Document ID: chunk:federal_register_of_legislation:F2024C01235:reg:27:p2
Version: federal_register_of_legislation:F2024C01235
Segment Type: reg
Provision Reference: reg 27 (pt 2/2)
Character Range: 67446–69155

an entity that carries on a national security business;
the Act does not apply in relation to the interest only if the entity that acquires the interest is covered by subparagraph (1)(b)(v).

Interests acquired by foreign government investors
 (3) For an interest acquired by a foreign government investor by way of enforcement of a security as mentioned in subparagraph (1)(a)(ii), the Act does not apply in relation to the interest only if:
 (a) for a foreign government investor that is an ADI or a subsidiary of an ADI:
 (i) 12 months have not passed since the acquisition of the interest; or
 (ii) at least 12 months have passed since the acquisition of the interest and the foreign government investor is making a genuine attempt to dispose of the interest; or
 (b) otherwise:
 (i) 6 months have not passed since the acquisition of the interest; or
 (ii) at least 6 months have passed since the acquisition of the interest and the foreign government investor is making a genuine attempt to dispose of the interest.
Note: Examples of the kinds of actions that may constitute a genuine attempt to dispose of an interest include deciding on the method of disposal, and complying with any requirements of a law that apply before the interest can be disposed of.

Relationship between subsections (2), (2A) and (3)
 (4) Subsections (2), (2A) and (3) do not limit each other.
Note: The effect of this section is that:
(a) acquisitions of interests mentioned in this section are not significant actions or notifiable actions; and
(b) such interests are to be disregarded for other purposes, such as in determining whether a person holds a substantial interest in an entity or is a subsidiary of another entity.