Foreign Acquisitions and Takeovers Act 1975

PART 7A - THE REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS  

Division 3 - Requirements to give register notices to the Registrar  

Subdivision C - Requirements relating to interests in businesses or entities  

SECTION 130ZN   CHANGE IN INTEREST IN AN ENTITY OR BUSINESS  

130ZN(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.

130ZN(2)    
In working out a percentage interest for the purposes of paragraph (1)(c), disregard an equitable interest.

130ZN(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).

130ZN(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.