On 18 May 2022, SWI SECO issued investment screening consultation. SWI SECO announced federal council consultation on legislation to screen foreign investment in Switzerland, following Motion 18.3021 Rieder adoption. Follows SWI GVT August 2021, rules on foreign investment control. Overview Federal council is instructed to draft legislation, but it advises against the new law. Believes…
Read more
U.K. – Gov’t National Security Law in Force
On 11 April 2022, UK GVT updated its guidance collection to help firms, investors understand obligations under the new rules, including how to assess if UK GVT must be notified of an acquisition, what to expect from NSI notification, assessment process. Added guidance on how to comply with the National security and investment act 2021…
Read more
Australia – Gov’t Amended Foreign Acquisitions and Takeovers Regulation
On 11 April 2022, AST GVT registered the 14th compilation of foreign acquisitions and takeovers regulation 2015, showing the law as amended and in force on 1 April 2022. Compilation issued to incorporate changes made by the foreign acquisitions and takeovers amendment regulations 2022.
Read more
Australia – Tax Fines for Foreign Investment Breach
On 11 April 2022, AST Tax issued first fine for foreign investment breach. AST Tax confirmed first penalty order for breaches of Australia's foreign investments rules was issued by the federal court of Australia, and attracted $250,000 in penalties. Background AST Tax is co-administrator of the Foreign Acquisitions and Takeover Act 1975 (FATA), and is…
Read more
Australia – Gvt Foreign Investment Reforms
On 4 April 2022, AST GVT released its response to the final report of the Senate's inquiry into foreign investment proposals which was published in August 2021. Response highlights that 2021 foreign investment reform package gave a legislative basis for GVT to accept/enforce undertakings made by investors to address concerns. Package also allowed increased number…
Read more
Australia – Gov’t Foreign Acquisitions and Takeovers
On 31 March 2022, AST GVT registered foreign acquisitions and takeovers amendment regulations 2022; these regulations commence on the day after they were registered. The regulations reduce regulatory burden for foreign investors that engage in moneylending, invest in unlisted land entities or Australian media businesses. As well as those that acquire shares or units under…
Read more