Screening of Third Country Transactions Act 2023
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Review of transactions with regard to security or public order of State | ||
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12. (1) The Minister— | ||
(a) shall, as soon as practicable after being notified of a transaction under section 10 , review the transaction in accordance with section 13 , and | ||
(b) may, subject to subsection (2), review a transaction in accordance with section 13 , regardless of whether or not the transaction is notified or notifiable, where— | ||
(i) the Minister has reasonable grounds for believing that the transaction affects, or would be likely to affect, the security or public order of the State, and | ||
(ii) the transaction has resulted in, or would if completed result in, a third country undertaking, or a person connected with such an undertaking, acquiring, or changing the extent to which it has— | ||
(I) control of an asset in the State, | ||
(II) control of or an interest in an undertaking in the State, | ||
(III) legal rights in relation to a person, asset or undertaking in the State, | ||
(IV) the ability to exercise effective participation in the management or control of an undertaking in the State, or | ||
(V) the ability to exercise control over an undertaking in the State through a change in ownership or legal structure of that undertaking. | ||
(2) The Minister shall not commence a review of a transaction under subsection (1)(b)— | ||
(a) in the case of a non-notified transaction, subject to paragraph (c), after the later of— | ||
(i) 5 years from the date on which the transaction is completed, or | ||
(ii) 6 months from the date on which the Minister first becomes aware of the transaction, | ||
(b) in the case of a transaction that is not notifiable, subject to paragraph (c), more than 15 months after the transaction is completed, or | ||
(c) where the transaction, regardless of whether or not the transaction is notified or notifiable, is completed more than 15 months before this section comes into operation. |