New Zealand Legislation: Regulations
Regulations are laws made under Acts
Add to web feed 2009/210
Anand Satyanand, Governor-General
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.
These regulations are the Overseas Investment Amendment Regulations (No 2) 2009.
These regulations come into force on the 28th day after the date of their notification in the Gazette.
These regulations amend the Overseas Investment Regulations 2005.
Regulation 3(2) is revoked.
Schedule 2 is revoked and the Schedule 2 set out in the Schedule of these regulations substituted.
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 |
Schedule 2
Fees and chargesr 29
Part 1
Applications relating to overseas investments in sensitive land
Application Determination by relevant Ministers or by regulator under delegation ($) For consent for a transaction Relevant Ministers 22,000 For consent for a transaction Regulator 19,100 For consent for a series of transactions involving either the same vendor or the same purchaser that follows the grant of a conditional consent for that series of transactions— Relevant Ministers or regulator (a) for initial conditional consent 17,100 (b) for each following consent 13,000 For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) Relevant Ministers 13,100 For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) Regulator 12,300 For each exemption under regulation 37 Relevant Ministers 13,300 For each exemption under regulation 37 Regulator 13,100 Part 2
Applications relating to overseas investments in significant business assets
Application ($) For consent for a transaction 12,900 For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) 10,900 For each exemption under regulation 37 11,700 Part 3
Applications relating to overseas investments in fishing quota
Application ($) For consent for a transaction 36,000 Part 4
Other applications
Application ($) For exemption under regulation 37 by addition to Schedule 3 (which relates to portfolio investors)— (a) application fee 10,500 (b) monitoring compliance with conditions of exemption for each 12-month period following addition to Schedule 3 9,500 For exemption under regulation 37 by addition to Schedule 4 (which relates to New Zealand controlled persons)— (a) application fee 14,500 (b) monitoring compliance with conditions of exemption for each 12-month period following addition to Schedule 4 9,800 Part 5
Information and services
Request ($) For provision of information or services $164 per hour
Rebecca Kitteridge,
Clerk of the Executive Council.
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.
Date of notification in Gazette: 6 August 2009.
These regulations are administered by the Treasury.
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