Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 2   Compliance and enforcement

Part 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

14   Section 93

Repeal the section, substitute:

93 Contravening conditions

Conditions in no objection notifications

(1) A person who is given a no objection notification must not contravene a condition specified in the notification that relates to a core Part 3 action.

(2) A person who contravenes subsection (1) is liable to a civil penalty.

(3) The maximum penalty for the contravention is the lesser of the following:

(a) 2,500,000 penalty units;

(b) the greater of the following:

(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);

(ii) the amount worked out under section 98F for the core Part 3 action.

Conditions in notice imposing conditions

(4) A person who is given a notice imposing conditions must not contravene a condition specified in the notice that relates to an action.

(5) A person who contravenes subsection (4) is liable to a civil penalty.

(6) The maximum penalty for the contravention is the lesser of the following:

(a) 2,500,000 penalty units;

(b) the greater of the following:

(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);

(ii) the amount worked out under section 98F for the action.

Conditions in exemption certificates

(7) A person who is specified in an exemption certificate must not contravene a condition specified in the certificate.

Civil penalty: 5,000 penalty units (or 50,000 penalty units if the person is a corporation).