Having regard to the statutory timeframes of 30 days for assessing notifications under the FATA, and up to a further 10 days for receiving no objection notifications in response, investors are advised that notifications lodged for the remainder of the year are expected to be finalised next year. Treasury is also currently receiving a high volume of notifications, reflecting elevated M&A activity across the economy. Wherever possible, Treasury will continue to prioritise and meet genuine commercial deadlines during the period ahead.
The Treasury has today provided further guidance for investors in relation to their compliance and reporting obligations under the foreign investment framework and the application of Treasury’s compliance and enforcement powers on the FIRB website.
As noted in the FIRB news item of 22 February 2021, the Treasury is conducting an evaluation of the new foreign investment reforms which commenced on 1 January 2021. To help inform this evaluation, the Treasury is now inviting interested stakeholders to submit written submissions on the operation and performance of the reforms. Submissions close on 31 August 2021.
Further information on how to make a submission is available on the Treasury website.