Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 3 - EXEMPTIONS  

Division 3 - Exemptions for certain actions  

Subdivision B - General exemptions  

SECTION 30   CERTAIN INTERESTS HELD BY FOREIGN CUSTODIAN CORPORATIONS  

30(1)    
The excluded provisions do not apply in relation to an acquisition of an interest (the subject interest ) in securities, assets, a trust, Australian land or a tenement by a foreign person if:

(a)    the foreign person is a corporation that is in the business of providing custodian services to other persons in relation to the holding of interests in securities, assets, trusts, Australian land or tenements; and

(b)    the foreign person acquires the subject interest in the course of the foreign person ' s business of providing such services; and

(c)    the subject interest is a legal interest; and

(d)    the equitable interests (other than a right covered by subsection (2) ) in the securities, assets, trust, land or tenement are not held by the foreign person; and

(e)    if voting rights are associated with the subject interest - the foreign person exercises those voting rights only at, or in accordance with, the direction of:

(i) another person that is providing custodian services to a person in relation to the holding of the subject interest; or

(ii) the holder of an equitable interest in the securities, assets, trust, land or tenement that is receiving custodian services that are related to that equitable interest.

30(2)    

For the purposes of paragraph (1)(d) , this subsection covers a right to be indemnified for any debts or liabilities incurred, or damages or losses sustained, in good faith and without negligence, in the provision or purported provision of the custodian services referred to in paragraph (1)(a) or (e) .