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

167   At the end of section 91 (after the penalty)

Add:

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

(2) A foreign person who takes a notifiable action or notifiable national security action because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities) must give a notice to the Treasurer before the end of 30 days after the action is taken.

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

Civil penalty provisions

(3) A person who contravenes subsection (1) or (2) is liable to a civil penalty.

(4) The maximum penalty for the contravention is the lesser of the following:

(a) 2,500,000 penalty units;

(b) the greater of the following:

(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);

(ii) the amount worked out under section 98F for the action.