The Australian government released the exposure draft legislation for its proposed reforms to the foreign investment review framework and has commenced a four-week consultation inviting public submissions on the draft legislation. The exposure draft legislation that has been released includes the Foreign Investment Reform (Protecting Australia’s National Security) Bill 2020 (Cth) (FIRB Reform Bill), which will amend the Foreign Acquisitions and Takeovers Act 1975(Cth) (FIRB Act) to provide the framework for the new regime and the first part of the government’s proposed amendments to the Foreign Acquisitions and Takeovers Regulation 2015(Cth) (FIRB Regulation).
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