Hope the FIRB is not sleeping ! They got broad powers and can...

Hope the FIRB is not sleeping ! They got broad powers and can use it !

From 1 January 2021, a foreign person may require foreign investment approval in certain circumstances where their percentage of interests in an entity have increased, even where they did not acquire additional interests in securities in the entity (passive increases).

Foreign persons generally require foreign investment approval before acquiring interests in securities or assets, or taking other actions in relation to corporations, unit trusts and businesses that have a connection to AustraliaWhere the foreign person is a foreign government investor, additional rules apply.

For example, foreign government investors generally require foreign investment approval where they:-
- acquire a direct interest in an Australian entity or Australian business, or start an Australian business, regardless of value; or-
- acquire an interest of 10 per cent or more in securities in a mining, production or exploration entity, regardless of value.-
Other actions (for example, some offshore takeovers and acquisitions) may be significant actions or reviewable national security actions, but not notifiable actions or notifiable national security actions.
For such proposals, notification is not required prior to an action being taken. Nonetheless, foreign investors may apply for a no objection notification in respect of proposed significant actions to obtain certainty. Similarly, where the actions are reviewable national security actions, foreign investors may voluntarily notify, and in doing so, extinguish the Treasurer’s call-in power