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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 | May 2022
Labor went into the May election promising a number of significant changes to modern slavery mitigation strategies and legislation in Australia. These included:
It is likely that a Labor-led government will drive forward the above changes and will garner the support of the progressive independents.
The statutory review process of the Modern Slavery Act commenced earlier in 2022. An Issues Paper for public consultation in relation to the review is anticipated to be available from mid-2022. The consultation will allow stakeholders and business groups to make submissions on matters for consideration in the review. The review is set to be completed before 31 March 2023, with a report being made publicly available and tabled in each house within 15 sitting days.
It is clear that it is simply a matter of when, not if, the Modern Slavery Act will be strengthened.
An effective and robust supplier due diligence program will become critical especially for those operating with complex and globalised supply chains. Businesses in sectors and jurisdictions with an increased risk of modern slavery are likely to face greater scrutiny where there are crossovers with the annual list. This means that preparation is key and being able to demonstrate meaningful understanding of risks beyond the first tier of supply chains. This is something that many companies have grappled with over the past few years since the inception of the Modern Slavery Act. The impending changes to the legislation means that now is the time to reflect on the adequacy and effectiveness of your due diligence frameworks and plan a path forward to ensure that your business is well placed to navigate the changing legislative landscape. Commonwealth government suppliers should act with some urgency.
Contact Abigail McGregor and Grace Do at Norton Rose Fulbright Australia for a confidential discussion on your preparedness and next steps.
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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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