Overseas Investment Amendment Act 2021

13 New section 20AA inserted (Exemptions from definition)

After section 20A, insert:

20AA Exemptions from definition

(1)

The purpose of this section is to allow for exemptions for transactions that are transactions of national interest only because the relevant estate or interest in land, property, or fishing quota is acquired by a relevant government enterprise, provided there are appropriate limitations on the extent to which government control or influence could affect the pursuit of non-commercial objectives.

(2)

The Minister may exempt any relevant government enterprise from the definition of non-NZ government investor in section 6(1) for the purpose of section 20A(1)(a) or (b) if the Minister considers—

(a)

that the enterprise meets the criteria relating to control or influence that are prescribed in the regulations; and

(b)

that there are circumstances that mean that it is necessary, appropriate, or desirable to provide an exemption; and

(c)

that the extent of the exemption is not broader than is reasonably necessary.

(3)

An application for an exemption may be made at any time by written notice to the regulator accompanied by the fee required by regulations.

(4)

The Minister must publish each exemption granted under this section on an Internet site maintained by, or on behalf of, the regulator, together with the reasons of the Minister for granting the exemption.

(5)

However, publication may be deferred or dispensed with (in whole or in part) if the Minister is satisfied on reasonable grounds that good reason for withholding the exemption or the reasons (as the case may be) would exist under the Official Information Act 1982.

(6)

An exemption may be made subject to any conditions.

(7)

An exemption under this section may continue in force for not more than 5 years (and at the close of the date that is 5 years after the exemption first comes into force, the exemption must be treated as having been revoked unless it sooner is revoked or expires).