Foreign Acquisitions and Takeovers Amendment (Register of Foreign Ownership and Other Matters) Regulations 2023 (F2023L00849)

Schedule 1   Amendments

Part 3   Application and transitional provisions

Foreign Acquisitions and Takeovers Regulation 2015

4   In the appropriate position in Part 7

Insert:

81 Application of the Foreign Acquisitions and Takeovers Amendment (Register of Foreign Ownership and Other Matters) Regulations 2023

Application of extension of exemption for moneylending agreements

(1) The amendment of subsection 27(1) made by Part 2 of Schedule 1 to the Foreign Acquisitions and Takeovers Amendment (Register of Foreign Ownership and Other Matters) Regulations 2023 applies on or after the commencement of that Part in relation to:

(a) moneylending agreements entered into before, on or after that commencement; and

(b) registrable water interests that start to be held before, on or after that commencement.

Transitional - continuing other notification requirements for situations relating to core Part 3 actions taken before the Register commencement day

(2) Disregard subsection 58H(3) for a person in relation to a core Part 3 action if:

(a) subsection 98C(2) or 98D(2) of the Act (the other notification provision ) applies to the person in relation to the core Part 3 action; and

(b) the person complies with the other notification provision in relation to the core Part 3 action.

Note 1: This is for the case where:

(a) the person has already complied with subsection 98C(2) or 98D(2) of the Act in relation to the core Part 3 action by giving the Treasurer a notice under that subsection; and

(b) a situation mentioned in subsection 98E(2) of the Act then arises in relation to the core Part 3 action.

This subsection confirms the person needs to comply with subsection 98E(3) of the Act and notify the Treasurer about that situation.

Note 2: This is only relevant for some core Part 3 actions taken before the Register commencement day, as subsection 58H(1) or (2) prevents compliance with subsection 98C(2) or 98D(2) of the Act for certain core Part 3 actions taken after that day.

Transitional - register requirements for certain core Part 3 actions taken before the Register commencement day

(3) For the purposes of paragraph 130ZU(1)(a) of the Act, circumstances in which a foreign person must give a register notice to the Registrar are if:

(a) subsection 98C(2) or 98D(2) of the Act (the other notification provision ) applies to the person in relation to a core Part 3 action that:

(i) is taken before the Register commencement day; and

(ii) is an action of a kind for which the person would need to give the Registrar a register notice for the purposes of Part 7A of the Act if the action were taken on or after the Register commencement day; and

(b) the 30-day period the person has to comply with the other notification provision in relation to the core Part 3 action starts before the Register commencement day; and

(c) the person fails to so comply with the other notification provision before the Register commencement day; and

(d) in the case where:

(i) a situation mentioned in subsection 98E(2) of the Act arises in relation to the core Part 3 action; and

(ii) that situation results in the person no longer holding any part of an interest that relates to the core Part 3 action; and

(iii) subsection 98E(3) of the Act applies to the person in relation to that situation;

the person fails to comply with subsection 98E(3) of the Act in relation to that situation before the Register commencement day.

Note 1: Paragraph (d) means the register notice does not need to be given under this subsection if a related situation arises that:

(a) results in the person no longer holding any part of an interest; and

(b) has been notified to the Treasurer in compliance with subsection 98E(3) of the Act.

If that happens, the obligation to comply with subsection 98C(2) or 98D(2) of the Act in relation to the core Part 3 action continues on and after the Register commencement day.

Note 2: If a register notice must be given under this subsection, the obligation to comply with the other notification provision (or to comply with subsection 98E(3) of the Act for a related situation) ceases because that other notification provision ceases to apply (see section 58H of this instrument).

(4) For the purposes of paragraphs 130ZU(1)(c) and (d) of the Act, if a foreign person gives a register notice under subsection (3) of this section on a particular day (the register notification day ) in relation to a core Part 3 action, then:

(a) a registered circumstance under this subsection exists in relation to the foreign person that is the same as the registered circumstance that would notionally exist if the person were to take the core Part 3 action:

(i) in the same way; and

(ii) on the Register commencement day; and

(b) the registered circumstance ceases if a situation arises (or has arisen) that would cause that notional registered circumstance to cease if the situation were to arise in the same way on:

(i) if the situation actually arises on or before the register notification day - the register notification day; or

(ii) if the situation actually arises on a later day - that later day.

(5) For the purposes of paragraph 130ZN(4)(g) of the Act, section 130ZN of the Act applies to a registered circumstance under subsection (4) of this section if section 130ZN of the Act would have applied to that notional registered circumstance.

(6) For the purposes of paragraph 130ZU(1)(b) of the Act, the registrable event day for a register notice under subsection (3) of this section is the Register commencement day.