Foreign Acquisitions and Takeovers (Treasury) Amendment Delegations 2020
I, Josh Frydenberg, Treasurer, make the following delegations.
Dated 10 July 2020
Josh Frydenberg
Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
1 Name
This instrument is the Foreign Acquisitions and Takeovers (Treasury) Amendment Delegations 2020.
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Note: This table relates only to the provisions of this instrument as originally made.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 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
1 Schedule 1 (after table item 6)
Insert:
6A | section 68 of the Act | interim orders | (a) Secretary (b) SES employee (c) EL2 employee | none | none |
6B | section 69 of the Act | disposal orders | (a) Secretary (b) SES employee (c) EL2 employee | the delegate may only exercise the function or power if the significant action was to acquire an interest in residential land | none |
2 Schedule 1 (table item 8)
Repeal the item, substitute:
8 | section 74 of the Act | no objection notification imposing conditions | (a) Secretary (b) SES employee (c) EL2 employee | the delegate may only exercise the function or power in relation to an action that is one of the following: (a) an action to acquire an interest in a land entity, a corporate trustee of an Australian land trust, a corporate trustee of an agricultural land trust, or a tenement, and the value of that interest is not more than $100 million; (b) an action to acquire of an interest in Australian land (other than an interest of a kind mentioned in paragraphs 12(1)(f) to (h) of the Act), and the value of that interest is not more than $15 million; or (c) an action that constitutes an internal reorganisation; (d) an action to acquire of an interest in assets of an Australian business, and the value of the consideration for the acquisition is not more than $100 million; (e) an action to acquire an interest in securities in an entity or to issue securities in an entity, and the total asset value, and total issued securities value for the entity is not more than $100 million; (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 or terminate a significant agreement with an Australian business, and the total value of the assets of the business is not more than $100 million; (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), and the total asset value of the entity or total value of the assets of the business is not more than $100 million | none |
3 Schedule 1 (table item 11)
Repeal the item, substitute:
11 | subsection 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 | (a) Secretary (b) SES employee (c) EL2 employee | an EL2 employee delegate may only exercise the function or power if the no objection notification relates to one of the following: (a) an action to acquire an interest in a land entity, a corporate trustee of an Australian land trust, a corporate trustee of an agricultural land trust, or a tenement, and the value of that interest is not more than $100 million; (b) an action to acquire an interest in Australian land (other than an interest of a kind mentioned in paragraphs 12(1)(f) to (h) of the Act), and the value of that interest is not more than $15 million; or (c) an action that constitutes an internal reorganisation; (d) an action to acquire an interest in assets of an Australian business, and the value of the consideration for the acquisition is not more than $100 million; (e) an action to acquire an interest in securities in an entity or to issue securities in an entity, and the total asset value, and total issued securities value for the entity is not more than $100 million; (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 or terminate a significant agreement with an Australian business, and the total value of the assets of the business is not more than $100 million; (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), and the total asset value of the entity or total value of the assets of the business is not more than $100 million | none |