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In brief

Australia’s new Register of Foreign Ownership of Australian Assets is expected to commence on 1 July 2023. Expanding on the existing registers for water interests and agricultural or residential land, the new Register will record foreign interests in a broader range of Australian land, entities, businesses and assets, with significant penalties for non-compliance.

Foreign persons who acquire relevant Australian interests, as well as some Australian entities that could become “foreign” due to ownership changes, may need to implement additional compliance processes to ensure they satisfy the new requirements.

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Richard Lustig — a partner in the Firm’s Melbourne office — is the Australian head of mergers and acquisitions and has 30 years experience in acting for bidders and targets. Richard focuses on public mergers and acquisitions including takeovers and schemes of arrangements, as well as initial public offerings and capital raisings. Richard is recognized as a leading recommended lawyer by Chambers Global, APL500, Chambers Asia Pacific, Best Lawyers in Australia, Doyles and IFLR. Chambers Global recognizes Richard's prominence in takeover transactions and those conducted by schemes of arrangement.

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