Foreign Acquisitions and Takeovers Amendment Regulations 2022 (F2022L00465)

Schedule 1   Amendments

Part 1   Moneylending agreements

Foreign Acquisitions and Takeovers Regulation 2015

1   Section 5 (definition of moneylending agreement)

Repeal the definition, substitute:

moneylending agreement means:

(a) an agreement entered into:

(i) in good faith and on ordinary commercial terms; and

(ii) in the ordinary course of carrying on a moneylending business;

except an agreement dealing with any matter unrelated to the carrying on of that moneylending business; or

(b) an agreement entered into:

(i) in good faith and on ordinary commercial terms; and

(ii) relating to the purpose of lending money or otherwise providing financial accommodation; and

(iii) by an entity that was created predominantly for that purpose by a person or entity in the ordinary course of carrying on a moneylending business;

except an agreement if:

(iv) the agreement deals with any matter unrelated to the purpose of lending money or otherwise providing financial accommodation and unrelated to the carrying on of that moneylending business; or

(v) the entity, before entering into the agreement, began carrying on a business unrelated to the purpose of lending money or otherwise providing financial accommodation; or

(c) for a person or entity that:

(i) is carrying on a moneylending business; or

(ii) was created predominantly for the purpose of lending money or otherwise providing financial accommodation by a person or entity in the ordinary course of carrying on a moneylending business; or

(iii) is a subsidiary or holding entity of a person or entity covered by subparagraph (i) or (ii);

an agreement to acquire an interest arising from a moneylending agreement (within the meaning of paragraph (a) or (b)).