The Trade Agreements Legislation Amendment Regulation 2014 was registered on Mon 3.11.2014.
It amends the Foreign Acquisitions and Takeovers Regulations 1989 and the Life Insurance Regulations 1995 to give effect to Australia’s foreign investment screening and life insurance regulation commitments under the recently signed Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement.
Among other things, the Regulation effectively provides that non-government Korean and Japanese investors will be subject to a higher threshold of id=”mce_marker”.078bn (indexed annually) in relation to developed commercial real estate and most businesses.
The lower $248m threshold applies to acquisitions of businesses in the prescribed sensitive sectors, which are media, telecommunications, transport, military related goods and services, encryption and security technologies and communications systems and uranium or plutonium related activities.
[LTN 212, 3/11/14]