Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_3
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 4210–6396

3  Simplified outline of this Act

      This Act deals with certain actions to acquire interests in securities, assets or Australian land, and actions taken in relation to entities (being corporations and unit trusts) and businesses, that have a connection to Australia. These actions are called significant actions. For an action to be a significant action, the action must result in a change in control involving a foreign person or be taken by a foreign person.
      If a person proposes to take or has taken a significant action, the Treasurer has power to do one or more of the following:
             (a) decide that the Commonwealth has no objection to the action;
             (b) impose conditions on the action;
             (c) prohibit the action;
             (d) require the action to be undone (for example, by requiring the disposal of an interest that has been acquired).
      Offences and civil penalties apply for failing to comply with:
             (a) an order made prohibiting an action, or requiring an action to be undone; or
             (b) a condition imposed on an action.
      Some significant actions (called notifiable actions) must also be notified to the Treasurer before the actions can be taken. Offences and civil penalties may apply if a notifiable action is taken without a notice having been given. If a notice has been given stating that a significant action is proposed to be taken, the action must not be taken before the end of a specified period (generally of 40 days, or an additional period of up to 90 days from the publication of an interim order).
      Fees are payable in relation to applications and orders made, and notices and notifications given, under this Act.
      A person must make and keep records for the purposes of this Act, including in relation to significant actions and notifiable actions. Information that is obtained for the purposes of this Act (called protected information) may be disclosed only for certain purposes. A person who obtains, uses or discloses protected information other than as authorised by this Act may commit an offence.

Division 2—Definitions

Subdivision A—Dictionary of definitions