless of the permission of the Cabinet of Ministers.
(3) An application for obtaining a permit shall be submitted by a person who wishes to acquire a significant share or a decisive influence in a capital company important for national security or to become a member of a private partnership or association important for national security.
(4) The Cabinet of Ministers, when issuing a permit, is entitled to set restrictions on the implementation of significant participation or decisive influence, or participation in order to prevent risks to national security.[...]" National Security Law (473/476, 29.12.2000; last amended 14 November 2022), Sections 10, 37, 38, 39 and 40.
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"Section 1. Terms Used in this Law:
(1) The following terms are used in this Law: [...] 
20) qualifying holding - a holding acquired directly or indirectly by one or several persons, which are acting in concert on the basis of an agreement, and representing 10 per cent or more of the share capital or of the voting rights of shares or stocks of a commercial company or making it possible to exercise a significant influence over the management of the financial and operational policy of the commercial company; [...]" (Financial Instrument Market Law (175, 11.12.2003; last amended 27 May 2021), Section 1 [unofficial translation; translation validity up to 3.10.2017])
National Security Law (473/476, 29.12.2000; last amended 14 November 2022), Sections 10, 37, 38, 39 and 40
Financial Instrument Market Law (175, 11.12.2003; last amended 27 May 2021), Section 1 
[<a href="https://likumi.lv/ta/id/14011-nacionalas-drosibas-likums">Law</a>],[<a href="https://likumi.lv/ta/en/en/id/81995-financial-instrument-market-law">Law</a>],[<a href="https://one.oecd.org/document/DAF/INV/RD(2018)1/en/pdf">Other</a>]