Foreign Acquisitions and Takeovers (Registrar) Delegations 2023
I, Jim Chalmers, Treasurer, make the following delegations.
Dated 24 July 2023
Dr Jim Chalmers
Treasurer
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Delegations
5 Delegationsmaking legislative instrument relating to extending time for giving register notices
6 DelegationsIssuing notices requiring information to be given
Part 1—Preliminary
1 Name
This instrument is the Foreign Acquisitions and Takeovers (Registrar) Delegations 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Note: This table relates only to the provisions of this instrument as originally made.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 Act 1975.
4 Definitions
Note: Expressions have the same meaning in this instrument as in the Foreign Acquisitions and Takeovers Act 1975 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
the Act means the Foreign Acquisitions and Takeovers Act 1975.
the Regulation means the Foreign Acquisitions and Takeovers Regulation 2015.
Part 2—Delegations
5 Delegationsmaking legislative instrument relating to extending time for giving register notices
Under subsection 137(2A) of the Act, the Registrar is delegated the Treasurer’s powers under section 58M of the Regulation to, by legislative instrument, make provision for and in relation to extending the period in paragraph 130W(2)(b) of the Act in which a register notice must be given to the Registrar.
6 DelegationsIssuing notices requiring information to be given
(1) Under subsection 137(2A) of the Act, the Registrar is delegated the Treasurer’s powers under paragraphs 133(1)(b) and (c) of the Act to give notice to a person to give information or produce documents relating to information that is contained in the Register or may be added to the Register, or circumstances in which a person is required to give a notice to the Registrar under Part 7A of the Act.
(2) Under subsection 137(2A) of the Act, the Registrar is delegated the Treasurer’s powers under section 135A of the Act in relation to the service of notices given under paragraphs 133(1)(b) and (c) of the Act by the Registrar under a delegation covered by subsection (1).
Overview
The Foreign Acquisitions and Takeovers (Registrar) Delegations 2023, enacted on 24 July 2023, is a notifiable instrument made by Dr Jim Chalmers, the Treasurer of Australia. This instrument was created to address the need for streamlined delegations in the handling of foreign acquisitions and takeovers, ensuring that the administrative processes are efficient and effective. It is made under the authority of the Foreign Acquisitions and Takeovers Act 1975, which was enacted to regulate foreign acquisitions of Australian businesses and land. The Registrar has been delegated certain powers of the Treasurer, allowing for more efficient management of register notices and information requests related to the register. The primary policy objective of these delegations is to facilitate the timely and accurate processing of information concerning foreign acquisitions and takeovers in Australia.
Scope and Application
The Foreign Acquisitions and Takeovers (Registrar) Delegations 2023I, made by the Treasurer, Dr Jim Chalmers, under the Foreign Acquisitions and Takeovers Act 1975, delegate specific powers to the Registrar concerning the management of register notices and the issuance of information requests. This legislative instrument commenced on the day following its registration and applies to the Registrar, who is now authorised to extend the time for giving register notices through legislative instruments, as well as to issue notices requiring individuals to provide information or documents relating to register entries or circumstances necessitating a notice under Part 7A of the Act. These delegations are limited to the scope defined in the Foreign Acquisitions and Takeovers Act 1975 and the Foreign Acquisitions and Takeovers Regulation 2015, ensuring that the Registrar's actions are in line with the overarching legislative framework. This delegation does not introduce any new exclusions or thresholds but rather refines the application of existing provisions by empowering the Registrar to handle specific administrative tasks more efficiently.
Key Provisions
The Foreign Acquisitions and Takeovers (Registrar) Delegations 2023 (the "Delegations") establish specific delegations of authority under the Foreign Acquisitions and Takeovers Act 1975 (the "Act"). Section 5 of the Delegations allows the Registrar to extend the time for giving register notices under section 58M of the Foreign Acquisitions and Takeovers Regulation 2015 by legislative instrument. Section 6 of the Delegations allows the Registrar to issue notices requiring information or documents to be provided under paragraphs 133(1)(b) and (c) of the Act, as well as for the service of these notices.
The Delegations impose certain obligations on the Registrar. Specifically, the Registrar must use the powers granted under sections 5 and 6 of the Delegations in accordance with the Act and the Regulation. This includes extending the time for giving register notices where necessary and issuing notices to obtain information or documents as specified in section 6.
Failure to comply with the provisions of the Delegations may result in legal consequences. While the Delegations themselves do not specify particular offences or penalties, any actions taken by the Registrar under these delegations that are inconsistent with the Act or the Regulation may be subject to review or challenge. Additionally, any failure to provide the required information or documents in response to a notice issued under section 6 of the Delegations could potentially lead to enforcement actions under the Act. The specific penalties for breaches of the Act are detailed within the Act itself and can include substantial fines and, in some cases, imprisonment.