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

Schedule 1   Main amendments

Part 1   Amendment of the Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers Act 1975

79   After section 62

Insert:

62A Variation or revocation of exemption certificates - false or misleading information or documents

(1) The Treasurer may give a notice under subsection (2) if the Treasurer reasonably believes that before an exemption certificate was given the person to whom the certificate relates gave the Treasurer information that was or documents that were:

(a) relevant to the exemption certificate; and

(b) false or misleading in a material particular.

(2) The Treasurer may give the person a notice, in writing, that the Treasurer is considering varying or revoking the exemption certificate because the Treasurer has the reasonable belief mentioned in subsection (1).

(3) The Treasurer may vary or revoke an exemption certificate relating to a person if:

(a) the Treasurer is satisfied that before the exemption certificate was given the person gave the Treasurer information that was or documents that were:

(i) relevant to the exemption certificate; and

(ii) false or misleading in a material particular; and

(b) the Treasurer has given the person a notice under subsection (1) in respect of the exemption certificate; and

(c) the variation or revocation is made no later than 120 days after the day on which the Treasurer gave the person that notice.

Note: Subsection 33(3) of the Acts Interpretation Act 1901 does not apply in relation to a power under this Division to give an exemption certificate (see subsection 62(3)).

(4) To avoid doubt, for the purposes of this section, information or documents may be false or misleading in a material particular because of the omission of a matter or thing.

(5) The Treasurer must notify the person, in writing, of the variation or revocation before the end of 10 days after the revocation is made.

(6) This section does not limit the circumstances in which the Treasurer may vary or revoke an exemption certificate.

(7) This section applies to an exemption certificate that is taken to be given under section 61.

62B Effect of revocation or variation of exemption certificate

(1) This section applies if:

(a) an exemption certificate relates to an action; and

(b) either:

(i) the exemption certificate is revoked under section 62 or 62A; or

(ii) the exemption certificate is varied under section 62 or 62A, and as a result of the variation the exemption certificate no longer relates to the action.

(2) Despite sections 45 and 49, subsection 55B(3) and section 55G, the operation of those sections and subsections in relation to the exemption certificate do no prevent the action, from the time mentioned in subsection (3), from being any of the following:

(a) a significant action;

(b) a notifiable action;

(c) a notifiable national security action;

(d) a reviewable national security action.

(3) The time is:

(a) if the revocation or variation specifies a time when it comes into effect - that time; or

(b) otherwise - the time when the revocation or variation is made.

(4) Subsection (5) applies if:

(a) at the time the action was taken:

(i) it was not a core Part 3 action; or

(ii) it was not contrary to the national interest or to national security; and

(b) as a result of the operation of subsection (2), the action becomes a core Part 3 action at the time mentioned in subsection (3).

(5) To avoid doubt, the Treasurer may make an order under section 69 (disposal orders) in relation to the action despite the fact that, at the time the action was taken:

(a) it was not a core Part 3 action; or

(b) it was not contrary to the national interest or to national security.