Commonwealth Numbered Regulations

FOREIGN ACQUISITIONS AND TAKEOVERS REGULATION 2015 (SLI NO 217 OF 2015) - REG 37

             (1)  The excluded provisions do not apply in relation to an acquisition of an interest in Australian land by a foreign person if a subsection of this section applies in relation to the acquisition.

Securities in listed Australian land entities and stapled securities

             (2)  All of the following apply:

                     (a)  the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

                     (b)  the land entity is or will be listed for quotation in the official list of a stock exchange (whether or not in Australia);

                     (c)  after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity;

                     (d)  the foreign person is not in a position:

                              (i)  to influence or participate in the central management and control of the land entity; or

                             (ii)  to influence, participate in or determine the policy of the land entity.

             (3)  All of the following apply:

                     (a)  the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

                     (b)  the interest in the shares or units can only be transferred together with interests in one or more securities in another entity;

                     (c)  the interest in the securities in the other entity is covered by subsection (2).

Securities in unlisted Australian land entities

             (4)  All of the following apply:

                     (a)  the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

                     (b)  the land entity is not, and will not be, listed for quotation in the official list of a stock exchange (whether or not in Australia);

                     (c)  after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 5% in the land entity;

                     (d)  the foreign person is not in a position:

                              (i)  to influence or participate in the central management and control of the land entity; or

                             (ii)  to influence, participate in or determine the policy of the land entity;

                     (e)  there are or will be at least 100 holders of securities in the land entity;

                      (f)  the land entity carries on a business that does not include (other than incidentally) investing directly or indirectly in established dwellings.

Acquisitions for diplomatic or consular purposes

             (5)  Both of the following apply:

                     (a)  the foreign person is:

                              (i)  a foreign government or a separate government entity; or

                             (ii)  an entity (within the ordinary meaning of the term) in which a foreign government holds a substantial interest;

                     (b)  the acquisition is of an interest in commercial land or residential land to be used exclusively as any of the following:

                              (i)  a diplomatic mission or consular post;

                             (ii)  a diplomatic residence or the residence of the head of a consular post.