Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020 (F2020L00435)

Schedule 1   Amendments

Foreign Acquisitions and Takeovers Regulation 2015

5   In the appropriate position

Insert:

74 Application of the Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020

(1) The amendments made by the amending regulations apply in relation to an action taken on or after the announcement time, unless the action is covered by an agreement entered into before the announcement time.

(2) In applying subsection (1), disregard subsection 15(5) of the Act (about provisions of agreements that are not currently binding).

Saving provision for restrictive conditions in exemption certificates

(3) Despite the repeal of subsections 52(6), (6A) and (7) of this instrument by the amending regulations, those subsections continue to apply, on and after the announcement time, in relation to an exemption certificate covered by subsection (4), as if the repeal had not happened.

(4) This subsection covers an exemption certificate if:

(a) the certificate was in force at the announcement time; and

(b) a condition specified in the certificate referred to subsection 52(6), (6A) or (7) of this instrument.

Definitions

(5) In this section:

amending regulations means the Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020.

announcement time means 10.30 pm, by legal time in the Australian Capital Territory, on 29 March 2020.