Overseas Investment Amendment Bill

  • not the latest version
  • Reprinted following ruling of Speaker 19 June 2018

Hon David Parker

Overseas Investment Amendment Bill

Government Bill

5—3

Contents

Commentary
Key
1Title
2Commencement
3Principal Act
4Section 6 amended (Interpretation)
5Schedule 1 amended
5ASection 6 amended (Interpretation)
6Section 4 amended (Overview)
7Section 6 amended (Interpretation)
8Section 7 amended (Who are overseas persons)
9New sections 8AA and 8A and cross-heading inserted
8AAStatus of examples
8ATransitional, savings, and related provisions
9ANew section 11A inserted (Exemptions from requirement for consent)
11AExemptions from requirement for consent
10Section 16 amended (Criteria for consent for overseas investments in sensitive land)
10Section 16 amended (Criteria for consent for overseas investments in sensitive land)
11New sections 16AE to 16FG inserted
16ACommitment to New Zealand test
16BOccupation and on-selling requirements and mandatory conditions: commitment to New Zealand test
16CIncreased housing on residential land test
16DOutcomes and mandatory conditions: increased housing on residential land test
16EBenefit to New Zealand test
16FMandatory conditions for Conditions for consents relating to sensitive land that is residential land: benefit to New Zealand test
16GConditions for consents relating to sensitive land that will be used for forestry activities
12Section 17 amended (Factors for assessing benefit of overseas investments in sensitive land)
13Section 19 amended (Applying good character and Immigration Act 2009 criteria)
13Section 23 amended (Requirements for application for consent)
14New section 23A inserted (Applications for standing consent in advance of transaction)
23AApplications for standing consent in advance of transaction
15Section 25 amended (Granting or refusal of consent)
16New sections 25A and 25B inserted
25AConditions of consent
25BAutomatic conditions: every overseas investment
16AASection 27 amended (Consent may be varied by agreement)
16ANew section 27A inserted (Consent holder may apply for new consent)
27AConsent holder may apply for new consent
17Section 28 repealed (Conditions of consent)
18Section 31 amended (What regulator does)
19Section 34 amended (Ministerial directive letter)
19ASection 62 amended (Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision)
19BSections 73 to 75 and cross-headings repealed
19CSchedule 2 replaced
19DNew Schedule 3 inserted
19ENew Schedule 4 inserted
19FAmendments to regulations
20Subpart 4 heading in Part 2 replaced
21Section 38 amended (Regulator may require consent holder to provide information for monitoring purposes)
21Section 38 replaced (Regulator may require consent holder to provide information for monitoring purposes)
38Regulator may require person who is subject to condition to provide information for monitoring purposes
22Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
23Section 40 amended (Regulator may require consent holder to provide statutory declaration as to compliance)
23Section 40 replaced (Regulator may require consent holder to provide statutory declaration as to compliance)
40Regulator may require person who is subject to condition to provide statutory declaration as to compliance
24Section 41 amended (Regulator may require information and documents for purpose of detecting offences)
25New sections 41AA to 41D inserted
41AAPrivileges for person required to provide information or document
41AEffect of proceedings
41BEffect of final decision that exercise of powers under sections 38 to 41 unlawful
41CConfidentiality of information and documents
41DConditions relating to publication or disclosure of information or documents
26New sections 41E and 41F and cross-heading inserted
41ERegulator may issue notice to dispose requesting disposal of property
41FConsequences of complying or failing to comply with notice disposal or retention of property
27Section 46 amended (Offence of false or misleading statement or omission)
28Section 48 amended (Court may order person in breach to pay civil penalty)
29New section 48A inserted (Defences for person involved in contravention, offence, or failure)
48ADefences for person involved in contravention, offence, or failure
29ASection 49 amended (Court may order mortgage to be registered over land)
29BSection 50 amended (Court may order interest to be paid)
30Section 51 replaced (Court may order consent holder to comply with condition of consent or exemption)
51Court may order compliance with condition of consent or, exemption, or exemption certificate
31New section 51A and cross-heading inserted
51AProvider of conveyancing services must give certificate
31New sections 51A to 51C and cross-heading inserted
51APerson who acquires interest in residential land must make and provide statement
51BRegulator must authorise manner of providing statement
51CConveyancer must obtain and keep statement
31ASection 52 amended (Administrative penalties for late filing)
32Sections 54 and 55 and cross-heading replaced
54Address for service
54ANotices or other documents given, provided, or served by regulator
55Non-appearance not ground for court to refuse order under Act if person served in accordance with section 54A
55AProof that documents given, provided, or served
33Section 61 amended (Regulations)
33ANew sections 61B to 61F inserted
61BRegulations may contain class or individual exemptions
61CMinister may grant individual exemptions
61DCriteria for all exemptions
61EOther provisions applying to all exemptions
61FPerson who relies on exemption to acquire property may be subject to existing consent or exemption conditions
34New Schedule 1AA inserted
35Consequential amendment to Fisheries Act 1996
Legislative history

The Parliament of New Zealand enacts as follows: