Foreign Acquisitions and Takeovers Regulation 2015 (Cth)
View history note
Hide history noteFor 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) the foreign person takes an action that is a significant action, or a notifiable action, under section 55 or subsection 56(1) of this instrument; and (b) the foreign person is aware, or ought reasonably to be aware, that the action has been taken.
Note: The data standards may provide for register notices under multiple provisions to be combined into a single register notice (see paragraph 130ZZ(2)(j) of the Act).
58B(2)
For the purposes of paragraphs 130ZU(1)(c) and (d) of the Act, if a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1) of this section, the following table has effect.
| When registered circumstances exist and cease | |||
| Item | A registered circumstance under this section exists in relation to the foreign person if … | The registered circumstance ceases if … | |
| 1 | section 55 of this instrument (acquiring a direct interest in an entity or business carrying on an Australian media business) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the entity or business mentioned in section 55 ; or |
| (b) | the Australian media business ceases to be an Australian media business; or | ||
| (c) | the Australian media business ceases to be carried on; or | ||
| (d) | in the case of a direct interest in an entity - the entity ceases to exist. | ||
| 2 | paragraph 56(1)(a) of this instrument (a foreign government investor acquiring a direct interest in an Australian entity or Australian business) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the Australian entity or Australian business mentioned in paragraph 56(1)(a) ; or |
| (b) | the Australian entity or Australian business ceases to be an Australian entity or an Australian business; or | ||
| (c) | in the case of a direct interest in an Australian entity - the Australian entity ceases to exist; or | ||
| (d) | in the case of a direct interest in an Australian business - the Australian business ceases to be carried on; or | ||
| (e) | the foreign person ceases to be a foreign government investor. | ||
| 3 | paragraph 56(1)(b) of this instrument (a foreign government investor starting an Australian business) applies to the action. | (a) | the foreign person no longer carries on the Australian business mentioned in paragraph 56(1)(b) ; or |
| (b) | the Australian business ceases to be an Australian business; or | ||
| (c) | the Australian business ceases to be carried on; or | ||
| (d) | the foreign person ceases to be a foreign government investor. | ||
| 4 | subparagraph 56(1)(c)(i) of this instrument (a foreign government investor acquiring an interest in a tenement) applies to the action. | (a) | the foreign person ceases to hold the interest in the tenement mentioned in subparagraph 56(1)(c)(i) ; or |
| (b) | the foreign person ceases to be a foreign government investor. | ||
| 5 | subparagraph 56(1)(c)(ii) of this instrument (a foreign government investor acquiring an interest of at least 10% in securities in a mining, production or exploration entity) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the mining, production or exploration entity mentioned in subparagraph 56(1)(c)(ii) ; or |
| (b) | the mining, production or exploration entity ceases to be a mining, production or exploration entity; or | ||
| (c) | the mining, production or exploration entity ceases to exist; or | ||
| (d) | the foreign person ceases to be a foreign government investor. |
58B(3)
Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2) .
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under the table.
Registrable event day
58B(4)
For the purposes of paragraph 130ZU(1)(b) of the Act, the registrable event day for a register notice under this section is the later of: (a) the day on which the foreign person takes the action; and (b) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the action has been taken.
Change in interest in an entity or business
58B(5)
For the purposes of paragraph 130ZN(4)(g) of the Act, section 130ZN of the Act applies to a registered circumstance mentioned in item 1, 2 or 5 of the table in subsection (2) of this section.
Application - Register commencement day
58B(6)
This section applies to actions taken on or after the Register commencement day.
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