Federal Register of Legislation - Australian Government

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SLI 2009 No. 245 Regulations as made
These Regulations amend the Foreign Acquisitions and Takeovers Regulations 1989 to increase the monetary thresholds, and thus exempt from the screen process, certain foreign investment proposals which are not considered contrary to the national interest and are currently routinely approved.
Administered by: Treasury
Registered 21 Sep 2009
Tabling HistoryDate
Tabled HR19-Oct-2009
Tabled Senate26-Oct-2009
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Foreign Acquisitions and Takeovers Amendment Regulations 2009 (No. 1)1

Select Legislative Instrument 2009 No. 245

I, QUENTIN BRYCE, 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 17 September 2009

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

WAYNE SWAN


1              Name of Regulations

                These Regulations are the Foreign Acquisitions and Takeovers Amendment Regulations 2009 (No. 1).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Foreign Acquisitions and Takeovers Regulations 1989

                Schedule 1 amends the Foreign Acquisitions and Takeovers Regulations 1989.

4              Application of amendments

                The amendments made by Schedule 1 apply on and after the day on which these Regulations commence.


Schedule 1        Amendments

(regulation 3)

 

[1]           Regulations 4 and 5

substitute

4              Prescribed corporations — value of assets of foreign corporation

                For a provision of section 13 of the Act mentioned in the following table, the amount is set out in the table:

Item

Provision

Amount

1

paragraph 13 (1) (d)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

2

paragraph 13 (1) (e)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

5              Exempt dealings — value of assets

         (1)   For a provision of the definition of exempt corporation in subsection 13A (4) of the Act mentioned in the following table, the amount is set out in the table:

Item

Provision

Amount

1

subparagraph (b) (i)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

2

subparagraph (b) (ii)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

         (2)   For a provision of the definition of exempt business in subsection 13A (4) of the Act mentioned in the following table, the amount is set out in the table:

Item

Provision

Amount

1

paragraph (a)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

2

paragraph (b)

   (a)  For the calendar year 2009 — $219 000 000; or

   (b)  For any other calendar year — the amount worked out under regulation 13

[2]           Regulation 6, table, item 1, column 3, paragraphs (a) and (aa)

substitute

   (a)  For the calendar year 2009 — $219 000 000; or

[3]           Regulation 6, table, item 5, column 3, paragraphs (a) and (aa)

substitute

   (a)  For the calendar year 2009 — $219 000 000; or

[4]           Subregulation 13 (1)

omit

regulation 3, 6 or 7

insert

regulation 3, 4, 5, 6 or 7


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.