Overseas Investment Amendment Regulations (No 2) 2009

2009/210

Crest

Overseas Investment Amendment Regulations (No 2) 2009

Anand Satyanand, Governor-General

Order in Council

At Wellington this 3rd day of August 2009

Present:
His Excellency the Governor-General in Council

Pursuant to section 61 of the Overseas Investment Act 2005, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Finance, makes the following regulations.

Regulations

1 Title
  • These regulations are the Overseas Investment Amendment Regulations (No 2) 2009.

2 Commencement
  • These regulations come into force on the 28th day after the date of their notification in the Gazette.

3 Principal regulations amended
  • These regulations amend the Overseas Investment Regulations 2005.

4 Interpretation
5 New Schedule 2 substituted
  • Schedule 2 is revoked and the Schedule 2 set out in the Schedule of these regulations substituted.

6 Transitional provision
  • Schedule 2 of the principal regulations (as in force immediately before the commencement of these regulations) continues to apply to applications and requests made before the commencement of these regulations.


Schedule 
New Schedule 2 substituted

r 5

Schedule 2
Fees and charges

r 29

Part 1
Applications relating to overseas investments in sensitive land

Application Determination by relevant Ministers or by regulator under delegation($)
For consent for a transaction Relevant Ministers22,000
For consent for a transaction  Regulator19,100
For consent for a series of transactions involving either the same vendor or the same purchaser that follows the grant of a conditional consent for that series of transactions— Relevant Ministers or regulator 
(a) for initial conditional consent  17,100
(b) for each following consent  13,000
For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) Relevant Ministers13,100
For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) Regulator12,300
For each exemption under regulation 37 Relevant Ministers13,300
For each exemption under regulation 37 Regulator13,100

Part 2
Applications relating to overseas investments in significant business assets

Application($)
For consent for a transaction12,900
For variation of consent or conditions of consent (including addition to and revocation of conditions of consent)10,900
For each exemption under regulation 3711,700

Part 3
Applications relating to overseas investments in fishing quota

Application ($)
For consent for a transaction36,000

Part 4
Other applications

Application($)
For exemption under regulation 37 by addition to Schedule 3 (which relates to portfolio investors)— 
(a) application fee10,500
(b) monitoring compliance with conditions of exemption for each 12-month period following addition to Schedule 39,500
For exemption under regulation 37 by addition to Schedule 4 (which relates to New Zealand controlled persons)— 
(a) application fee14,500
(b) monitoring compliance with conditions of exemption for each 12-month period following addition to Schedule 49,800

Part 5
Information and services

Request($)
For provision of information or services$164 per hour

Rebecca Kitteridge,
Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on the 28th day after the date of their notification in the Gazette, amend the Overseas Investment Regulations 2005 (the principal regulations).

These regulations set new increased fees and charges payable to the Overseas Investment Office for—

  • applications relating to overseas investments in sensitive land and significant business assets:

  • applications for exemption under regulation 37 of the principal regulations by addition to Schedule 3 or 4 of those regulations:

  • the provision of information or services.

These increases are to enable the regulator to fully recover its costs. These regulations also rationalise the charging structure.

The fee for an application relating to overseas investments in fishing quota is unchanged.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 6 August 2009.

These regulations are administered by the Treasury.