In recent articles, we suggested that private
equity (PE) funds now required to
obtain Foreign Investment Review
Board (FIRB) approval for all new
investments, should consider applying for a business exemption
certificate (EC) so as to avoid being at
a competitive disadvantage compared to domestic investors.
On 10 July 2020, FIRB updated Guidance Note 53 (Temporary
measures in response to the coronavirus) to facilitate the
process for obtaining ECs. FIRB has now advised that, in addition
to applying for a standard business EC, for so long as the
temporary changes to Australia's foreign investment review
framework remain in place, foreign investors can apply for three
new types of 'streamlined' ECs: