Foreign Acquisitions and Takeovers Amendment Delegations (No. 1) 2022

8.  The whole of this instrument

The day after this instrument is registered.

2

section 58 of the Act

exemption certificates for foreign persons

(a) Secretary

(b) SES employee

none

where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker

5B

section 62A of the Act

variation or revocation of exemption certificates where false or misleading information or documents given

(a) Secretary

(b) SES employee

none

the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker before the delegate does any of the following:

(a) gives notice that the delegate is considering varying or revoking a certificate;

(b) varies or revokes a certificate

6

section 67 of the Act

order prohibiting proposed actions

(a) Secretary

(b) SES employee

(c) EL2 employee

the delegate may only exercise the function or power in relation to an action that is any one of the following:

(a) an action to acquire an interest in agricultural land, an agricultural land corporation, an agricultural land trust or a corporate trustee of an agricultural land trust, and the consideration for the interest is not more than $15 million;

(b) an action to acquire an interest in Australian land (other than agricultural land) or a land entity (other than an agricultural land corporation, an agricultural land trust or a corporate trustee of an agricultural land trust);

(c) an action that constitutes an internal reorganisation;

(d) an action to acquire an interest in assets of an Australian business;

(e) an action to acquire an interest in securities in an entity or to issue securities in an entity;

(f) an action taken by a person who has a business of underwriting securities and the person proposes to or has acquired the interests in securities for the purposes of, or in the course of, the person’s business of underwriting securities;

(g) an action to start an Australian business;

(h) an action to enter into or terminate a significant agreement with an Australian business;

(i) an action by a foreign government investor to acquire a direct interest in an Australian entity or Australian business, not already covered by subparagraphs (a) to (h);

(j) an action to start a national security business;

(k) an action to acquire a direct interest in a national security business or an entity that carries on a national security business

the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker in relation to any of the following actions:

(a) an action referred to in paragraph (b) of this item in the column headed “Limitations” where the consideration for the interest is more than $500 million;

(b) an action referred to in paragraph (d) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million;

(c) an action referred to in paragraph (e) of this item in the column headed “Limitations” where the consideration for the interest, or value of the securities to be issued (as appropriate), is more than $100 million;

(d) an action referred to in paragraph (h) of this item in the column headed “Limitations” where the consideration to enter into or terminate the agreement is more than $100 million;

(e) an action referred to in paragraph (i) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million;

(f) an action referred to in paragraph (k) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million

6A

section 68 of the Act

interim orders

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

the same as for item 6

the same as for item 6

6B

section 69 of the Act

disposal orders

(a) Secretary

(b) SES employee

(c) EL2 employee

the same as for item 6

the same as for item 6

8

subsection 74(2) of the Act

no objection notification imposing conditions

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

the same as for item 6

the same as for item 6

8A

subsection 74(4) of the Act

the Treasurer may vary a no objection notification if the Treasurer is satisfied that the variation is not contrary to the national interest or national security (as appropriate)

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

the same as for item 6

the same as for item 6

9

section 75 of the Act

no objection notification not imposing conditions

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

the same as for item 6

the same as for item 6

10

subsection 76(4) of the Act

longer period may be given for taking actions specified in a no objection notification

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

none

none

11

section 76(8) of the Act

the Treasurer may vary a no objection notification if the Treasurer is satisfied that the variation is not contrary to the national interest or national security (as appropriate)

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

the same as for item 6

the same as for item 6

11A

section 76A of the Act

revocation of no objection notification

(a) Secretary

(b) SES employee

the same as for item 6

the same as for item 6

14AA

section 79D of the Act

order prohibiting proposed actions

(a) Secretary

(b) SES employee

none

none

14AB

section 79E of the Act

disposal orders

(a) Secretary

(b) SES employee

none

none

14AC

section 79G of the Act

varying or revoking conditions of no objection notification

(a) Secretary

(b) SES employee

none

none

14AD

section 79H of the Act

notice imposing conditions

(a) Secretary

(b) SES employee

none

none

14AE

section 79J of the Act

variation of notice imposing conditions

(a) Secretary

(b) SES employee

none

none

14AF

section 79L of the Act

variation or revocation of orders not contrary to the national interest or national security (as appropriate)

(a) Secretary

(b) SES employee

none

none

14AG

section 79P of the Act

variation with consent or without disadvantage

(a) Secretary

(b) SES employee

none

none

14AH

section 79Q of the Act

variation on application

(a) Secretary

(b) SES employee

none

none

21

section 115 of the Act

waiver and remission of fees

(a) Secretary

(b) SES employee

(c) EL2 employee

(d) EL1 employee

none

none

27

section 42 of the Regulation

exemption certificates for businesses or entities

(a) Secretary

(b) SES employee

none

where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker

28

section 43 of the Regulation

exemption certificates for certain interests in tenements and mining, production or exploration entities

(a) Secretary

(b) SES employee

none

where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker

29

section 43BA of the Regulation

exemption certificates for actions that would otherwise be notifiable national security actions

(a) Secretary

(b) SES employee

none

where the application for the exemption certificate specifies that the consideration for the action, or the kinds of actions, will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker

30

section 43BB of the Regulation

exemption certificates for actions that would otherwise be reviewable national security actions

(a) Secretary

(b) SES employee

none

where the application for the exemption certificate specifies that the consideration for the action, or the kinds of actions, will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker

2

section 59 of the Act

exemption certificate for established dwellings

none

if the Commissioner subdelegates the function or power under subsection 137(4) of the Act to an employee in the Australian Taxation Office, the subdelegate is not to exercise the function or power unless the subdelegate is:

(a) an SES employee; or

(b) an EL2 employee; or

(c) an EL1 employee;

(d) an APS6 employee where all of the following are satisfied:

(i) the exercise of the function or power relates to residential land with a value of $4 million or less; and

(ii) the exercise of the function or power does not relate to a person acquiring an interest in an established dwelling for redevelopment

4

subsection 62(1) of the Act

the Treasurer may vary or revoke an exemption certificate if satisfied that the variation or revocation is not contrary to the national interest

the Commissioner may only exercise the function or power if both of the following are satisfied:

(a) the exemption certificate relates to actions to acquire interests in residential land; and

(b) the application for the exemption certificate was not made under section 58 of the Act (about exemption certificates for foreign persons)

if the Commissioner subdelegates the function or power under subsection 137(4) of the Act to an employee in the Australian Taxation Office, the subdelegate is not to exercise the function or power unless the subdelegate is:

(a) an SES employee; or

(b) an EL2 employee; or

(c) an EL1 employee;

(d) an APS6 employee where all of the following are satisfied:

(i) the exercise of the function or power relates to residential land with a value of $4 million or less; and

(ii) the exercise of the function or power does not relate to a person acquiring an interest in an established dwelling for redevelopment; and

(iii) the exercise of the function or power is to vary an exemption certificate