Overseas Investment Amendment Act 2018

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Overseas Investment Amendment Act 2018

Public Act		2018 No 25
Date of assent		22 August 2018
Commencement		see section 2

1	Title
2	Commencement
3	Principal Act
	Part 1 Sensitive land
	Subpart 1—Residential land
4	Section 6 amended (Interpretation)
5	Schedule 1 amended
	Subpart 2—Forestry rights and other profits à prendre
6	Section 6 amended (Interpretation)
	Part 2 Amendments relating to consent and conditions regime for overseas investments in sensitive New Zealand assets
7	Section 4 amended (Overview)
8	Section 6 amended (Interpretation)
9	Section 7 amended (Who are overseas persons)
10	New sections 8A and 8B and cross-heading inserted
	8A	Status of examples
		Transitional, savings, and related provisions
	8B	Transitional, savings, and related provisions
11	New section 11A inserted (Exemptions from requirement for consent)
	11A	Exemptions from requirement for consent
12	Section 16 amended (Criteria for consent for overseas investments in sensitive land)
13	New sections 16A to 16C inserted
	16A	Benefit to New Zealand test
	16B	Conditions for consents relating to sensitive land that is residential land: benefit to New Zealand test
	16C	Conditions for consents relating to sensitive land that will be used for forestry activities
14	Section 17 amended (Factors for assessing benefit of overseas investments in sensitive land)
15	Section 19 amended (Applying good character and Immigration Act 2009 criteria)
16	New section 23A inserted (Applications for standing consent in advance of transaction)
	23A	Applications for standing consent in advance of transaction
17	Section 25 amended (Granting or refusal of consent)
18	New sections 25A and 25B inserted
	25A	Conditions of consent
	25B	Automatic conditions: every overseas investment
19	Section 27 amended (Consent may be varied by agreement)
20	New section 27A inserted (Consent holder may apply for new consent)
	27A	Consent holder may apply for new consent
21	Section 28 repealed (Conditions of consent)
22	Section 31 amended (What regulator does)
23	Section 34 amended (Ministerial directive letter)
24	Section 62 amended (Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision)
25	Sections 73 to 75 and cross-headings repealed
26	Schedule 2 replaced
27	New Schedule 3 inserted
28	New Schedule 4 inserted
29	Amendments to regulations
	Part 3 Enforcement and other miscellaneous matters
	Subpart 1—Amendments relating to enforcement
30	Subpart 4 heading in Part 2 replaced
		Subpart 4—Information-gathering powers
31	Section 38 replaced (Regulator may require consent holder to provide information for monitoring purposes)
	38	Regulator may require person who is subject to condition to provide information for monitoring purposes
32	Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
33	Section 40 replaced (Regulator may require consent holder to provide statutory declaration as to compliance)
	40	Regulator may require person who is subject to condition to provide statutory declaration as to compliance
34	Section 41 amended (Regulator may require information and documents for purpose of detecting offences)
35	New sections 41A to 41E inserted
	41A	Privileges for person required to provide information or document
	41B	Effect of proceedings
	41C	Effect of final decision that exercise of powers under sections 38 to 41 unlawful
	41D	Confidentiality of information and documents
	41E	Conditions relating to publication or disclosure of information or documents
36	New sections 41F and 41G and cross-heading inserted
		Disposal of property
	41F	Regulator may issue notice requesting disposal of property
	41G	Consequences of disposal or retention of property
37	Section 46 amended (Offence of false or misleading statement or omission)
38	Section 48 amended (Court may order person in breach to pay civil penalty)
39	New section 48A inserted (Defences for person involved in contravention, offence, or failure)
	48A	Defences for person involved in contravention, offence, or failure
40	Section 49 amended (Court may order mortgage to be registered over land)
41	Section 50 amended (Court may order interest to be paid)
42	Section 51 replaced (Court may order consent holder to comply with condition of consent or exemption)
	51	Court may order compliance with condition of consent, exemption, or exemption certificate
43	New sections 51A to 51C and cross-heading inserted
		Statement relating to compliance with consent requirement
	51A	Person who acquires interest in residential land must make and provide statement
	51B	Regulator must authorise manner of providing statement
	51C	Conveyancer must obtain and keep statement
44	Section 52 amended (Administrative penalties for late filing)
45	Sections 54 and 55 and cross-heading replaced
		Giving, providing, or serving notices or documents
	54	Address for service
	54A	Notices or other documents given, provided, or served by regulator
	55	Non-appearance not ground for court to refuse order under Act if person served in accordance with section 54A
	55A	Proof that documents given, provided, or served
	Subpart 2—Miscellaneous provisions
46	Section 61 amended (Regulations)
47	New sections 61C to 61G inserted
	61B	Purpose of exemptions
	61C	Regulations may contain class or individual exemptions
	61D	Minister may grant individual exemptions
	61E	Criteria for all exemptions
	61F	Other provisions applying to all exemptions
	61G	Person who relies on exemption to acquire property may be subject to existing consent or exemption conditions
48	New section 80 inserted (Transitional provision relating to clause 6 of Schedule 1AA (Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date))
	80	Transitional provision relating to clause 6 of Schedule 1AA (Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date)
49	New Schedule 1AA inserted
50	Consequential amendment to Fisheries Act 1996
51	Consequential amendments to Trans-Pacific Partnership Agreement Amendment Act 2016
	70	Schedule 1AA amended
	Schedule 1 New Schedule 1AA inserted
	Schedule 2 Schedule 2 replaced
	Schedule 3 New Schedule 3 inserted
	Schedule 4 New Schedule 4 inserted
	Schedule 5 Amendments to Overseas Investment Regulations 2005
	Legislative history
	Administrative information

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