This is the Trade Agreements Legislation Amendment Regulation 2014.

Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2
Provisions	Commencement
1. Sections 1 to 4 and anything in this instrument not elsewhere covered by this table	The day after this instrument is registered.
2. Schedule 1, Part 1	Immediately before the first of the following: (a) the commencement of the provisions covered by table item 3; (b) the commencement of the provisions covered by table item 4.
3. Schedule 1, Part 2	The day the Japan‑Australia Economic Partnership Agreement, done at Canberra on 8 July 2014, enters into force for Australia.
4. Schedule 1, Part 3	At the same time as Schedule 1 to the Customs Amendment (Korea‑Australia Free Trade Agreement Implementation) Act 2014 commences.

3 Authority

This instrument is made under the following:

(a) the Foreign Acquisitions and Takeovers Act 1975;

(b) the Life Insurance Act 1995.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Part 1—Australia‑Chile amendments etc.

Foreign Acquisitions and Takeovers Regulations 1989

1 Regulation 2

Insert:

Chilean enterprise has the meaning given by regulation 2AB as if a reference in that regulation to ‘US’ or ‘the United States of America’ were a reference to ‘Chile’.

Chilean national means an individual who is a citizen of Chile or a person who is entitled to live indefinitely in Chile.

2 Subregulation 2AB(6) (note)

After “Note”, insert “1”.

3 At the end of subregulation 2AB(6) (after the note)

Add:

Note 2: See also the definition of Chilean enterprise in regulation 2.

4 Before paragraph 9(a)

Insert:

(aa) a Chilean enterprise; or

(ab) a Chilean national; or

5 Subregulation 11(2) (definition of relevant foreign country)

Before “New Zealand”, insert “Chile,”.

Life Insurance Regulations 1995

6 Regulation 2B.01

Omit “condition is that”, substitute “conditions are any of the following”.

7 Subparagraph 2B.01(a)(ii)

Omit “or”.

8 Subparagraph 2B.01(b)(ii)

Omit “New Zealand.”, substitute “New Zealand;”.

Part 2—Australia‑Japan amendments

Foreign Acquisitions and Takeovers Regulations 1989

9 Regulation 2

Insert:

Japanese enterprise has the meaning given by regulation 2AB as if a reference in that regulation to ‘US’ or ‘the United States of America’ were a reference to ‘Japan’.

Japanese national means an individual who is a citizen of Japan or a person who is entitled to live indefinitely in Japan.

10 At the end of subregulation 2AB(6) (after note 2)

Insert:

Note 3: See also the definition of Japanese enterprise in regulation 2.

11 After paragraph 9(ab)

Insert:

(ac) a Japanese enterprise; or

(ad) a Japanese national; or

12 Subregulation 11(2) (definition of relevant foreign country)

After “Chile,”, insert “Japan,”.

Life Insurance Regulations 1995

13 After paragraph 2B.01(b)

Insert:

(i) is authorised to carry on life insurance business in Japan; and

(ii) is incorporated in Japan;

Part 3—Australia‑Korea amendments

Foreign Acquisitions and Takeovers Regulations 1989

14 Regulation 2

Insert:

Korean enterprise has the meaning given by regulation 2AB as if a reference in that regulation to ‘US’ or ‘the United States of America’ were a reference to ‘Korea’.

Korean national means an individual who is a citizen of Korea or a person who is entitled to live indefinitely in Korea.

15 At the end of subregulation 2AB(6) (after the notes)

Add:

Note 4: See also the definition of Korean enterprise in regulation 2.

16 Before paragraph 9(a)

Insert:

(ae) a Korean enterprise; or

(af) a Korean national; or

17 Subregulation 11(2) (definition of relevant foreign country)

Before “New Zealand”, insert “Korea,”.

Life Insurance Regulations 1995

18 At the end of regulation 2B.01

Add:

(d) the body corporate:

(i) is authorised to carry on life insurance business in Korea; and

(ii) is incorporated in Korea.