The Foreign Investment Review Board (FIRB)’s new 2013 policy contains three important substantive changes which clarify some aspects of FIRB’s policy. Foreign investors should be mindful of the new policy in assessing the need for FIRB notification or approval for an investment in Australia.
The Foreign Investment Review Board has published its 2013 policy, with three substantive changes clarifying the following:
- the definition of ‘foreign government investor’;
- the policy in relation to the enforcement of security by state-owned banks; and
- what is a ‘new business’ for the purpose of the requirement for government related investors to obtain approval to commence a new business in Australia.
See FIRB's 2013 policy.