biometric information as defined in section 5(1) of the Customs and Excise Act 2018; or

information relating to an individual’s behavioural indicators.

it is in a form that could not reasonably be expected to identify the individual concerned; or

it is information held by a person about that person’s own employees.

is a generator (as defined in section 5 of the Electricity Industry Act 2010) with a total capacity (as defined in section 73 of that Act) exceeding 250MW; or

provides electricity lines services (as defined in section 54C of the Commerce Act 1986).

provides a large drinking-water supply or a medium drinking-water supply (as defined in section 69G of the Health Act 1956); or

provides a waste water or sewerage network that services 5,000 or more people; or

disposes of sewage or storm water for 5,000 or more people.

is carried on by a registered bank (as defined in section 2(1) of the Reserve Bank of New Zealand Act 1989) and the value of the bank’s assets is at least $80 billion; or

operates an FMI that is designated under section 20 of the Financial Market Infrastructures Act 2021 by a designation notice that specifies that the FMI is systemically important (within the meaning of those terms in that Act).

the scheme involves a water supply system for the collection and storage or reticulation (or both) of water primarily for agricultural production; and

the business has 1 or more resource consents under the Resource Management Act 1991 to take (in total) more than 25 million cubic meters of water per year.

sensitive information in connection with the supply by the business of services to 1 or more of the following:

data sets of sensitive information relating to 30,000 or more individuals.

in the case of a transaction of a kind described in section 12(a) or 13(1)(c) of the Act, the only property acquired is an estate or interest in residential (but not otherwise sensitive) land:

in the case of a transaction of a kind described in section 12(b)(i) or (ii), the only estate or interest in land owned or controlled by A is in residential (but not otherwise sensitive) land.

prescribe, for the purposes of the criterion in section 16(1)(f) of the Act, the procedure for offering the farm land or the securities to which the overseas investment relates (farm land securities) for acquisition on the open market to persons who are not overseas persons; and

ensure that persons who are not overseas persons but who wish to acquire the farm land or farm land securities have reasonable notice that they are available for acquisition.

offered for acquisition on the open market, to persons who are not overseas persons, in accordance with regulations 6 to 8; and

available on the open market for the minimum period required by regulation 9; and

advertised within the period required by regulation 10.

contain a general description of the relevant land; and

contain a statement that says that—

state the contact details of the owner.

in any medium that is—

in accordance with the minimum requirements set out in Schedule 1 for that particular medium (or, if another medium is used, in accordance with the general practice for advertising land for acquisition on the open market in that medium).

for at least 20 working days after an advertisement is first placed under regulation 6; or

for a longer period, if the advertisement under regulation 6 has stated or implied that offers will be accepted for that longer period.

the date on which an application for consent to the relevant overseas investment transaction is made; or

the date on which the relevant overseas investment transaction that requires consent (or will require consent before it is given effect) is given effect to.

unconditionally offer the farm land or the farm land securities under any transaction; or

enter into any transaction for the farm land or the farm land securities.

the owner intends to give effect to an overseas investment transaction in respect of any relevant land; and

the relevant land is or includes special land.

state that the relevant land is or includes special land; and

contain a legal description of the relevant land, including a copy of its record of title (if it has one); and

provide the postal address of the relevant land or, if the relevant land does not have a postal address, a narrative or diagrammatic description of the relevant land that contains sufficient information for a person who was not previously familiar with the land to locate and inspect—

state the proposed consideration for the relevant overseas investment transaction; and

state all the other terms and conditions of the relevant overseas investment transaction; and

if possible, identify the area of the relevant land that is special land; and

state—

if paragraph (g)(ii) applies, be accompanied by a copy of the plan of survey of the special land (if a copy of the plan is available); and

state the owner’s intention to offer to the Crown the right to acquire the special land; and

state the contact details of the owner.

at the outset, after the notice under regulation 13 has been given; or

at any other time until an agreement (if any at all) is entered into between the Crown and the owner for the acquisition by the Crown of the special land.

the notice under regulation 13 states that the special land has previously been surveyed and a copy of the plan of survey is available; or

subclause (3) applies and the special land has been surveyed in accordance with that subclause.

the market value of the special land; and

whether the Crown would want to acquire that land.

the costs of the survey of the special land referred to in subclause (3) and of any subsequent surveys of the special land that may be required for the purpose set out in that subclause; and

any other incidental costs or expenses relating to those surveys.

if the public valuer is appointed jointly by the relevant Ministers and the owner, the costs must be met equally by the Crown and the owner:

if the public valuer is appointed by the relevant Ministers or the owner, the costs must be met by the Crown or the owner, as the case may be:

if the public valuer is appointed under regulation 17(4) or (5), the costs must be met as determined by that public valuer.

determine the market value of the whole of the relevant land; and

use that value as a basis for determining the market value of the special land.

must be made in writing; and

must be given to the relevant Ministers.

to accept the offer for the consideration, and on the terms and conditions, stated or referred to in the offer; or

to waive the Crown’s right to acquire the special land in accordance with regulation 15.

consent being granted to the relevant overseas investment; and

the overseas investment transaction being given effect to.

the notice under regulation 13 is given; or

the offer under regulation 22 is made.

whether the overseas investment will, or is likely to, result in other consequential benefits to New Zealand (whether tangible or intangible benefits (such as, for example, additional investments in New Zealand or sponsorship of community projects)):

whether the relevant overseas person is a key person in a key industry of a country with which New Zealand will, or is likely to, benefit from having improved relations:

whether refusing the application for consent will, or is likely to,—

whether granting the application for consent will, or is likely to, result in the owner of the relevant land undertaking other significant investment in New Zealand:

whether the relevant overseas person has previously undertaken investments that have been, or are, of benefit to New Zealand:

whether the overseas investment will, or is likely to, give effect to or advance a significant Government policy or strategy:

whether the overseas investment will, or is likely to, enhance the ongoing viability of other overseas investments undertaken by the relevant overseas person:

whether the overseas investment will, or is likely to, assist New Zealand to maintain New Zealand control of strategically important infrastructure on sensitive land:

whether New Zealand’s economic interests will be adequately promoted by the overseas investment, including, for example, matters such as all or any of the following:

the extent to which persons who are not overseas persons (New Zealanders) will be, or are likely to be, able to oversee, or participate in, the overseas investment and any relevant overseas person, including, for example, matters such as all or any of the following:

any existing arrangement in respect of the relevant land, or any part of the relevant land, that is for 1 or more specified purposes will be implemented and maintained, or will continue to be implemented and maintained:

anything that any existing conditions of a consent require to be done, or prohibit from being done, in respect of the relevant land, or any part of the relevant land, for 1 or more specified purposes will be done or not be done, or will continue to be done or not to be done:

logs will be supplied, or will continue to be supplied, as required by any existing supply obligation (so long as the obligation remains in place).

a requirement imposed by or under an enactment, other than the Act or these regulations:

an interest in the relevant land, or any part of the relevant land, that is recorded in the register under the Land Transfer Act 1952 or the Land Transfer Act 2017 and that benefits or burdens the relevant land or the part of it.

does not limit subclause (2)(a):

applies in relation to a consent even if, because of the overseas investment or otherwise, the consent holder will cease to own or control (directly or indirectly) any interest in the relevant land or any part of the relevant land.

entering into a contract or an arrangement is a transaction that must be treated as being entered into when the contract or arrangement is actually entered into even if it is subject to a condition precedent:

clause 1(5) of Schedule 1AA of the Act applies with any necessary modifications.

the relevant land is or includes special land (as defined in section 16A(9) of the Act); and

the overseas investment falls within section 12(a) of the Act; and

the interest in land described in section 12(a) of the Act is a freehold estate.

an individual who is, under Australian law, an Australian citizen or a permanent resident of Australia:

an individual who is, under Singaporean law, a national of Singapore or a permanent resident of Singapore.

the reason for OP’s absence from New Zealand on application days, including whether the reason is—

whether the amount of time that OP was or will be absent from New Zealand on application days is reasonable given the reasons for OP being absent from New Zealand on those days; and

OP’s ongoing connection to New Zealand; and

the nature of OP’s connection to the other country or countries where OP was or will be on application days.

after the regulator notifies the applicant that the requirements in section 23 of the Act are met, but before a decision is made on the relevant application; and

within the time frame specified in the invoice issued by or on behalf of the regulator for the matter.

before a decision is made on the relevant application; and

within the time frame specified in the invoice issued by or on behalf of the regulator for the matter.

5 or more persons are to be considered as part of the determination under section 15(1) of the Act as to who is the relevant overseas person for the overseas investment:

10 or more persons are to be considered as part of the determination under section 15(2) of the Act as to who is within the category of individuals with control of the relevant overseas person.

fewer than 5 persons are determined under section 15(1) of the Act to be the relevant overseas person for the overseas investment:

fewer than 10 persons are determined under section 15(2) of the Act to be within the category of individuals with control of the relevant overseas person.

the acquisition by an overseas person of property—

the acquisition by an overseas person (A) of property from another overseas person (B) where one of the following applies:

the acquisition by an overseas person that is a body corporate (A) of property from 2 or more overseas persons (B) where,—

the acquisition by a company incorporated under the Companies Act 1993 of its own shares if—

the acquisition by an overseas person of securities or property in an amalgamated company under an amalgamation effected under the Companies Act 1993 if the overseas person has the same direct or indirect interest in or rights to the assets of that amalgamated company as that overseas person had in relation to those assets prior to the amalgamation.

in relation to securities, means to have, directly or indirectly, a beneficial entitlement to, or a beneficial interest in, the securities:

in relation to other property, means to have any direct or indirect interest in the property.

the relevant Minister or Ministers have previously granted consent (the consent) for the acquisition of securities or rights or interests in securities of another person (B) (the consented securities); and

the consent holder or an associate of the consent holder (A) acquired some or all of the consented securities in accordance with the Act but, since that acquisition, A has disposed of some, but not all, of the consented securities and, as a result, A’s ownership or control interest limit (see section 12(2) of the Act) is less than the consented ownership or control interest limit.

A (either alone or together with its associates) does not have an increase in an existing ownership or control interest in B that results in an ownership or control interest in B that equals or exceeds the consented ownership or control interest limit; and

the further securities and the consented securities are securities of the same class; and

the acquisition does not give A (either alone or together with its associates) any or more disproportionate access to or control of a strategically important business.

the transfer of property from a trustee to an overseas person who is a trustee of the same trust on the appointment of a new trustee or the retirement of a trustee or on the resettlement of a trust if that appointment, retirement, or resettlement does not result in the trust becoming an overseas person:

the transfer of property to a trustee, executor, or administrator of the will or of the estate of a deceased person, on appointment as such under that will or estate or under a trust established by that will or estate:

the transfer by a trustee, executor, or administrator of the will or of the estate of a deceased person to an overseas person who is a beneficiary of property under that will or estate or under a trust established by that will or estate:

the transfer by a trustee of a trust to an overseas person who is a beneficiary of property under that trust if—

the acquisition by an overseas person of property under a permitted security arrangement:

the acquisition by an overseas person of property as a result of the overseas person enforcing a permitted security arrangement in good faith:

the reacquisition by an overseas person of property as a result of the discharge of a permitted security arrangement.

requires that the property be retransferred to the original transferor or extinguished on the payment or performance of the obligation; and

to the extent that the term is used in subclause (1)(a),—

giving effect to the transaction results in the acquisition by an overseas person of—

the acquisition is in good faith and in the ordinary course of business; and

the transaction is not entered into with the intention of using 1 or more of the permitted security arrangements to make an overseas investment in sensitive land or an overseas investment in significant business assets or an overseas investment in fishing quota without consent.

the insurance contract relates to the same property as the permitted security arrangement; and

the contract is a contract of insurance against physical loss or damage of that property; and

the acquisition is in good faith and in the ordinary course of business; and

the transaction is not entered into with the intention of using the acquisition to make an overseas investment in sensitive land or an overseas investment in significant business assets or an overseas investment in fishing quota without consent.

giving effect to the transaction results in a transfer of an interest or right that is solely an interest in or right to be paid money that has been deposited with or lent to, or is otherwise (actually or contingently) owing by, any person (whether or not the interest or right arises under a financing transaction); and

the interest or right is not convertible into a security within paragraphs (a) to (d) of the definition of security in section 6(1) of the Act; and

the transaction is entered into by the parties in good faith and in the ordinary course of business; and

the transaction is not entered into with the intention of using the transfer to make an overseas investment in sensitive land or an overseas investment in significant business assets or an overseas investment in fishing quota without consent.

the investment of the funds is made for the benefit of policy holders at least 75% of whom are New Zealand citizens or persons ordinarily resident in New Zealand; and

the investment is of funds held in the overseas person’s—

the acquisition by an overseas person of property if—

the acquisition by an overseas person of property as a result of a division of relationship property under the Property (Relationships) Act 1976:

the acquisition by a company incorporated in New Zealand (A Co) of property if—

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

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

holds the securities for less than 6 months; and

does not exercise any voting rights attached to those securities.

the exemption does not apply under that subclause only because 1 or more persons (which may include the specified person) are incorporated outside New Zealand; and

each of those persons incorporated outside New Zealand is directly or indirectly wholly-owned by a person listed in Schedule 3 or Schedule 4 (if any).

a beneficial entitlement to, or a beneficial interest in, 25% or more or 75% or more (as the case may be) of the specified securities of the specified person; or

the right to exercise or control the exercise of 25% or more or 75% or more (as the case may be) of the voting power at a meeting of the specified person; or

the right to appoint or control the appointment of 25% or more or 75% or more (as the case may be) of the board of directors (or other persons or body exercising powers of management, however described) of the specified person.

the new interest commences within 3 months of the expiry of an interest of the same type that is owned or possessed by A and no other person in sensitive land (the previous interest); and

the sensitive land that is the subject of the new interest (land B) is the same as or is a portion of the sensitive land that was the subject of the previous interest; and

the term of the new interest is the same as or shorter than the term of the previous interest in land B (in each case including rights of renewal, whether of the grantor or A); and

the terms and conditions of the new interest differ from the terms and conditions of the previous interest in land B only to the extent that they are permitted changes; and

consent has been obtained to a previous transaction that resulted in the acquisition of the previous interest or an earlier-in-time interest (see subclause (4)); and

the term of the new interest (including rights of renewal, whether of the grantor or A) expires within 20 years of the date that A acquired the interest in land B that resulted from the last consented transaction; and

the activity to be conducted by A on or from land B is the same or substantially the same as the activity conducted on or from land B under the interest that resulted from the last consented transaction.

A obtained consent under section 10(1)(a) of the Act for the transaction that resulted in A acquiring the previous interest, and the previous interest was acquired by A and no other person:

A obtained consent under section 10(1)(a) of the Act for a transaction that resulted in A, and no other person, acquiring an earlier-in-time interest in sensitive land that includes or comprises land B, and that earlier-in-time interest has been treated by A as a previous interest under subclause (1)(a) for the purpose of past reliance by A on this exemption.

A has not breached any condition of the consent granted for the last consented transaction, nor has A breached any condition of any other consent granted to A and related to land B (if any); and

A continues to comply with the continuing conditions of the consent granted for the last consented transaction that are related to land B; and

A continues to conduct the same or substantially the same activity on or from land B that was conducted under the interest in land B that resulted from the last consented transaction; and

if A is an individual, A is not, at the date that A acquires the new interest, an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009 (or A is an individual for whom a special direction referred to in section 17(1)(a) of that Act has been made permitting a visa or entry permission to be granted to that individual); and

if A is not an individual, at the date that A acquires the new interest, each of the following is not an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009 (or is an individual for whom a special direction referred to in section 17(1)(a) of that Act has been made permitting a visa or entry permission to be granted to that individual):

by the date that is 1 month after the date that A acquires the new interest, A provides the regulator with the following information and documents, in writing:

no part of the relevant land is land that is sensitive under paragraph (a) of Part 1 of Schedule 1 of the Act (which relates to land of a type listed in table 1 of that schedule, where the area of that type of land together with any associated land of that type exceeds a corresponding area threshold, if any); and

no part of the relevant land, and no part of any associated land, is or adjoins foreshore, seabed, or a bed of a river or lake; and

no part of the relevant land, and no part of any associated land, is non-urban land; and

the area of the relevant land together with any associated land does not exceed 5 hectares; and

the activity to be conducted on or from the relevant land is the same or substantially the same as the activity conducted on or from the relevant land under the previous land consent; and

the transaction will not result in an overseas investment in significant business assets; and

the total value of the consideration for the overseas investment in sensitive land (and in fishing quota, if any) that will result from the transaction does not exceed $100 million.

a previous acquisition of the land interest (or previous acquisitions of parts of the land interest that, together, comprise that land interest) has (or have) been consented to under section 10(1)(a) of the Act (the previous land consent); and

the land interest has remained in the ownership or possession of an overseas person at all times since the date of the previous land consent (and, if acquired in parts, each part has remained in the ownership or possession of an overseas person at all times since the date that part was acquired); and

if, since the date of the previous land consent, the land interest (or a part of it) has been acquired by another overseas person, that acquisition was in accordance with an exemption in regulation 37(1)(a) or regulation 40(1)(a) or this regulation.

the following statements apply:

the following statements apply:

paragraph (a) or (b) applies to different parts of the land interest owned or controlled by P and those parts, together, comprise the land interest.

if A is an individual, A is not, at the date of A’s acquisition, an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009 (or A is an individual for whom a special direction referred to in section 17(1)(a) of that Act has been made permitting a visa or entry permission to be granted to that individual); and

if A is not an individual, at the date of A’s acquisition each of the following is not an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009 (or is an individual for whom a special direction referred to in section 17(1)(a) of that Act has been made permitting a visa or entry permission to be granted to that individual):

A continues to comply with the continuing conditions of the previous land consent that are related to the relevant land; and

the same or substantially the same activity continues to be conducted on or from the relevant land as the activity conducted on that land under the previous land consent; and

by the date that is 1 month after the date of A’s acquisition, A provides the regulator with the following information and documents, in writing:

the acquisition is by way of grant, vesting, or other disposal to A in accordance with section 105, 106, 107A, 117, or 119 of the Public Works Act 1981; and

in the case that land B is or includes land of a type listed in table 1 of Schedule 1 of the Act (but disregarding the row relating to non-urban land), the area of land B that is that type of land does not exceed the corresponding area threshold in that table (if any); and

land B adjoins land in which A already owns or possesses an interest (other than an exempted interest) or land B is separated from that land only by a public road (including a motorway or a State highway, and whether or not that road is formed).

an overseas person (the original forestry investor) acquired a forestry right (the original forestry right) as a result of a transaction (the original transaction); and

one of the following applies:

a person (the original forestry investor) acquired a forestry right (the original forestry right); and

subsequent to the acquisition of the original forestry right, an overseas person acquired rights or interests in securities of the original forestry investor as a result of a transaction (the securities transaction); and

one of the following applies:

the overseas investment is the acquisition of a forestry right (the new forestry right) by the original forestry investor or a person related to the original forestry investor; and

immediately before the new forestry right is acquired,—

the term of the new forestry right (including rights of renewal, whether of the grantor or grantee) expires no later than 3 years after the end of the term of the original forestry right (see subclause (6)); and

the requirements of subclause (7) are met (if applicable).

must be sufficient to enable any relevant conditions of a consent to continue to be complied with:

must not include any right that was not conferred by the forestry right to which the consent related, if the absence of that right from that forestry right was the basis (wholly or partly)—

the exemption in subclause (5) is relied upon for the acquisition of a forestry right (including in a case where the exemption is applied by virtue of subclause (9)); and

the original forestry investor, or a person related to the original forestry investor, makes a subsequent acquisition of a forestry right.

if the consent was obtained for the purposes of section 10(1)(a) of the Act in relation to a relevant forestry right (see subclause (14)); and

to the extent that the conditions are in effect immediately before the acquisition of the new forestry right (including in a case where the conditions are in effect by virtue of subclause (11)).

the original forestry right; or

another forestry right that was previously acquired in reliance on the exemption in subclause (5).

the original forestry investor owns and controls 95% of A; or

A owns and controls 95% of the original forestry investor; or

a third person owns and controls 95% of the original forestry investor and of A.

a beneficial entitlement to, or a beneficial interest in, 95% or more of Y’s securities; and

the power to control the composition of 95% or more of the governing body of Y; and

the right to exercise, or control the exercise of, 95% or more of the voting power at a meeting of Y.

an overseas person (the original profit investor) acquired a regulated profit à prendre (the original profit) as a result of a transaction (the original transaction); and

the original profit is not a forestry right; and

one of the following applies:

a person (the original profit investor) acquired a regulated profit à prendre (the original profit); and

the original profit is not a forestry right; and

subsequent to the acquisition of the original profit, an overseas person acquired rights or interests in securities of the original profit investor as a result of a transaction (the securities transaction); and

one of the following applies:

the overseas investment is the acquisition of a regulated profit à prendre (the new profit) by the original profit investor or a person related to the original profit investor; and

the new profit is not a forestry right; and

immediately before the new profit is acquired,—

the subject matter of the rights conferred by the new profit in respect of the covered land is the same, or substantially the same, as the subject matter of the rights conferred by the original profit in respect of the covered land; and

the term of the new profit (including rights of renewal, whether of the grantor or grantee) expires no later than 3 years after the end of the term of the original profit (see subclause (6)); and

the requirement of subclause (7) is met (if applicable).

the exemption in subclause (5) is relied upon for the acquisition of a regulated profit à prendre (including in a case where the exemption is applied by virtue of subclause (9)); and

the original profit investor, or a person related to the original profit investor, makes a subsequent acquisition of a regulated profit à prendre that is not a forestry right.

if the consent was obtained for the purposes of section 10(1)(a) of the Act in relation to a relevant profit (see subclause (14)); and

to the extent that the conditions are in effect immediately before the acquisition of the new profit (including in a case where the conditions are in effect by virtue of subclause (11)).

the original profit; or

another regulated profit à prendre that was previously acquired in reliance on the exemption in subclause (5).

the original profit investor owns and controls 95% of A; or

A owns and controls 95% of the original profit investor; or

a third person owns and controls 95% of the original profit investor and of A.

a beneficial entitlement to, or a beneficial interest in, 95% or more of Y’s securities; and

the power to control the composition of 95% or more of the governing body of Y; and

the right to exercise, or control the exercise of, 95% or more of the voting power at a meeting of Y.

a covenant (whether a positive or restrictive covenant); or

a covenant in gross.

a freehold or leasehold estate or other right to occupy the land:

a mortgage or charge on the land:

a profit à prendre or other right to take resources from the land.

the overseas investment is the acquisition of an interest in land (the new interest) by an overseas person; and

the new interest is not a freehold estate; and

immediately before and after the acquisition,—

is residential (but not otherwise sensitive) land; and

is acquired by 1 or more of the following:

a transaction will result in an overseas person acquiring any interest in residential land, or any right or interest in securities of a person who owns or controls (directly or indirectly) an interest in residential land (relevant interest); and

consent has been, or will be, granted to the transaction on the basis that a person (A) is a key individual and the commitment to reside in New Zealand test has been, or will be, met; and

the relevant interest is, or will be as a result of the acquisition, relationship property of A and A’s spouse or partner.

for the purposes of a mission or consular post:

as a diplomatic or consular residence.

that is registered as a charitable entity under the Charities Act 2005; and

that is described in section LD 3(2) of the Income Tax Act 2007; and

that is not listed in Schedule 32 of that Act.

is an overseas person; but

would not be an overseas person (but for this exemption) if, instead of the custodian, the ultimate investor had the right or interest in those custodial securities that the custodian has.

the investment of all of the assets of the scheme is for the benefit of members at least 75% of whom are New Zealand citizens or persons ordinarily resident in New Zealand; and

but for this regulation, the retirement scheme would be an overseas person (for example, because its supervisor or manager (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013) is an overseas person).

the entity issues redeemable preference shares that are redeemable only in cash and that do not entitle the holder to exercise voting rights (except if payment of a dividend is in arrears); and

but for this regulation, the entity would be an overseas person as a result only of the ownership or control of those redeemable preference shares.

be in writing; and

be signed by each applicant; and

contain the information specified by the Minister by notice in the Gazette; and

be accompanied by a statutory declaration verifying that the information contained in the application is true and correct, unless the regulator waives this requirement; and

be sent to the regulator; and

be accompanied by the relevant fee, unless this has already been paid.

the transaction—

the transaction—

the transaction does not require consent because it relates to the acquisition of an estate or interest in land that is an exempted interest.

that has not been notified under section 85 or 86 of the Act; and

that the Minister has decided to review under section 84(3) of the Act.

the government of any 1 country must not have the right to exercise or control the exercise of more than 25% of the voting power at a meeting of R; and

there must be appropriate limitations on any government’s ability to control or influence R’s investment or management decisions that ensure that no government is able to influence any individual investment decisions, or the management of any individual investments, other than on a commercial basis; and

any earlier use of influence by a government (for example, any previous strategic directives to R, or to any member of R’s governing body) was not contrary to New Zealand’s national interest (for example, the directives were only to pursue environmental objectives that were shared by New Zealand).

the government or any part of the government (including regional or local government) of a country or territory, or a part of a country or territory, other than New Zealand:

a person who is acting as an agent, a trustee, or a representative of a person described in paragraph (a):

a person who is acting in any way on behalf of a person described in paragraph (a):

a person who is acting subject to the direction, control, or influence of a person described in paragraph (a).