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ARTICLE · 20 JULY 2020

Streamlined FIRB exemption certificates (ECs)

By specifying eligibility criteria for the new ECs, FIRB expects to be able to assess and grant them relatively quickly.

AustraliaGovernment, Public Sector

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:

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