Managing your FIRB approval compliance obligations
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Recent changes to Australia’s foreign investment and acquisition regime have led to an increase in the regularity and scope of conditions imposed by the Treasurer on approvals granted to foreign entities investing in Australian assets.
The complexity and breadth of these obligations, regulated by the Foreign Investment Review Board (FIRB), often present material compliance challenges that should be carefully considered by affected investors.
Treasury has also recently been granted enhanced enforcement, monitoring and investigative powers, as well as a mandate to actively deter contravention. Non-compliance with FIRB obligations may have significant consequences including infringement notices, divestment orders, increased civil and criminal penalties, reputational damage and negative impacts for future FIRB applications.