Commonwealth Numbered Regulations

TREASURY LEGISLATION AMENDMENT (CHINA-AUSTRALIA FREE TRADE AGREEMENT) REGULATION 2015 (SLI NO 218 OF 2015) - SCHEDULE 1

Foreign Acquisitions and Takeovers Regulation 2015

1  Section 5 (at the end of the definition of agreement country )

Add:

                    ; (f)  China.

2  Section 5

Insert:

"relevant World Trade Organization member " means any of the following members of the World Trade Organization established by the World Trade Organization Agreement:

                     (a)  Hong Kong, China;

                     (b)  Macao, China;

                     (c)  Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.

"World Trade Organization Agreement " means the Marrakesh Agreement establishing the World Trade Organization, done at Marrakesh on 15 April 1994.

Note:          The Agreement is in Australian Treaty Series 1995 No. 8 ([1995] ATS 8) and could in 2015 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

3  Subsection 7(2) (note)

Repeal the note, substitute:

Note:          For references to a law of the United States of America or China, see sections 9 and 9A.

4  At the end of section 7

Add:

             (7)  Without limiting subsection (6), an entity, or a branch of an entity, (within the ordinary meaning of the term) is not an enterprise of China if the Treasurer is satisfied that:

                     (a)  it is owned or controlled by one or more of the following:

                              (i)  an individual who is usually resident in the territory of a relevant World Trade Organization member;

                             (ii)  an entity that is constituted or organised under a law of a relevant World Trade Organization member; and

                     (b)  the entity or branch has no substantial business activities in China.

5  Subsection 8(1)

After "United States of America", insert "or China".

6  After subsection 8(2)

Insert:

Definition for China

          (2A)  A national of China is an individual who is a national of China according to the law of China, other than an individual who is usually resident within the territory of a relevant World Trade Organization member.

7  After section 9

Insert:

9A   References to China

                   In this instrument, a reference (whether or not expressly) to China does not include a reference to a relevant World Trade Organization member.

Note:          For example, a reference to the law of China does not include a reference to the law of a relevant World Trade Organization member.