firb review, page-22

Delaney

You have missed the point of my post. Regulation must always evolve. Regulators must learn from new cases. The FIRB bases decisions on the 1975 and 1989 Acts, but also the OECD Guidelines of 2011. The FIRB can learn from this takeover in three ways.

1. As Squidd has mentioned in an earlier posting, other countries have tightened their regulations regarding Chinese acquirors in relation to NDRC approval and secured funding. Why not Australia?

2. The national interest "furphy" that you have introduced also pertains to the domestic securities markets. It is in the national interest for securities markets to allow maximum disclosure, for acquisitions to be conducted with appropriate levels of governance and transparency, and for minority shareholders to be protected from non-transparent predatory behaviour.

3. The OECD Guidelines contain specific references to disclosure and governance. If they were applied in this takeover, there should have been some questions asked.

But evidently they weren't.