Foreign Acquisitions and Takeovers Amendment Regulations 2006 (No. 1) (Cth)

Foreign Acquisitions and Takeovers Amendment Regulations 2006 (No. 1)¹

Select Legislative Instrument 2006 No. 286

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Foreign Acquisitions and Takeovers Act 1975.

Dated 16 November 2006

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

CHRIS PEARCE

Parliamentary Secretary to the Treasurer

Name of Regulations

These Regulations are the Foreign Acquisitions and Takeovers Amendment Regulations 2006 (No. 1).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Foreign Acquisitions and Takeovers Regulations 1989

Schedule 1 amends the Foreign Acquisitions and Takeovers Regulations 1989.

Schedule 1 Amendments

(regulation 3)

[1] Paragraph 2A (b)

substitute

(b)the interest is held by a corporation (a foreign custodian company) that:

(i)is a foreign person; and

(ii)is in the business of providing custodian services to other persons in relation to the holding of shares.

[2] Regulations 2B and 2C

substitute

2BKind of interest

For paragraph 2A (a), the interest is an interest in a share:

(a)in:

(i)a prescribed corporation to which paragraph 18 (1) (a) of the Act applies; or

(ii)a holding corporation of a prescribed corporation to which paragraph 18 (1) (a) of the Act applies; and

(b)in which an equitable interest is held by a person that is not the holder of the legal interest in the share; and

(c)in which the holder of the legal interest in the share exercises voting rights associated with the interest in the share only at, or in accordance with, the direction of:

(i)another person that is providing custodian services to a person in relation to the holding of the legal interest; or

(ii)the holder of an equitable interest in the share that is receiving custodian services that are related to that interest.

[3] Paragraph 3 (u)

omit

in Australia.

insert

in Australia;

[4] After paragraph 3 (u)

insert

(v)where the following circumstances apply:

(i)the foreign person is a corporation;

(ii)the foreign person is in the business of providing custodian services to other persons in relation to the holding of interests in Australian urban land;

(iii)the foreign person acquires the interest in Australian urban land in the course of the foreign person’s business;

(iv)the foreign person exercises rights associated with the interest only at, or in accordance with, the direction of:

(A)another person that is providing custodian services to a person in relation to the holding of the legal interest in the Australian urban land; or

(B)the holder of an equitable interest in the interest in the Australian urban land that is receiving custodian services that are related to that interest.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See