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

Schedule 3   Register of Foreign Ownership of Australian Assets

Part 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

8   After Part 7

Insert:

Part 7A - The Register of Foreign Ownership of Australian Assets

Division 1 - Simplified outline of this Part

130P Simplified outline of this Part

The Register of Foreign Ownership of Australian Assets records certain actions relating to interests in land, water, entities, businesses and other assets in Australia.

The Register is kept by the Registrar, which is a body or person appointed by the Treasurer.

Generally, a foreign person who acquires or disposes of such an interest must give a register notice to the Registrar. The register notice may result in there being a registered circumstance in relation to the person, and the person may be required to give further register notices in relation to the registered circumstance.

For example, a person may be required to give a further register notice in relation to a registered circumstance if the nature of the interest that gave rise to the registered circumstance changes, or if the registered circumstance ceases. The events that result in a registered circumstance ceasing are set out in this Part.

No fee is payable for giving a register notice under this Part.

The Register will be required to be kept, and the notice requirements will begin to apply, on the Register commencement day.

A civil penalty applies to a failure to give a notice as required by this Part.

Division 2 - The Register of Foreign Ownership of Australian Assets

130Q Register commencement day

The following apply on and after the day (the Register commencement day ) that Part 2 of Schedule 3 to the Foreign Investment Reform (Protecting Australia's National Security) Act 2020 commences:

(a) the Registrar's obligation under section 130S to keep the Register;

(b) a requirement for a person to give a register notice to the Registrar.

Note: In some cases, a register notice must be given (on or after the Register commencement day) in relation to an event or situation that occurred before that day. See the provisions of Division 3 for more detailed rules about the application of notice requirements.

130R Appointment of the Registrar

The Treasurer may, by notifiable instrument, appoint an eligible Registrar appointee to be the Registrar.

130S Registrar must keep Register

The Registrar must keep a Register of Foreign Ownership of Australian Assets (the Register ).

130T Information to be contained in the Register

The Register must contain:

(a) all the information obtained by the Registrar under Division 3; and

(b) any information added under section 130U; and

(c) any corrections or updates of information described in paragraph (a) or (b) that are made under the data standards.

130U Registrar may add information to the Register

The Registrar may add to the Register any information obtained by the Registrar (other than information obtained under Division 3) relating to:

(a) information obtained by the Registrar under Division 3; or

(b) a registered circumstance (including a registered circumstance that has ceased); or

(c) information obtained by the Registrar under Part 4 of Schedule 3 to the Foreign Investment Reform (Protecting Australia's National Security) Act 2020.

Note: Information obtained under Division 3 must be included in the Register under section 130T.

130V Registrar may disclose information in the Register in certain circumstances

(1) The Registrar may disclose information included in the Register to the following persons for the purpose of those persons performing functions or duties, or exercising powers, under this Act:

(a) the Treasurer;

(b) the Secretary;

(c) the Commissioner of Taxation;

(d) a person engaged under the Public Service Act 1999 who is employed in the Department or the Australian Taxation Office;

(e) a person appointed by the Commonwealth for the purposes of this Act.

(2) The Registrar may disclose information included in the Register to a person in accordance with data standards made for the purposes of:

(a) paragraph 130ZZ(2)(f) (making information available to person who gave register notice, or to whom registered circumstance relates); or

(b) paragraph 130ZZ(2)(g) (making information available to executor, administrator or liquidator).

(3) This section does not limit the circumstances in which a person is authorised to disclose information under Division 3 of Part 7.

130W Giving notice to Registrar

(1) This section applies if a person is required to give a register notice to the Registrar.

(2) The person must give the notice:

(a) in accordance with the data standards; and

(b) before the end of 30 days after the registrable event day for the notice (or a longer period under section 130Z).

(3) If:

(a) a person gives a register notice to the Registrar; and

(b) the giving of the notice would (but for this subsection) result in a registered circumstance existing in relation to the person; and

(c) the registered circumstance would have ceased before the notice was given;

the registered circumstance does not exist in relation to the person (and does not cease).

Note: The data standards may require the register notice to include information relating to an event that results in a registered circumstance not existing under this subsection.

(4) If:

(a) a person gives a register notice to the Registrar; and

(b) at the time the person gives the register notice, the person is not a foreign person;

no registered circumstance exists in relation to the person as a result of the register notice.

Note: The data standards may require the register notice to include information about whether the person is a foreign person at the time the notice is given.

(5) The provisions of Division 3 (including any regulations made for the purposes of subsection 130ZU(1)) do not limit each other, and:

(a) notice of a single event may need to be given under more than one provision or by more than one person; and

(b) a single event may result in registered circumstances existing under more than one provision.

Note: However, the data standards may provide for register notices under multiple provisions to be given in a single notice (see paragraph 130ZZ(2)(j)).

130X Interests acquired by entering agreements etc.

(1) For the purpose of working out a registrable event day for a register notice, disregard:

(a) section 15 (interests acquired by entering agreements or acquiring options); and

(b) paragraph 19A(1)(b) (offer to acquire interests in assets of business); and

(c) paragraph 20(1)(b) (offer to acquire securities or rights in entity).

(2) Subsection (1) does not apply for the purposes of working out whether a person is required to give a register notice.

(3) However, if subsection (1) results in there being no registrable event day for a particular register notice that a person would otherwise be required to give to the Registrar, the person is not required to give the notice.

(4) The regulations may provide that this section does not apply to a specified register notice prescribed by regulations made for the purposes of subsection 130ZU(1).

130Y Agents may give notice

(1) A person (the first person ) required to give a register notice to the Registrar is taken to have complied with the requirement if someone else gives the register notice, in accordance with that provision, on the person's behalf.

(2) For the purposes of this Act, the notice is taken to have been given by the first person.

130Z Regulations may extend time for giving notice

(1) The regulations may make provision for and in relation to extending the period in paragraph 130W(2)(b) in which a register notice must be given to the Registrar.

(2) Without limiting subsection (1), regulations made for the purposes of that subsection may do any of the following:

(a) provide for extensions that apply only if conditions are met, and provide for the Treasurer to impose such conditions generally, or in particular cases;

(b) provide for extensions that apply to specified persons;

(c) confer a power to make a decision of an administrative character on the Treasurer;

(d) confer a power on the Treasurer to make a legislative instrument providing for anything that may, under this section (other than this paragraph), be provided for by the regulations.

Division 3 - Requirements to give register notices to the Registrar

Subdivision A - Requirements relating to interests in land

130ZA Foreign person acquires interest in Australian land

(1) A foreign person must give a register notice to the Registrar if the foreign person acquires:

(a) an interest (other than an equitable interest) in Australian land; or

(b) without limiting paragraph (a) - an equitable interest in Australian land of a kind referred to in paragraph 12(1)(c) (interest in lease or licence with term likely to exceed 5 years), if the Australian land is agricultural land.

(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.

(3) The registered circumstance ceases if the foreign person ceases to hold the interest.

(4) The registrable event day for a register notice under this section is the day on which the foreign person acquires the interest.

Application - Register commencement day

(5) This section does not apply to an acquisition that occurs before the Register commencement day.

130ZB Foreign person acquires interest in exploration tenement

(1) A foreign person must give a register notice to the Registrar if the foreign person acquires an interest (other than an equitable interest) in an exploration tenement.

(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.

(3) The registered circumstance ceases if the foreign person ceases to hold the interest.

(4) The registrable event day for a register notice under this section is the day on which the foreign person acquires the interest.

(5) In this section, interest :

(a) has the same meaning in relation to an exploration tenement as it has in relation to Australian land; and

(b) also includes anything prescribed by the regulations.

Note: For the meaning of interest in relation to Australian land, see section 12. For other rules relating to interests in Australian land, see sections 13 and 14.

Application - Register commencement day

(6) This section does not apply to an acquisition that occurs before the Register commencement day.

130ZC Person becomes a foreign person while holding interest in land

(1) A person must give a register notice to the Registrar if:

(a) the person becomes a foreign person; and

(b) the person holds any of the following interests:

(i) an interest (other than an equitable interest) in Australian land;

(ii) without limiting subparagraph (i) - an equitable interest in Australian land of a kind referred to in paragraph 12(1)(c), if the Australian land is agricultural land;

(iii) an interest (within the meaning of section 130ZB) in an exploration tenement.

(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.

(3) The registered circumstance ceases if the foreign person ceases to hold the interest.

(4) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.

Application - Register commencement day

(5) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person began to hold the interest referred to in paragraph (1)(b).

130ZD Change in nature of interest in land

(1) A foreign person must give a register notice to the Registrar if:

(a) a registered circumstance exists in relation to the person (including a registered circumstance affected by a previous application of this section); and

(b) the Register records the registered circumstance as relating to the person holding any of the following kinds of interest:

(i) an interest in residential land;

(ii) an interest in commercial land;

(iii) an interest in agricultural land;

(iv) an interest in a mining or production tenement;

(v) an interest (within the meaning of section 130ZB) in an exploration tenement; and

(c) while the registered circumstance exists, the interest becomes an interest (the new interest ) of a kind mentioned in another subparagraph of paragraph (b); and

(d) the foreign person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (c).

Note: A registered circumstance may exist only on or after the Register commencement day.

(2) If a foreign person gives a register notice under this section, the registered circumstance becomes a registered circumstance under this section (without ceasing).

(3) The registered circumstance ceases if the foreign person ceases to hold the new interest.

(4) The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (1)(c).

Subdivision B - Requirements relating to registrable water interests

130ZE Foreign person acquires registrable water interest

(1) A foreign person must give a register notice to the Registrar if:

(a) the foreign person acquires a registrable water interest during a financial year; and

(b) the foreign person holds the interest at the end of the last day of the financial year.

(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.

(3) The registered circumstance ceases if the foreign person ceases to hold the interest.

(4) The registrable event day for a register notice under this section is the last day of the financial year.

Application - Register commencement day

(5) This section applies to the acquisition of a registrable water interest at any time in the financial year in which the Register commencement day occurs (including before the Register commencement day), or a later financial year.

130ZF Person becomes a foreign person while holding registrable water interest

(1) A person must give a register notice to the Registrar if:

(a) the person becomes a foreign person during a financial year; and

(b) at the end of the last day of that financial year:

(i) the person is a foreign person; and

(ii) the person holds a registrable water interest.

(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.

(3) The registered circumstance ceases if the foreign person ceases to hold the interest.

(4) The registrable event day for a register notice under this section is the last day of the financial year in which the person becomes a foreign person.

Application - Register commencement day

(5) This section applies to a person who becomes a foreign person at any time in the financial year in which the Register commencement day occurs (including before the Register commencement day), or a later financial year, regardless of when the person began to hold the interest referred to in subparagraph (1)(b)(ii).

130ZG Change to certain characteristics of a registrable water interest

(1) A foreign person must give a register notice to the Registrar if:

(a) on any day or days in a financial year, there is a registered circumstance in relation to the person under section 130ZE or 130ZF that relates to a registrable water interest; and

(b) on that day or any of those days, the volume of water or the share of a water resource referred to in the registrable water interest changes; and

(c) the person holds the registrable water interest at the end of the last day of the financial year.

Note: A registered circumstance may exist only on or after the Register commencement day.

(2) The registrable event day for a register notice under this section is the last day of the financial year.

Subdivision C - Requirements relating to interests in businesses or entities

130ZH Foreign person takes action that is a significant action under section 40 - entities

(1) A foreign person must give a register notice to the Registrar if:

(a) the foreign person takes an action that is a significant action under section 40, and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or

(b) the foreign person takes an action that is a significant action under section 40, and:

(i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and

(ii) if the condition in subsection 40(6) (change in control) was required to be met in order for the action to be a significant action - the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or

(c) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a significant action under section 40.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.

Registrable event day

(4) The registrable event day for a register notice under this section is the earliest of the days in any of the following paragraphs that apply in relation to the notice:

(a) if paragraph (1)(a) applies - the day on which the foreign person takes the action;

(b) if paragraph (1)(b) applies, and the condition in subsection 40(6) (change in control) was required to be met in order for the action to be a significant action - the later of:

(i) the day on which the foreign person takes the action; and

(ii) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the condition in subsection 40(6) is met in relation to the action;

(c) if paragraph (1)(b) applies, and the condition in subsection 40(6) (change in control) was not required to be met in order for the action to be a significant action - the day on which the foreign person takes the action;

(d) if paragraph (1)(c) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).

130ZI Foreign person takes action that is a significant action under section 41 - businesses

(1) A foreign person must give a notice to the Registrar if:

(a) the foreign person takes an action that is a significant action under section 41, and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or

(b) the foreign person takes an action that is a significant action under section 41, and:

(i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and

(ii) if the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action - the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or

(c) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a significant action under section 41.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.

Registrable event day

(4) The registrable event day for a notice under this section is the earliest of the days in any of the following paragraphs that apply in relation to the notice:

(a) if paragraph (1)(a) applies - the day on which the foreign person takes the action;

(b) if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action - the later of:

(i) the day on which the foreign person takes the action; and

(ii) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the condition in subsection 41(5) (change in control) is met in relation to the action;

(c) if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was not required to be met in order for the action to be a significant action - the day on which the foreign person takes the action;

(d) if paragraph (1)(c) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).

130ZJ Foreign person takes action that is a notifiable action under section 47 - entities and businesses

(1) A foreign person must give a register notice to the Registrar if the foreign person takes an action:

(a) that is a notifiable action under section 47; and

(b) to which paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness) or (b) (acquiring substantial interest in Australian entity) applies.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under an item of the table.

(4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable action.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day.

130ZK Foreign person takes action that is a notifiable national security action under section 55B

(1) A foreign person must give a register notice to the Registrar if the foreign person takes an action:

(a) that is a notifiable national security action under section 55B; and

(b) to which paragraph 55B(1)(a), (b) or (c) applies.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 2 or 3 of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 2 or 3 of the table.

Registrable event day

(4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable national security action.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day.

130ZL Foreign person takes action that is a reviewable national security action under section 55D - entities

(1) A foreign person must give a register notice to the Registrar if:

(a) the foreign person takes an action that is a reviewable national security action under section 55D, and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; or

(iii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or

(b) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a reviewable national security action under section 55D.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 of the table.

Registrable event day

(4) The registrable event day for a register notice under this section is:

(a) if paragraph (1)(a) applies - the day on which the foreign person takes the action; or

(b) if paragraph (1)(b) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).

130ZM Foreign person takes action that is a reviewable national security action under section 55E - businesses

(1) A foreign person must give a register notice to the Registrar if:

(a) the foreign person takes an action that is a reviewable national security action under section 55E, and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; or

(iii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or

(b) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a reviewable national security action under section 55E.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.

(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.

Registrable event day

(4) The registrable event day for a register notice under this section is:

(a) if paragraph (1)(a) applies - the day on which the foreign person takes the action; or

(b) if paragraph (1)(b) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).

130ZN Change in interest in an entity or business

(1) A foreign person must give a register notice to the Registrar if:

(a) there is a registered circumstance in relation to the foreign person under a provision mentioned in subsection (4); and

(b) in relation to that registered circumstance, the Register records the foreign person as holding an interest in an entity or business of a particular percentage; and

(c) the percentage interest that the foreign person holds in the entity or business differs from the percentage mentioned in paragraph (b) by 5% or more; and

(d) the foreign person is aware, or ought reasonably to have become aware, of the difference mentioned in paragraph (1)(c).

Note 1: For example, if the Register records a foreign person as holding a 30% interest in an Australian entity, the person must give notice to the Registrar if the person is aware, or ought reasonably to have become aware, that the person's interest in the entity has changed to 35% or more or 25% or less.

Note 2: A registered circumstance may exist only on or after the Register commencement day.

(2) In working out a percentage interest for the purposes of paragraph (1)(c), disregard an equitable interest.

(3) The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to become aware, of the difference mentioned in paragraph (1)(c).

(4) For the purposes of paragraph (1)(a), the provisions are the following:

(a) item 1 or 2 of the table in subsection 130ZH(2) (significant actions under section 40 - entities);

(b) item 1 or 2 of the table in subsection 130ZI(2) (significant actions under section 41 - businesses);

(c) item 1, 2 or 3 of the table in subsection 130ZJ(2) (notifiable actions under section 47 - entities and businesses);

(d) item 2 or 3 of the table in subsection 130ZK(2) (notifiable national security actions under section 55B);

(e) item 1 of the table in subsection 130ZL(2) (reviewable national security actions under section 55D - entities);

(f) item 1 or 2 of the table in subsection 130ZM(2) (reviewable national security actions under section 55E - businesses);

(g) a provision of regulations made for the purposes of subsection 130ZU(1), if the regulations provide that this section applies to the registered circumstance.

130ZO Person becomes a foreign person while holding interest in an entity or business

(1) This section applies to a person who becomes a foreign person.

(2) The person must give a register notice to the Registrar if:

(a) on the day the person becomes a foreign person, the person holds:

(i) a direct interest in an Australian entity that is an agribusiness; or

(ii) a direct interest in an Australian business that is an agribusiness; or

(iii) a substantial interest in an Australian entity; and

(b) had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable action under either of the following:

(i) paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness);

(ii) paragraph 47(2)(b) (acquiring substantial interest in Australian entity).

(3) Subsections 130ZJ(2) and (3) apply in relation to the notice as if the person had taken the action mentioned in paragraph (2)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZJ.

(4) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.

Application - Register commencement day

(5) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to hold the interest referred to in paragraph (2)(a).

130ZP Person becomes a foreign person while carrying on or holding interest in a national security business

(1) This section applies to a person who becomes a foreign person.

(2) The person must give a register notice to the Registrar if:

(a) on the day the person becomes a foreign person, the person carries on a national security business; and

(b) had the person taken an action consisting of starting to carry on the national security business on the day the person became a foreign person, the action would have been a notifiable national security action under paragraph 55B(1)(a) (starting national security business).

(3) The person must give a register notice to the Registrar if:

(a) on the day the person becomes a foreign person, the person holds:

(i) a direct interest in a national security business; or

(ii) a direct interest in an entity that carries on a national security business; and

(b) had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable national security action under either of the following:

(i) paragraph 55B(1)(b) (acquiring direct interest in national security business);

(ii) paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business).

(4) Subsections 130ZK(2) and (3) apply in relation to the notice as if the person had taken the action mentioned in paragraph (2)(b) or (3)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZK.

(5) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.

Application - Register commencement day

(6) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to carry on the business referred to in paragraph (2)(a) or to hold the interest referred to in paragraph (3)(a).

Subdivision D - Requirements relating to registered circumstances

130ZQ Registered circumstance ceases

(1) A foreign person must give a register notice to the Registrar if:

(a) a registered circumstance that relates to the foreign person ceases; and

(b) the foreign person is aware, or ought reasonably to have become aware, of the cessation.

Note 1: A register notice need not be given under this section if a registered circumstance ceases before the register notice that would give rise to the registered circumstance is given. However, the data standards may require a register notice to state whether the registered circumstance has already ceased at the time the register notice is given.

Note 2: A registered circumstance may exist only on or after the Register commencement day.

(2) The registrable event day for a register notice under this section is the day on which the foreign person is aware, or ought reasonably to have become aware, that the registered circumstance has ceased.

(3) However, if the registered circumstance is a registered circumstance under section 130ZE or 130ZF (registrable water interests), the registrable event day for a register notice under this section is the last day of the financial year in which the registered circumstance ceases.

130ZR Foreign person ceases to be a foreign person while registered circumstances exist

(1) A person must give a register notice to the Registrar if:

(a) one or more registered circumstances relate to the person; and

(b) the person ceases to be a foreign person.

Note: A registered circumstance may exist only on or after the Register commencement day.

(2) Each such registered circumstance ceases when the notice is given. No register notice under section 130ZQ is required for the cessation of a registered circumstance under this subsection.

(3) Subject to subsections (5) and (7) of this section, the registrable event day for a register notice under this section is the day on which the person ceases to be a foreign person.

Notice by executor or administrator of person who has died

(4) If the person ceases to be a foreign person because the person dies, the executor or administrator of the person's estate must give the register notice to the Registrar.

Note: The executor or administrator may also be required to give a register notice or notices under section 130ZS.

(5) If subsection (4) applies to a register notice, the registrable event day for the register notice under this section is the day on which the executor or administrator is appointed.

Notice by liquidator of corporation that is wound up

(6) If the person ceases to be a foreign person because the person is a corporation that is wound up, the liquidator of the corporation must give the register notice to the Registrar.

Note: The liquidator may also be required to give a register notice or notices under section 130ZT.

(7) If subsection (6) applies to a register notice, the registrable event day for the register notice under this section is the day on which the corporation is wound up.

Subdivision E - Requirements relating to persons who die, or corporations that are wound up, before notice is given

130ZS Requirement for executor or administrator to give notice for person who dies before giving notice

(1) If a person who is required to give a register notice to the Registrar under a provision of this Division dies before giving the notice, the executor or administrator of the person's estate must give the register notice in accordance with the provision.

Note: The executor or administrator may also be required to give a register notice or notices under subsection 130ZR(4).

(2) Despite the provision of this Division mentioned in subsection (1):

(a) no registered circumstance exists because of a notice under subsection (1); and

(b) the registrable event day for a notice under subsection (1) is the day the executor or administrator is appointed.

130ZT Requirement for corporate liquidator to give notice for corporation that is wound up before giving notice

(1) If a person who is required to give a register notice to the Registrar under a provision of this Division is a corporation and is wound up before giving the notice, the liquidator of the corporation must give the register notice in accordance with the provision.

Note: The liquidator may also be required to give a register notice or notices under subsection 130ZR(6).

(2) Despite the provision of this Division mentioned in subsection (1):

(a) no registered circumstance exists because of a notice under subsection (1); and

(b) the registrable event day for a notice under subsection (1) is the day the corporation is wound up.

Subdivision F - Prescribed requirements

130ZU Regulations may require notice to be given to Registrar

(1) The regulations may prescribe:

(a) circumstances in which a person specified in the regulations must give a register notice to the Registrar; and

(b) the registrable event day for such a register notice; and

(c) registered circumstances that relate to a foreign person who gives such a register notice; and

(d) circumstances in which such a registered circumstance ceases.

(2) A person who is required to give a register notice under regulations made for the purposes of subsection (1) must comply with the requirement.

(3) To avoid doubt, circumstances prescribed for the purposes of paragraph (1)(a) or (d) may relate to matters or events occurring before, on or after the Register commencement day.

Note: However, a requirement to give a register notice arises only on or after the Register commencement day (see section 130Q).

Division 4 - Consequences of failing to give notice to Registrar

130ZV Civil penalty for failing to give notice to Registrar

A person contravenes this section if:

(a) the person is required to give a register notice to the Registrar before a particular time (the notice time ); and

(b) the person does not comply with the requirement.

Civil penalty: 250 penalty units.

Division 5 - Miscellaneous

130ZW Directions by Treasurer

(1) The Treasurer may, by legislative instrument, give written directions to the Registrar about the performance of the Registrar's functions and the exercise of the Registrar's powers.

Note: Section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 do not apply to the directions (see regulations made for the purposes of paragraphs 44(2)(b) and 54(2)(b) of that Act).

(2) Without limiting subsection (1), a direction under that subsection may relate to any of the following:

(a) matters to be dealt with in the data standards;

(b) without limiting section 17 (consultation before making legislative instruments) of the Legislation Act 2003, consultation processes to be followed prior to making data standards.

(3) A direction under subsection (1) must be of a general nature only.

(4) Subsection (3) does not prevent a direction under subsection (1) from relating to a particular matter to be dealt with in the data standards. However, the direction must not direct the Registrar how to apply the data standards in a particular case.

(5) The Registrar must comply with a direction under subsection (1).

130ZX Delegation

(1) The Registrar may, in writing, delegate all or any of the Registrar's functions or powers under this Part (other than the power to make a legislative instrument) to:

(a) any person to whom the Registrar may delegate any of the Registrar's other functions, as a kind of body or person mentioned in the definition of eligible Registrar appointee in section 4, under a law of the Commonwealth; or

(b) any person of a kind prescribed by the regulations.

Note: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations.

(2) If a power (other than a power to make a legislative instrument) is delegated to the Registrar under subsection 137(2A), the Registrar may, in writing, subdelegate the power to a person mentioned in paragraph (1)(a) or (b) of this section.

(3) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to the subdelegation in a way corresponding to the way in which they apply in relation to a delegation.

Directions

(4) In exercising powers or performing functions delegated or subdelegated by the Registrar under this section, the delegate or subdelegate must comply with any directions of the Registrar.

130ZY Report to the Parliament

(1) The Registrar must give the Treasurer, for presentation to the Parliament, a report for each financial year that:

(a) is on the operation of this Part during the financial year; and

(b) includes statistics derived by the Registrar from information in the Register.

(2) The statistics in the report must not identify, or be reasonably capable of being used to identify, a person.

(3) The Registrar must give the report to the Treasurer as soon as practicable after 30 June in the financial year.

Note: See also section 34C of the Acts Interpretation Act 1901, which contains extra rules about periodic reports.

130ZZ Data standards

(1) The Registrar may, by legislative instrument, determine data standards on matters relating to the performance of the Registrar's functions and the exercise of the Registrar's powers.

(2) Without limiting subsection (1), the data standards may provide for any of the following:

(a) the manner and form in which register notices must be given to the Registrar (including by requiring register notices to be given by electronic communication);

(b) information or documents that must accompany a register notice;

(c) how information held by the Registrar is to be authenticated, verified or validated;

(d) how information held by the Registrar is to be stored;

(e) correcting or updating information held by the Registrar;

(f) making available to a person:

(i) information included on the Register as a result of a register notice given to the Registrar by the person; and

(ii) information about a registered circumstance that relates to a person, including about whether such a registered circumstance exists;

(g) making information mentioned in paragraph (f) available to the executor or administrator of the estate of a person who has died, or to the liquidator of a person that is or was a corporation and is being or has been wound up;

(h) the manner and form of communication between the Registrar and persons who give information to the Registrar or seek to access information held by the Registrar;

(i) integrating or linking information held by the Registrar;

(j) combining register notices under multiple provisions into a single register notice.