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

120   Subsection 74(4)

Repeal the subsection, substitute:

Variation and revocation of conditions

(4) Subject to subsection (6), the Treasurer may:

(a) in relation to an action of a kind mentioned in subsection (1) - vary a no objection notification given to a person in one or more ways mentioned in subsection (4A) if the Treasurer is satisfied that the variation is not contrary to the national interest; and

(b) in relation to an action of a kind mentioned in subsection (1A) - vary a no objection notification given to a person in one or more ways mentioned in subsection (4A) if the Treasurer is satisfied that the variation is not contrary to national security.

(4A) For the purposes of subsection (4), the Treasurer may vary a no objection notification in one or more of the following ways:

(a) revoking a condition;

(b) imposing a new condition;

(c) varying an existing condition;

(d) varying the information specified under section 76.