(1) The Minister must cause a review of the operation of this Act to be commenced as soon as possible after the third anniversary of the commencement of Parts 2 and 3.
Note: The reference to this Act includes the rules (see the definition of this Act in section 4).
(2) The review must include:
(a) whether it is necessary or desirable to do anything to improve the operation of this Act; and
(b) the effectiveness of this Act in meeting the object of this Act; and
(c) whether this Act should be amended to implement review recommendations; and
(d) whether a further review of this Act should be undertaken, and if so, when.
(3) The persons undertaking the review must give the Minister a written report of the review.
(4) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.
64 Schedule 1
Schedule 1 has effect.
Schedule 1—Transitional requirements relating to pre‑existing foreign arrangements
Note: See section 64.
Division 1—Simplified outline of this Schedule
1 Simplified outline of this Schedule
A State/Territory entity is required to notify the Minister of any foreign arrangements that are in operation on the commencement day, or that come into operation before the day Part 2 commences.
If the foreign arrangement is a core foreign arrangement, then the State/Territory entity must notify the Minister before the end of 3 months, or such longer period (if any) prescribed by the rules, after the commencement day. Failure to meet the minimum notification requirements for a core foreign arrangement will result in the arrangement becoming invalid and unenforceable, becoming required to be terminated, or ceasing to be in operation (depending on the nature of the arrangement). The State/Territory entity and the foreign entity that are parties to the arrangement will also be prohibited from giving effect to the arrangement and from holding out that they are able to give effect to the arrangement. These consequences will apply automatically and without the involvement of the Minister (see clauses 4 to 6).
If the foreign arrangement is a non‑core arrangement, then the State/Territory entity must notify the Minister about the arrangement before the end of 6 months, or such longer period (if any) prescribed by the rules, after the commencement day.
Division 2—Requirement to notify the Minister about pre‑existing foreign arrangements
2 Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements
(1) This clause applies to a pre‑existing foreign arrangement between a core State/Territory entity and a core foreign entity.
(2) A pre‑existing foreign arrangement is a foreign arrangement that:
(a) is in operation on the commencement day; or
(b) comes into operation during the period that:
(i) starts on the day after the commencement day; and
(ii) ends on the day before Part 2 of this Act commences.
(3) The core State/Territory entity must give a notice to the Minister:
(a) in accordance with subclause (4); and
(b) in accordance with subclause (5);
before the end of the period that:
(c) starts on the commencement day; and
(d) ends 3 months, or such longer period (if any) prescribed by the rules, after the commencement day.
Note: If the core State/Territory entity fails to give a notice in accordance with subclause (4) before the end of that period, then clause 4, 5 or 6 automatically applies to the pre‑existing foreign arrangement to make it invalid, unenforceable or not in operation, or to require the State/Territory entity to terminate it. Those clauses also prohibit the parties from giving effect to the arrangement.
(4) The notice must:
(b) specify the arrangement; and
(c) be accompanied by a copy of the arrangement.
(5) The notice must also:
(a) be in the approved form (if any); and
(b) if the core State/Territory entity knows that there is another arrangement that is a subsidiary arrangement of the arrangement:
(i) include details about the subsidiary arrangement; and
(ii) if the core State/Territory entity has a copy of the subsidiary arrangement—be accompanied by a copy of the subsidiary arrangement; and
(d) be accompanied by any documents prescribed by the rules; and
(e) be given in the approved way (if any).
(6) Subclause (3) does not apply to an exempt arrangement.
3 Requirement to notify the Minister about pre‑existing foreign arrangements that are non‑core foreign arrangements
(1) This clause applies to a pre‑existing foreign arrangement between a State/Territory entity and a foreign entity if the arrangement is a non‑core foreign arrangement.
(2) The State/Territory entity must give a notice to the Minister in accordance with subclause (3) before the end of the period that:
(a) starts on the commencement day; and
(b) ends 6 months, or such longer period (if any) prescribed by the rules, after the commencement day.
(3) The notice must:
(c) be accompanied by a copy of the arrangement; and
(d) if the State/Territory entity knows that there is another arrangement that is a subsidiary arrangement of the arrangement:
(i) include details about the subsidiary arrangement; and
(ii) if the State/Territory entity has a copy of the subsidiary arrangement—be accompanied by a copy of the subsidiary arrangement; and
(e) include any information prescribed by the rules; and
(f) be accompanied by any documents prescribed by the rules; and
(g) be given in the approved way (if any).
(4) Subclause (2) does not apply to an exempt arrangement.
Division 3—Consequences for failing to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements
Subdivision A—Pre‑existing foreign arrangements that are legally binding
4 Arrangements that are legally binding under Australian law
(a) a core State/Territory entity contravenes paragraph 2(3)(a) in relation to a pre‑existing foreign arrangement between the State/Territory entity and a core foreign entity; and
(b) apart from this clause, the arrangement would be legally binding under an Australian law;
(2) The arrangement is invalid and unenforceable after the contravention.
(i) this clause applies to the arrangement; and
(ii) the arrangement is invalid and unenforceable; and
(b) as soon as practicable after it has complied with paragraph (a), notify the Minister, in writing, of its compliance with that paragraph.
(4) The core State/Territory entity must not, at any time after the contravention:
(5) The core foreign entity must not, from the time it is notified under subclause (3) that this clause applies to the arrangement:
(6) This clause does not apply to an exempt arrangement.
5 Arrangements that are legally binding under foreign law
(a) a core State/Territory entity contravenes paragraph 2(3)(a) in relation to a pre‑existing foreign arrangement between the State/Territory entity and a core foreign entity; and
(b) the arrangement is legally binding under a foreign law;
(2) The core State/Territory entity must:
(a) within 14 days, or such longer period (if any) prescribed by the rules:
(i) notify the core foreign entity that this clause applies to the arrangement; and
(ii) take steps to terminate the arrangement in accordance with the foreign law; and
(b) as soon as practicable after it has complied with paragraph (a), notify the Minister, in writing, of its compliance with that paragraph.
(3) The core State/Territory entity must not, at any time after the contravention:
(b) hold out, or conduct itself on the basis, that it can give effect to the arrangement.
(4) The core foreign entity must not, from the time it is notified under subclause (2) that this clause applies to the arrangement:
(b) hold out in Australia, or conduct itself in Australia on the basis, that it can give effect to the arrangement.
(5) This clause does not apply to an exempt arrangement.
Subdivision B—Pre‑existing foreign arrangements that are not legally binding
6 Arrangements that are not legally binding
(a) a core State/Territory entity contravenes paragraph 2(3)(a) in relation to an arrangement between the State/Territory entity and a core foreign entity; and
(b) the arrangement is not legally binding;
(2) The arrangement is not in operation after the contravention.
(i) this clause applies to the arrangement; and
(ii) the arrangement is not in operation; and
(b) as soon as practicable after it has complied with paragraph (a), notify the Minister, in writing, of its compliance with that paragraph.
(4) The core State/Territory entity must not, at any time after the contravention:
(5) The core foreign entity must not, from the time it is notified under subclause (3) that this clause applies to the arrangement:
(6) This clause does not apply to an exempt arrangement