Foreign Acquisitions and Takeovers Amendment (Australia-United Kingdom Free Trade Agreement Entry into Force) Instrument 2023
I, Andrew Leigh, Assistant Minister for Competition, Charities and Treasury, make the following instrument.
Dated 14 June 2023
Dr Andrew Leigh
Assistant Minister for Competition, Charities and TreasuryParliamentary Secretary to the Treasurer
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Announcement of entry into force of the Agreement
5 Entry into force of the Agreement
Part 1—Preliminary
1 Name
This instrument is the Foreign Acquisitions and Takeovers Amendment (Australia-United Kingdom Free Trade Agreement Entry into Force) Instrument 2023.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Foreign Acquisitions and Takeovers Amendment (UK Free Trade Agreement) Regulations 2022.
4 Definitions
In this instrument:
Agreement means the Free Trade Agreement between Australia and the United Kingdom of Great Britain and Northern Ireland, done at Adelaide on 17 December 2021 and London on 16 December 2021.
the Regulations mean the Foreign Acquisitions and Takeovers Amendment (UK Free Trade Agreement) Regulations 2022.
Part 2—Announcement of entry into force of the Agreement
5 Entry into force of the Agreement
For the purposes of item 1 of the table in subsection 2(1) of the Regulations, the Agreement entered into force on 31 May 2023.
Note 1: In accordance with Article 32.7 of the Agreement, the Agreement enters into force 30 days after the date on which the Parties exchange written notifications confirming that they have completed their respective domestic requirements necessary for the entry into force of the Agreement, or on such other date as the Parties may agree. The final exchange of written notifications occurred on 30 May 2023 and the Parties agreed that the Agreement would enter into force on 31 May 2023.
Note 2: The text of the Agreement could in 2023 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
Overview
The Foreign Acquisitions and Takeovers Amendment (Australia-United Kingdom Free Trade Agreement Entry into Force) Instrument 2023, enacted to address the legal framework requirements for the Australia-United Kingdom Free Trade Agreement, was made under the authority of Dr Andrew Leigh, Assistant Minister for Competition, Charities and Treasury, and Parliamentary Secretary to the Treasurer. The instrument was introduced to facilitate the seamless implementation of the Free Trade Agreement, ensuring that all relevant domestic requirements are met and that the agreement can enter into force on the specified date of 31 May 2023. This instrument is a critical component in aligning Australian legislation with the international trade commitments set out in the Agreement, thereby fostering economic cooperation and trade between Australia and the United Kingdom.
Scope and Application
The Foreign Acquisitions and Takeovers Amendment (Australia-United Kingdom Free Trade Agreement Entry into Force) Instrument 2023 applies to the provisions outlined in the Foreign Acquisitions and Takeovers Amendment (UK Free Trade Agreement) Regulations 2022, specifically relating to the entry into force of the Australia-United Kingdom Free Trade Agreement. This instrument is intended to formalise the commencement of the Agreement as of 31 May 2023, following the completion of domestic requirements by both countries and their subsequent notification. The instrument itself comes into effect the day after its registration. The application of this legislation is confined to the scope of the Agreement and its domestic regulatory framework, which primarily pertains to foreign acquisitions and takeovers as influenced by the trade relations between Australia and the United Kingdom. There are no specific exclusions or thresholds mentioned within the instrument itself, though any detailed implications or further stipulations would be covered under the broader regulations and the terms of the Free Trade Agreement.
Key Provisions
The main operative sections of this instrument are found in Part 2, specifically section 5. Section 5 declares that the Agreement between Australia and the United Kingdom entered into force on 31 May 2023. This section is significant as it provides the formal announcement of the Agreement’s entry into force, which is a requirement under the Regulations. The instrument also includes preliminary sections that outline the name, commencement, authority, and definitions relevant to the instrument (sections 1-4). These sections establish the context and legal framework within which the instrument operates.
The obligations and requirements imposed by this Act primarily involve the formal announcement of the entry into force of the Agreement. The declaration made in section 5 serves to inform relevant stakeholders and the public that the Agreement has officially come into effect. This announcement is crucial for ensuring that all parties are aware of the new legal obligations and opportunities arising from the Agreement. Additionally, the instrument references the Regulations and provides definitions that clarify the terms used within the context of the instrument and the Agreement.
Breach of the requirements outlined in this instrument could lead to various civil or criminal consequences, depending on the nature of the breach. However, the instrument itself does not explicitly detail the specific offences, penalties, or consequences for non-compliance. It is likely that any breaches would be addressed under the broader legal framework established by the Regulations and other relevant legislation. The penalties for breaches of related legislation can vary widely, and the specifics would depend on the nature of the breach and the provisions of the relevant laws.
In summary, the Foreign Acquisitions and Takeovers Amendment (Australia-United Kingdom Free Trade Agreement Entry into Force) Instrument 2023 serves to formally announce the entry into force of the Agreement between Australia and the United Kingdom. It imposes the obligation to declare the effective date of the Agreement and provides the necessary definitions and legal authority for the instrument. While the instrument does not detail specific penalties for breaches, any non-compliance would likely be addressed under the existing legal framework.