Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subsection (2) applies if:
(a) any of the following conditions are satisfied:
(i) a person is given a no objection notification specifying one or more core Part 3 actions;
(ii) a person is specified in a no objection notification specifying one or more core Part 3 actions;
(iii) an exemption certificate relating to a person relates to one or more exempt core Part 3 actions; and
(b) the person takes one of those core Part 3 actions or exempt core Part 3 actions; and
(c) a situation mentioned in subsection (2) arises after the person takes that core Part 3 action or exempt core Part 3 action; and
(d) if that situation is the situation mentioned in paragraph (2)(a)--the person becomes aware, or ought reasonably to have become aware, of the situation; and
(e) if regulations made for the purposes of this paragraph specify requirements--those requirements are met.
(2) The situations are as follows:
(a) if none of the following paragraphs apply--there is a change in control of the entity or business to which the core Part 3 action or exempt core Part 3 action relates;
(b) if the core Part 3 action or exempt core Part 3 action is an acquisition of a direct interest in an Australian entity--the person ceases to have a direct interest in the Australian entity;
(c) if the core Part 3 action or exempt core Part 3 action is an acquisition of an interest of any percentage in an entity or a business--the person starts to hold an interest of a percentage in the entity or business that is equal to or less than the interest of the percentage that the person held in the entity or business immediately before the acquisition;
(d) if the core Part 3 action or exempt core Part 3 action is an acquisition of an interest in Australian land--the person ceases to hold all or part of that interest;
(e) if the core Part 3 action or exempt core Part 3 action is an action specified in regulations made for the purposes of section 44 and the regulations specify one or more situations for the significant action for the purposes of this paragraph--any of those situations cease to exist;
(f) if the core Part 3 action or exempt core Part 3 action is an action specified in regulations made for the purposes of section 44 and paragraph (e) of this subsection does not apply:
(i) if the core Part 3 action or exempt core Part 3 action relates to acquiring an interest of at least a certain percentage in an entity or business--the person ceases to have an interest of at least that percentage in the entity or business; or
(ii) if the core Part 3 action or exempt core Part 3 action relates to acquiring a direct interest in an entity or business--the person ceases to have a direct interest in the entity or business; or
(iii) if the core Part 3 action or exempt core Part 3 action relates to starting a business--the person ceases to carry on the business; or
(iv) if the core Part 3 action or exempt core Part 3 action relates to acquiring an interest in a tenement--the person ceases to hold all or part of that interest; or
(v) if the core Part 3 action or exempt core Part 3 action relates to acquiring an interest of at least a certain percentage of the securities of an entity--the person ceases to have an interest of at least that percentage of the securities of the entity.
(3) The person must give the Treasurer a notice in accordance with subsection (4) no later than 30 days after the later of the following days:
(a) the day on which the situation mentioned in subsection (2) arose;
(b) the day on which the no objection notice or exemption certificate was given.
Civil penalty: 250 penalty units.
(4) The notice must:
(a) describe the core Part 3 action or exempt core Part 3 action; and
(b) state the day on which it was taken; and
(c) describe the situation mentioned in subsection (2) that arose; and
(d) state the day on which it arose; and
(e) meet any other requirements specified in regulations made for the purposes of this paragraph.