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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Australia | Publication | February 2023
2022 saw the largest increase in the number of sanctions imposed by Australia, demonstrating the important role that international sanctions can play in furthering Australia’s strategic aims.
Within this context, the Australian Sanctions Office, the entity responsible for administering international sanctions within the Department of Foreign Affairs and Trade, has released Terms of Reference for a review of Australia’s autonomous sanctions framework (the Review). The purpose of the Review is to provide recommendations on possible legislative amendments to Government for its consideration.
The Review will consider whether the Autonomous Sanctions Framework “remains fit for purpose and will seek to identify administrative and regulatory efficiencies for government and the public, with a view to ensuring continued robust sanctions administration, regulation, and compliance.”
The Terms of Reference note that the Review will consider (this list is not exhaustive):
The legal framework for autonomous sanctions comprises the Autonomous Sanctions Act 2011 (Cth) (the Act), the Autonomous Sanctions Regulations 2011 (Cth) (the Regulations), and 18 legislative instruments made under the Act and Regulations. The Review will consider the legal framework for autonomous sanctions ahead of the automatic expiry on 1 April 2024 of the Regulations and associated instruments.
Having regularly advised on the scope and application of the Act and Regulations across the various sanctions regimes, we see the Review as providing an opportunity for:
For those entities who regularly engage with the Act and Regulations, we see this review as an opportunity to provide input on making the legal framework more efficient and effective, particularly in areas such as sanctions screening.
A copy of the Issues Paper is available here.
If you wish to make a submission, the closing date for submissions is 26 February 2023. The Review will be completed by 30 June 2023.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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