New Zealand Legislation: Regulations

4 Certain transactions exempted from requirement for consent

• (1) Regulation 33(1)(a)(i) is amended by omitting “wholly” and substituting “at least 95%”.

  (2) Regulation 33(1)(a)(ii) is amended by omitting “wholly owns” and substituting “owns at least 95% of”.

  (3) Regulation 33(1) is amended by inserting the following paragraph after paragraph (j):

  • “(ja) the acquisition by an overseas person of 2 or more security arrangements to which paragraph (h) applies—

    • “(i) that are acquired together as a portfolio or bundle; and

    • “(ii) if the total value of consideration provided for that portfolio or bundle is $100 million or less:”.

  (4) Regulation 33(1) is amended by adding the following paragraphs:

  • “(o) the underwriting by an overseas person of an issue of securities if that person—

    • “(i) is a person whose ordinary business includes entering into bona fide underwriting or subunderwriting contracts with respect to offers of securities; and

    • “(ii) acquires the securities as a result of entering into a bona fide underwriting or subunderwriting contract in the course of that person's ordinary business; and

    • “(iii) holds the securities for less than 6 months; and

    • “(iv) does not exercise any voting rights attached to those securities:

  • “(p) the acquisition by an overseas person of securities or rights or interests in securities (the further securities) if—

    • “(i) consent for the acquisition of securities or rights or interests in securities (the initial securities) has previously been granted to the overseas person by the relevant Minister or Ministers; and

    • “(ii) the rights, privileges, limitations, and conditions attached to the further securities are identical to those attached to the initial securities; and

    • “(iii) the further securities are acquired by the overseas person in 1 or more transactions, all of which are completed within 5 years of the date on which consent for the acquisition of the initial securities was granted to that person by the relevant Minister or Ministers; and

    • “(iv) the total number of further securities acquired by the overseas person is less than 5% of the total number of initial securities acquired by that person.”

  (5) Regulation 33(2) is revoked.