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Australia
August 31 2020 The Government’s draft reforms to the Foreign Investment Review Board (FIRB) screening process represent a major shift in the scope of FIRB’s powers and its review of investments that may affect national security.
Significant reforms to Australia’s foreign investment review framework are scheduled to commence on 1 January 2021. The reforms focus on tightening the rules in relation to ‘national security businesses’, including those involved in the defence and national security supply chains. The Government has released exposure drafts of the major legislation required to enact the proposed reforms and begun a short consultation process, closing on 31 August 2020.
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