Commonwealth Numbered Regulations - Explanatory Statements

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FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT REGULATIONS 2004 (NO. 3) 2004 NO. 401

Section 39 of the Foreign Acquisitions and Takeovers Act 1975 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The purpose of the Regulations is to amend a recently made regulation by removing the word "relevant", thereby changing the expression ''relevant foreign country" to "foreign country". For the purposes of this regulation, ''relevant foreign country" means the United States of America. It was intended that this reference be to any foreign country.

Details of the Regulations are set out in the Attachment.

The Act specifies no conditions that need to be met before the power to make the proposed Regulations may be exercised.

The Regulations commence on the commencement of Schedule 5 to the US Free Trade Agreement Implementation Act 2004. That Schedule is expressed to commence on the later of 1 January 2005 and the day on which the AUSFT A comes into force for Australia.

Details of the Regulations are set out in the Attachment.

ATTACHMENT A

DETAILS OF THE FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT REGULATIONS 2004 (NO. 3)

Regulation 1 provides that the regulations are the Foreign Acquisitions and Takeovers Amendment Regulations 2004 (No. 3).

Regulation 2 provides that the regulations commence on the commencement of Schedule 5- to the US Free Trade Agreement Implementation Act 2004 (the USFTA Act). Schedule 5 to the USFTA Act amends the Foreign Acquisitions and Takeovers Act 1975 (the Act), with effect on the later of 1 January 2005 or the entry into force of the Australia - United States Free Trade Agreement (AUSFTA).

Regulation 3 provides that the Foreign Acquisitions and Takeovers Regulations 1989 (the Principal Regulations) are amended by Schedule 1 to the Regulations.

Schedule 1 - Amendments

Item [1] - Subparagraph 11 (1) (a) (iii)

Item 1 omits the word ''relevant'' from this subparagraph in the current regulation.