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

172   After section 92

Insert:

92A Taking action while prohibited by this Act

(1) A person must not take an action when prohibited by paragraph 79A(3)(b) or subsection 79A(4).

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

Penalty

(3) 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.