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

Schedule 4   Integrity amendments

Part 5   Increasing percentage of interests without acquiring additional interests in securities

Foreign Acquisitions and Takeovers Regulation 2015

16   At the end of section 56

Add:

Exception - increasing percentage of interests without acquiring additional interests in securities

(6) Paragraph (1)(a) does not apply in relation to an acquisition of a direct interest in an Australian entity that is taken to occur because of the operation of section 18A of the Act if the foreign government investor held a direct interest in the entity immediately before the acquisition occurred.

(7) Subparagraph (1)(c)(ii) does not apply in relation to an acquisition of an interest in securities in a mining, production or exploration entity that is taken to occur because of the operation of section 18A of the Act if the foreign government investor held an interest of 10% or more in securities in the entity immediately before the acquisition occurred.