Federal Register of Legislation - Australian Government

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SLI 2015 No. 218 Regulations as made
This regulation amends the Foreign Acquisitions and Takeovers Regulation 2015 and the Life Insurance Regulations 1995 to give effect to Australia’s obligations under the Free Trade Agreement between the Government of Australia and the Government of the People’s Republic of China (ChAFTA).
Administered by: Treasury
Made 26 Nov 2015
Registered 27 Nov 2015
Tabled HR 30 Nov 2015
Tabled Senate 01 Dec 2015
Table of contents.

 

Treasury Legislation Amendment (China‑Australia Free Trade Agreement) Regulation 2015

 

Select Legislative Instrument No. 218, 2015

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 26 November 2015

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Scott Morrison

Treasurer

 

  

  


Contents

1............ Name................................................................................................... 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 2

4............ Schedules............................................................................................ 2

Schedule 1—Amendment of the Foreign Acquisitions and Takeovers Regulation 2015               3

Foreign Acquisitions and Takeovers Regulation 2015                                       3

Schedule 2—Amendment of the Life Insurance Regulations 1995         5

Life Insurance Regulations 1995                                                                             5

 


1  Name

                   This is the Treasury Legislation Amendment (China‑Australia Free Trade Agreement) Regulation 2015.

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.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

28 November 2015

2.  Schedule 1

The latest of:

(a) the start of the day after this instrument is registered; and

(b) the start of the day the China‑Australia Free Trade Agreement, done at Canberra on 17 June 2015, enters into force for Australia; and

(c) immediately after the commencement of the Foreign Acquisitions and Takeovers Regulation 2015.

However, the provisions do not commence at all if either of the events mentioned in paragraphs (b) and (c) does not occur.

20 December 2015

3.  Schedule 2

The later of:

(a) the start of the day after this instrument is registered; and

(b) the start of the day the China‑Australia Free Trade Agreement, done at Canberra on 17 June 2015, enters into force for Australia.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

20 December 2015

Note 1:       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.

Note 2:       The China‑Australia Free Trade Agreement could in 2015 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

             (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 following Acts:

                     (a)  the Foreign Acquisitions and Takeovers Act 1975;

                     (b)  the Life Insurance Act 1995.

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 1Amendment of the Foreign Acquisitions and Takeovers Regulation 2015

  

Foreign Acquisitions and Takeovers Regulation 2015

1  Section 5 (at the end of the definition of agreement country)

Add:

                    ; (f)  China.

2  Section 5

Insert:

relevant World Trade Organization member means any of the following members of the World Trade Organization established by the World Trade Organization Agreement:

                     (a)  Hong Kong, China;

                     (b)  Macao, China;

                     (c)  Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.

World Trade Organization Agreement means the Marrakesh Agreement establishing the World Trade Organization, done at Marrakesh on 15 April 1994.

Note:          The Agreement is in Australian Treaty Series 1995 No. 8 ([1995] ATS 8) and could in 2015 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

3  Subsection 7(2) (note)

Repeal the note, substitute:

Note:          For references to a law of the United States of America or China, see sections 9 and 9A.

4  At the end of section 7

Add:

             (7)  Without limiting subsection (6), an entity, or a branch of an entity, (within the ordinary meaning of the term) is not an enterprise of China if the Treasurer is satisfied that:

                     (a)  it is owned or controlled by one or more of the following:

                              (i)  an individual who is usually resident in the territory of a relevant World Trade Organization member;

                             (ii)  an entity that is constituted or organised under a law of a relevant World Trade Organization member; and

                     (b)  the entity or branch has no substantial business activities in China.

5  Subsection 8(1)

After “United States of America”, insert “or China”.

6  After subsection 8(2)

Insert:

Definition for China

          (2A)  A national of China is an individual who is a national of China according to the law of China, other than an individual who is usually resident within the territory of a relevant World Trade Organization member.

7  After section 9

Insert:

9A  References to China

                   In this instrument, a reference (whether or not expressly) to China does not include a reference to a relevant World Trade Organization member.

Note:          For example, a reference to the law of China does not include a reference to the law of a relevant World Trade Organization member.

Schedule 2Amendment of the Life Insurance Regulations 1995

  

Life Insurance Regulations 1995

1  Regulation 1.03

Insert:

World Trade Organization Agreement means the Marrakesh Agreement establishing the World Trade Organization, done at Marrakesh on 15 April 1994.

Note:          The Agreement is in Australian Treaty Series 1995 No. 8 ([1995] ATS 8) and could in 2015 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

2  Regulation 2B.01

Before “For”, insert “(1)”.

3  At the end of regulation 2B.01

Add:

                   ; (e)  the body corporate:

                              (i)  is authorised to carry on life insurance business in China; and

                             (ii)  is incorporated in China.

             (2)  In paragraph (1)(e), a reference to China does not include a reference to the following members of the World Trade Organization established by the World Trade Organization Agreement:

                     (a)  Hong Kong, China;

                     (b)  Macao, China;

                     (c)  Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.