The National Security Law (NSL) constitutes one of the greatest threats to human rights and the rule of law in Hong Kong since the 1997 handover. This report analyzes the key elements of the NSL, and attempts to gauge the new law’s impact on human rights and the rule of law in Hong Kong. The report also analyzes the first six months of implementation of the new law, seeking to understand how the law is being used, who is being targeted, and which behaviors are being criminalized. The report is based on interviews with Hong Kong actors from various backgrounds, and also a wide-ranging review of the public record, including press reports, court documents, and other publicly-available sources.