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

149   At the end of section 84 (after the penalty)

Add:

Failing to give notice - increasing percentage of interests without acquiring additional interests in securities

(2) A person commits an offence if:

(a) the person is a foreign person; and

(b) the person takes an action because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities); and

(c) the action is a notifiable action or a notifiable national security action; and

(d) the person does not give a notice as required by subsection 81(1A) before the end of 30 days after the action is taken.

Note: The notice may be given before or after the action is taken.

Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.