Commonwealth Numbered Regulations Commonwealth Numbered Regulations
Foreign Acquisitions and Takeovers Regulation 2015
1 Subsection 10(2)
Repeal the subsection, substitute:
(2) Despite subsection (1), if a foreign government investor carries on an Australian business, the foreign government investor does not start an Australian business merely because the foreign government investor, alone or together with one or more persons, establishes a new entity:
(a) that carries on the same Australian business; or
(b) for the purposes of acquiring interests in assets of the same Australian business.
2 Paragraph 37(4)(e)
Repeal the paragraph.
3 Paragraph 52(3)(a)
After "that is vacant,", insert "(except interests in land covered by subsection (3A)),".
4 After subsection 52(3)
Insert:
(3A) The following land is covered by this subsection:
(a) residential land covered by paragraph 38(5)(a);
(b) residential land covered by subsection (2) of this section.
5 At the end of subparagraph 52(6)(c)(i)
Add ", except land leased to bodies covered by subsection (6A)".
6 Subparagraph 52(6)(c)(v)
Repeal the subparagraph.
7 After subsection 52(6)
Insert:
(6A) This subsection covers a corporate Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ) other than the following bodies:
(a) the Australian Nuclear Science and Technology Organisation;
(b) Comcare (the body corporate established under section 68 of the Safety, Rehabilitation and Compensation Act 1988 );
(c) the CSC (short for Commonwealth Superannuation Corporation) within the meaning of the Governance of Australian Government Superannuation Schemes Act 2011 ;
(d) the Commonwealth Scientific and Industrial Research Organisation;
(e) the Reserve Bank of Australia.
8 Paragraph 56(4)(b)
Omit "1%", substitute "5%".
9 Paragraph 56(4)(c)
Omit "$10 000 000", substitute "$55 million".
10 At the end of section 56
Add:
Exception--acquisition of initial interest by entity established by consortium
(5) Paragraph (1)(a) does not apply in relation to an acquisition of an initial direct interest in an Australian entity by a foreign government investor if the entity is established by one or more persons for the purposes of the entity making a later acquisition that is a significant action and a notifiable action.