Foreign persons who acquire an interest in registrable water entitlements or contractual water rights are required to register their interest on the Register of Foreign Ownership of Water Entitlements. This mean registration is required by a foreign person who acquires a registrable water entitlement or contractual water right [e.g. water licence] OR by someone who becomes a foreign person while holding a registrable water entitlement or contractual water right. If either of these things occur, the Register of Foreign Ownership of Water Entitlements must be updated no later than 30 days after the end of the financial year. The Register must also be updated if the interested person is no longer a foreign person, if the volume of the registrable water entitlement changes, or if the foreign person’s interest is disposed. Penalties may apply to those failing to register or update changes.