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

18   At the end of Part 6

Add:

62 Modification of the Act - increasing percentage of interests without acquiring additional interests in securities

(1) For the purposes of subsection 18A(6) of the Act, the Act applies in relation to actions or proposed actions that are taken to occur because of the operation of subsection 18A(1) or (2) of the Act with the modifications prescribed by this section.

Australian land

(2) The Act applies as if section 12 of the Act (which deals with the meaning of interest in Australian land) were omitted.

Note: The effect of this subsection is that a person's acquisition, or proposed acquisition, of an interest in securities because of the operation of section 18A of the Act does not lead to the person acquiring, or proposing to acquire, an interest in Australian land. As a consequence, the person does not take, or propose to take:

(a) a significant action because of paragraph 43(a) of the Act; or

(b) a notifiable action because of paragraph 47(2)(c) of the Act; or

(c) a notifiable national security action because of paragraph 55B(1)(d) of the Act; or

(d) a reviewable national security action because of paragraph 55F(a) of the Act.

Maximum civil penalties

(3) The following provisions of the Act apply as if the maximum penalty specified in the provision were 5,000 penalty units (or 50,000 penalty units if the person who contravenes the relevant civil penalty provision is a corporation):

(a) subsection 89(3) (contravening orders under Part 3 of the Act);

(b) subsection 91(4) (failing to give notice);

(c) subsection 93(3) (contravening conditions in no objection notifications);

(d) subsection 93(6) (contravening conditions in notice imposing conditions);

(e) subsection 98B(3) (false or misleading information and documents).