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

123   Subsection 76(1)

Repeal the subsection, substitute:

(1) A no objection notification given to a person under section 74 or 75 must:

(a) specify the following:

(i) the one or more actions to which the notification relates;

(ii) the one or more foreign persons to which the notification relates; and

(b) include the following:

(i) a requirement that the actions to which the notification relates, if taken, must be taken before the end of a specified period after the day the notification is given;

(ii) a statement to the effect that the Treasurer may, in certain circumstances review the actions to which the notification relates under Division 3 and exercise powers under that Division.