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

126   At the end of Subdivision B of Division 2 of Part 3

Add:

76A Revocation of no objection notification

(1) The Treasurer may give a notice under subsection (2) if the Treasurer reasonably believes that before a no objection notification was given to a person the person (or another person specified in the notification) gave the Treasurer information that was or documents that were:

(a) relevant to the no objection notification; and

(b) false or misleading in a material particular.

(2) The Treasurer may give the person who was given the notification a notice, in writing, that the Treasurer is considering revoking the notification (and the relevant decision mentioned in paragraph 74(2)(a) or 75(2)(a)) because the Treasurer has the reasonable belief mentioned in subsection (1).

(3) The Treasurer may revoke a no objection notification given to a person (and the relevant decision mentioned in paragraph 74(2)(a) or 75(2)(a)) if:

(a) the Treasurer is satisfied that before the no objection notification was given the person (or another person specified in the notification) gave the Treasurer information that was or documents that were:

(i) relevant to the no objection notification; and

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

(b) the Treasurer has given the person a notice under subsection (2) in respect of the no objection notification; and

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

(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 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 revoke a no objection notification.

(7) If the Treasurer revokes a no objection notification under subsection (1) (and the relevant decision mentioned in paragraph 74(2)(a) or 75(2)(a)), the Treasurer may make:

(a) an order under section 67, 68 or 69; or

(b) a decision under paragraph 74(2)(a) or 75(2)(a);

as if the no objection notification had never been given (and the relevant decision had never been made).

Note: The Treasurer cannot make an order under section 67 or 68 if the core Part 3 action in relation to which the no objection notification was given had already been taken before the revocation.