![Global rules on foreign direct investment](https://www.nortonrosefulbright.com/-/media/images/nrf/nrfweb/knowledge/publications/us_24355_legal-update--fdi-alert.jpeg?w=265&revision=a5124a65-abf9-40e4-8e96-9df39ffdb212&revision=5250068427347387904&hash=96B456347C3246E5649838DF281C5F5D)
Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication | June 2018
On 19 June 2018, the Victorian Government introduced the Environment Protection Amendment Bill 2018 (Bill) into Parliament. The Bill, if passed, will entirely repeal the Environment Protection Act 1970, and will be the most comprehensive environmental regulatory reform in Victoria for many years.
The Bill seeks to implement several key reforms arising from the Government’s response to the 2016 Independent Inquiry into the EPA (Inquiry) and follows the first tranche of reforms which established a new governance structure for the EPA in October 2017.
The Bill will establish a new regime for the regulation of the environment, management of contaminated land, pollution and waste with a key focus on prevention and minimisation of risk.
Some of the key reforms introduced by the Bill include:
New three-tiered permissions framework: which would apply to ‘activities’ rather than ‘prescribed premises’ and replaces Works Approvals and Licences with:
which are intended to better manage risks of harm to human health and the environment.
The Bill was read for a second time on 20 June 2018, but still needs to be passed by both Houses before it comes into force. If passed, the Bill contains transitional provisions which will apply as the new regime comes into effect, with full implementation to occur by 1 December 2020.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023