Revised Explanatory Memorandum
(Circulated by authority of the Attorney-General, the Honourable Christian Porter MP)PART 1 - TRANSITIONAL PROVISIONS
Item 1
1818. This item makes amendments to the requirement to register under section 16 of the Foreign Influence Transparency Scheme Act. Section 16 requires a person to apply to the Secretary for registration under the scheme within 14 days of becoming liable to register.
1819. This item provides that, if a registrable arrangement is in existence between a person and a foreign principal at the time of the commencement of the Foreign Influence Transparency Scheme Act, the person is not required to register under the scheme before six months after the day on which that Act commences. The effect of this item is that the person must apply to the Secretary for registration within 14 days after the end of the six month period.
1820. This item does not prevent a person from applying to the Secretary for registration under the scheme before the six month period has ended. It is intended to allow persons with existing arrangements with foreign principal's time to arrange their affairs and ensure they comply with the scheme.
1821. If a person and a foreign principal establish an arrangement after the commencement of the Foreign Influence Transparency Scheme Act, section 16 will not be affected by this item and the person will be required to register within 14 days of establishing the arrangement.