Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019 (F2019L01624)

Schedule 1   Amendments

Foreign Acquisitions and Takeovers Regulation 2015

13   After subsection 7(5)

Insert:

Branch of an entity of a region

(5A) A branch of an entity (within the ordinary meaning of the term) is an enterprise of a region if:

(a) the entity is not described in subsections (2) to (4); and

(b) the branch is located in the region; and

(c) the branch is carrying on business activities in the region:

(i) in a way other than being solely a representative office; and

(ii) in a way other than being engaged solely in agency activities, including the sale of goods or services that cannot reasonably be regarded as undertaken in the region; and

(iii) by having its administration in the region.

(5B) For the purposes of working out under subsection (5A) whether a branch of an entity is an enterprise of Hong Kong, China, subsection (5A) applies as if:

(a) paragraphs (5A)(a) and (c) were omitted; and

(b) subsection (5A) also required the entity to be of a kind mentioned in subsections (2) to (4) for Hong Kong, China.