Foreign Investment Reform (Protecting Australia's National Security) Regulations 2020 (F2020L01568)

Schedule 7   Application and transitional provisions

Foreign Acquisitions and Takeovers Regulation 2015

1   In the appropriate position in Part 7

Insert:

76 Application of the Foreign Investment Reform (Protecting Australia's National Security) Regulations 2020

Application of Schedule 2 (Passive investments)

(1) The amendments made by Schedule 2 to the amending regulationsapply in relation to an action taken, or proposed to be taken, on or after 1 January 2021, unless:

(a) the action is notified to the Treasurer before 1 January 2021; or

(b) the Treasurer has given a no objection notification in relation to the action before 1 January 2021; or

(c) an exemption certificate, given by the Treasurer before 1 January 2021 in relation to the action, is in force; or

(d) the Treasurer has made an order under Division 2 of Part 3 of the Act in relation to the action before 1 January 2021.

Application of Schedule 3 (Reinstating monetary thresholds)

(2) The amendments made by Schedule 3 to the amending regulations apply in relation to an action taken on or after 1 January 2021.

(3) Section 58 (about indexation) applies on and after 1 January 2021.

Application of Schedule 4 (Integrity amendments)

(4) The amendments of section 27 of this instrument made by Schedule 4 to the amending regulations apply in relation to a moneylending agreement entered into on or after 1 January 2021.

(5) The amendment of subsection 31(1) of this instrument made by Schedule 4 to the amending regulations applies on and after 1 January 2021 in relation to an agreement that relates to the acquisition of an interest in Australian land, or to an Australian business, whether the agreement is entered into before, on or after that date.

(6) The amendment of subsection 31(2) of this instrument made by Schedule 4 to the amending regulations applies in relation to an agreement that relates to the acquisition of an interest in Australian land, or to an Australian business, if the agreement is entered into on or after 1 January 2021.

Application of Schedule 6 (Technical amendments)

(7) The amendments made by Schedule 6 to the amending regulations apply in relation to an action taken, or proposed to be taken, on or after 1 January 2021.

Definitions

(8) In this section:

amending regulations means the Foreign Investment Reform (Protecting Australia's National Security) Regulations 2020.