Screening of Third Country Transactions Act 2023
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Deemed compliance with requirement to notify Minister of transaction | ||
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11. (1) A party to a transaction (in this section referred to as the “first party”) may, before complying with section 10 (1), provide one or more other parties to the transaction (each of which is, in this section, referred to as a “second party”) with a notification in writing— | ||
(a) informing the second party that it intends to so comply, | ||
(b) specifying the date on which it intends to so comply, and | ||
(c) setting out all the information that it intends to provide to the Minister in accordance with section 10 (1). | ||
(2) Where the second party agrees, by written notice to the first party and before the date specified in subsection (1)(b), that it is satisfied with the information provided under subsection (1), the second party shall be deemed to comply with section 10 (1) to the same extent that it is complied with by the first party. | ||
(3) Where the first party— | ||
(a) having been notified of the agreement of the second party under subsection (2), and | ||
(b) in purported compliance with section 10 (1), | ||
provides the Minister with information that is materially different to the information it provided to the second party under subsection (1)— | ||
(i) the second party shall be deemed to comply with section 10 (1), and | ||
(ii) the first party shall be deemed not to comply with section 10 (1). | ||
(4) Where a notifiable transaction is completed no later than 10 days from the date on which section 10 comes into operation, a party to the transaction shall be deemed to comply with section 10 (1) where the party provides the Minister with the information referred to in section 10 (1)(b) no later than 30 days from the date on which the transaction is completed. | ||
(5) Where a second party, having received a notification under subsection (1)— | ||
(a) fails to comply with section 10 (1), and | ||
(b) does not notify the first party in accordance with subsection (2), | ||
section 10 (3) shall not apply to the transaction in respect of the second party’s failure to so comply. |