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 130ZM   FOREIGN PERSON TAKES ACTION THAT IS A REVIEWABLE NATIONAL SECURITY ACTION UNDER SECTION 55E - BUSINESSES  

130ZM(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(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or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)).

130ZM(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.

When registered circumstances exist and cease
Item	A registered circumstance under this section exists in relation to the foreign person if …	The registered circumstance ceases if …
1	subparagraph 55E(1)(a)(i) (acquiring interest in Australian business) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the Australian business mentioned in subparagraph 55E(1)(a)(i) ; or
		(b)	the Australian business ceases to be an Australian business; or
		(c)	the Australian business ceases to be carried on.
2	subparagraph 55E(1)(a)(ii) (acquiring interest in assets of Australian business) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the Australian business mentioned in subparagraph 55E(1)(a)(ii) ; or
		(b)	the Australian business ceases to be an Australian business; or
		(c)	the Australian business ceases to be carried on.
3	subparagraph 55E(1)(a)(iii) (entering or terminating significant agreement with Australian business) applies to the action, and the action consists of the foreign person entering a significant agreement mentioned in that subparagraph.	(a)	the agreement mentioned in subparagraph 55E(1)(a)(iii) ceases to be in force; or
		(b)	the agreement ceases to be a significant agreement; or
		(c)	the foreign person ceases to be a party to the agreement; or
		(d)	the Australian business mentioned in that subparagraph ceases to be an Australian business; or
		(e)	the Australian business ceases to be carried on.
4	subsection 55E(2) (starting Australian business) applies to the action.	(a)	the foreign person no longer carries on the Australian business mentioned in subsection 55E(2) ; or
		(b)	the Australian business ceases to be an Australian business; or
		(c	the Australian business ceases to be carried on.

130ZM(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

130ZM(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

130ZM(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).