The Australian Government is seeking comments on the remaking of the Telstra Corporation (Ownership – Interests in Shares) Regulations 1997. The Regulations are due to sunset in April 2019.

How it works

Why we want your input
We have provided a draft of the proposed remade Regulations. This is your chance to raise queries that come from these changes, and comment on whether the regulations should be remade.
How you can voice your opinion
You can have your say by providing a submission to this public consultation process. Submissions are due by 6 November 2018.
What will be the outcome of this consultation?
Your submissions will be used to inform the Australian Government about draft remade Regulations.

Consultation Information

Consultation tabs

The Issue
Consultation Period: 
October 24, 2018 09:00 AEDT to November 06, 2018 17:00 AEDT

The Telstra Corporation (Ownership – Interests in Shares) Regulations 1997 are due to sunset in April 2019. The Australian Government is seeking comments on remaking the Regulations.

The Telstra Corporation (Ownership – Interests in Shares) Regulations 1997 provide exemptions from the foreign ownership provisions under the Telstra Corporation Act 1991(Telstra Act). The Telstra Act specifies that a group of foreign persons cannot hold a particular type of stake in Telstra of more than 35 per cent, and that an individual foreign person cannot hold more than 5 per cent of a particular stake in Telstra. However, the Telstra Act also provides that an interest of a prescribed kind in a share is to be disregarded in determining whether Telstra is complying with those foreign ownership restrictions.

The Telstra Corporation (Ownership – Interests in Shares) Regulations help to specify when an interest is prescribed for the purposes of the Telstra Act. From this perspective, the Telstra Corporation (Ownership – Interests in Shares) Regulations stand as an exemption from the Telstra Foreign Ownership provisions to ensure that Australian citizens are not unintentionally caught by them.

The Government's view, subject to consultation, is that the regulations should be remade. Given the continuation of restrictions on Telstra's foreign ownership, the Telstra Corporation (Ownership – Interests in Shares) Regulations provide clarity about the sorts of interests in shares that can be discounted by Telstra when it monitors its foreign shareholdings.

We have prepared a draft for the proposed remade regulations. The draft removes redundant clauses, such as those relating to the Telstra sale scheme, and updates drafting in line with current practices. 

We welcome your comments on whether the regulations should be remade and on the draft remade regulations, including whether the drafting approach adopted will meet the objective of providing clarity about exceptions to the foreign ownership provisions in the Telstra Act.

Relevant Documentation

Telstra Corporation (Ownership—Interests in Shares) Regulations 2018

Published 24th Oct 2018

Download PDF (229.37 KB) Download DOC (101.3 KB)
Exposure draft of the Telstra Corporation (Ownership—Interests in Shares) Regulations 2018

Compartive version - Telstra Corporation (Ownership—Interests in Shares) Regulations 2018

Published 26th Oct 2018

Download PDF (1.1 MB) Download DOC (235.86 KB)
This is a marked up version of the Telstra Corporation (Ownership—Interests in Shares) Regulations 2018 and may not meet WCAG 2.0 Level AA requirements. Please contact us at InfrastructureAndAccess@communications.gov.au to obtain an alternative copy.

Participate

Started October 24, 2018 09:00 AEDT
Ended November 06, 2018 17:00 AEDT
Days Remaining 0 of 13
Now under review

Formal Submission

The submission period for this consultation is now closed and submissions we have received are now under review.

If you have any questions please contact us at InfrastructureAndAccess [at] communications.gov.au.