98CFailure to notify Treasurer of taking of action specified in no objection notification

98C Failure to notify Treasurer of taking of action specified in no objection notification

(1) Subsection (2) applies if: (a) a person: (i) is given a no objection notification specifying one or more core Part 3 actions; or (ii) is specified in a no objection notification specifying one or more core Part 3 actions; and (b) the person takes one of those core Part 3 actions; and (c) if regulations made for the purposes of this paragraph specify requirements—those requirements are met. (2) The person must give the Treasurer a notice in accordance with subsection (3) no later than 30 days after the latest of the following days: (a) the day on which the person took the core Part 3 action; (b) the day on which the no objection notice was given; (c) if the core Part 3 action is the acquisition of an interest in a security, asset, trust or Australian land, and section 15 applies in relation to the acquisition—the day on which the person acquired the interest in a security, asset, trust or Australian land (disregarding section 15).

Civil penalty: 250 penalty units.

(3) The notice must: (a) describe the core Part 3 action; and (b) state the day on which it was taken; and (c) meet any other requirements specified in regulations made for the purposes of this paragraph.