Screening of Third Country Transactions Act 2023
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Requirement to notify Minister of transaction | ||
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10. (1) Subject to subsection (2) and section 11 , the parties to a notifiable transaction shall, not less than 10 days before the date on which the transaction is completed— | ||
(a) notify the Minister of the transaction, and | ||
(b) when notifying the Minister under paragraph (a), provide the Minister with the following information in relation to the transaction: | ||
(i) the identities of the parties (including, where applicable, name, trading name, registered address, domicile, NACE classification code, registered office and registration number); | ||
(ii) the ownership structure of the parties to the transaction, including information on persons participating in the capital of the undertaking; | ||
(iii) the approximate value of the transaction; | ||
(iv) information on the products, services and business operations of the parties to the transaction; | ||
(v) the nature of the economic activities carried out in the State by the parties to the transaction; | ||
(vi) the funding of the transaction and its source; | ||
(vii) the date on which the transaction is proposed to be completed; | ||
(viii) the state or territory under whose laws the parties are constituted, registered, or otherwise organised; | ||
(ix) the Member States in which the parties carry out economic activities; | ||
(x) the annual turnover and total number of employees of each party; | ||
(xi) details of any sanctions and restrictive financial measures imposed on the parties, and on persons connected with a third country undertaking that is a party, by the European Union or by the United Nations; | ||
(xii) details of any convictions of a party, and of persons connected with a third country undertaking that is a party, by the International Criminal Court; | ||
(xiii) details of any convictions of a party, and of persons connected with a third country undertaking that is a party— | ||
(I) on indictment (other than a spent conviction within the meaning of section 5 of the Criminal Justice (Spent Convictions and Certain Disclosures) Act 2016 ) by a court in the State, and | ||
(II) in a state or territory other than the State, in respect of which a sentence of at least 12 months’ imprisonment was imposed and that is not a spent conviction (within the meaning of section 5 of the Criminal Justice (Spent Convictions and Certain Disclosures) Act 2016 , save that references in that section to a “court” shall be construed as references to the court or body that convicted the party or connected person in the state or territory concerned); | ||
(xiv) any other information that is necessary for the Minister to review the transaction under this Act. | ||
(2) A party to a transaction shall not be required to comply with subsection (1) where it is not aware of the transaction. | ||
(3) Subject to subsection (2) and section 11 , where a party to a notifiable transaction fails to comply with subsection (1)(a) before the transaction is completed— | ||
(a) the transaction shall be deemed to be subject to a screening decision that the transaction affects, or would be likely to affect, the security or public order of the State, and | ||
(b) such screening decision shall be deemed to have been made on the day before the date on which the transaction is completed. | ||
(4) A person who— | ||
(a) fails to comply with subsection (1), or | ||
(b) in purported compliance with subsection (1), provides the Minister with information that the person knows to be false in a material particular, or is reckless as to whether or not it is false in a material particular, | ||
shall be guilty of an offence. |