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Trade and Industry Department The Government of the Hong Kong Special Administrative Region
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Commercial Information Circulars

24-hour hotline : 23 922 922

e-mail address : enquiry@tid.gov.hk

Ref: EIC 891/1/2

4 March 2021

Dear Sirs,

Commercial Information Circular No. 138/2021

Textiles Trader Registration Circular No. 2/2021

Australia : Legislations on Reform of Foreign Investment Framework Came into Effect

Further to Commercial Information Circular No. 779/2020 cum Textiles Trader Registration Circular No.14/2020 of 27 October 2020, this circular informs traders that the legislations giving effect to Australia's Reform of Foreign Investment Framework (the "Reform") came into effect on 1 January 2021.

DETAILS

2.The Australian Government announced on 5 June 2020 a proposed reform on its foreign investment framework; and subsequently released in July and September 2020 respectively the exposure draft legislation to amend its Foreign Acquisitions and Takeovers Act 1975 with a view to implementing the Reform. The legislations giving effect to the Reform were passed by the Australian Parliament on 9 December 2020 and came into effect on 1 January 2021.

3.As foreshadowed in Commercial Information Circular No. 282/2020 cum Textiles Trade Registration Circular No. 4/2020 dated 3 April 2020, the Australian Government introduced a temporary measure to reduce screening thresholds of foreign investment to $0 Australian dollar, which had been in place since 29 March 2020. With effect from 1 January 2021, the Australian Government removed the temporary measure and restored the original monetary screening thresholds for foreign investment. However, mandatory screening of investments in sensitive national security businesses will continue to maintain at the level of $0 Australian dollar.

4.For details, please refer to the press release issued by the Australian Government:
https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/major-reforms-australias-foreign-investment-0.

ENQUIRIES

5.For enquiries concerning the content of this circular, please contact us at 2398 5594.

Yours faithfully,

(Miss Carmen Chan)
for Director-General of Trade and Industry

Note: While every effort is made to ensure the accuracy of the above information, the Department cannot guarantee this to be so and will not be held liable for any reliance placed on the same.