Overseas Investment (Urgent Measures) Amendment Bill

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Hon David Parker

Overseas Investment (Urgent Measures) Amendment Bill

Government Bill

261—2

	Commentary
	Key
1	Title
2	Commencement
	Part 1 Amendments to Overseas Investment Act 2005
3	Principal Act
4	Section 3 amended (Purpose)
5	Section 4 amended (Overview)
6	Section 6 amended (Interpretation)
7	Section 7 amended (Who are overseas persons)
8	Section 8 amended (Meaning of associate and associated land)
9	Section 12 amended (What are overseas investments in sensitive land)
10	Section 13 amended (What are overseas investments in significant business assets)
11	Section 15 amended (Who are relevant overseas persons, and individuals with control, for overseas investments)
12	Section 16 amended (Criteria for consent for overseas investments in sensitive land)
13	Section 16A amended (Benefit to New Zealand test)
14	Section 18 replaced (Criteria for overseas investments in significant business assets)
	18	Criteria for consent for overseas investments in significant business assets
15	New section 18A inserted (Investor test)
	18A	Investor test
16	Section 19 repealed (Applying good character and Immigration Act 2009 criteria)
17	New sections 20A to 20G and cross-heading inserted
		Transactions of national interest
	20A	Transactions that are transactions of national interest
	20B	Other transactions may be transactions of national interest if notice given
	20C	Consent may be declined if transaction contrary to national interest
	20D	Who are critical direct suppliers
	20E	Provisions relating to unpublished CDS
	20F	Status of unpublished CDS confidential
	20G	What are media businesses with significant impact
18	Section 23 amended (Requirements for application for consent)
19	Section 25A amended (Conditions of consent)
20	New section 25C inserted (Automatic condition: every transaction of national interest)
	25C	Automatic condition: every transaction of national interest
21	Section 31 amended (What regulator does)
22	Section 32 amended (Delegation by relevant Minister or Ministers)
23	Section 34 amended (Ministerial directive letter)
24	Section 36 amended (Regulator may issue guidelines)
25	New sections 37A and 37B inserted
	37A	Regulator must publish list of sensitive adjoining land relating to collective group of Māori
	37B	Time frames
26	Section 38 amended (Regulator may require person who is subject to condition to provide information for monitoring purposes)
27	Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
28	Section 40 amended (Regulator may require person who is subject to condition to provide statutory declaration as to compliance)
29	Section 41 amended (Regulator may require information and documents to be provided for purpose of monitoring compliance, investigating, and enforcing Act and regulations)
30	Section 41G amended (Consequences of disposal or retention of property)
31	Section 42 amended (Offence of giving effect to overseas investment without consent)
32	Section 43 amended (Offence of defeating, evading, or circumventing operation of Act)
33	Section 44 amended (Offence of resisting, obstructing, or deceiving)
34	Section 46 amended (Offence of false or misleading statement or omission)
35	New sections 46A to 46E and cross-heading inserted
		Enforceable undertakings
	46A	Regulator may accept undertakings
	46B	When undertaking is enforceable
	46C	Notice of decision
	46D	Withdrawal or variation of enforceable undertaking
	46E	Proceedings for alleged contravention
36	New sections 46F and 46G inserted
	46F	Contravention of enforceable undertaking
	46G	Considerations for court orders
37	Section 47 amended (Court may order disposal of property)
38	Section 48 amended (Court may order person in breach or involved in breach to pay civil penalty)
39	Section 49 amended (Court may order mortgage to be registered over land)
40	Section 50 amended (Court may order interest to be paid)
41	Section 51 amended (Court may order compliance with condition of consent, exemption, or exemption certificate)
42	New sections 51AAA to 51AAE inserted
	51AAA	Court may grant injunction
	51AAB	When court may grant restraining injunctions
	51AAC	When court may grant performance injunctions
	51AAD	Undertaking as to damages not required by regulator
	51AAE	Publication under this subpart may be deferred or dispensed with
43	Section 51A amended (Person who acquires interest in residential land must make and provide statement)
44	Section 51C amended (Conveyancer must obtain and keep statement)
45	Section 52 amended (Administrative penalties for late filing)
46	Section 54 amended (Address for service)
47	Section 54A amended (Notices or other documents given, provided, or served by regulator)
48	Section 61 amended (Regulations)
49	Section 61B amended (Purpose of exemptions)
50	Section 61D amended (Minister may grant individual exemptions)
51	Section 61F amended (Other provisions applying to all exemptions)
52	New Part 3 inserted
		Part 3 National security and public order risks management regime
	81	Purpose of Part
		Subpart 1—Call-in transactions during emergency notification regime
		Call-in transactions, etc
	82	What are call-in transactions and overseas investments covered by emergency notification regime
	83	Who are relevant acquirers
		Review of call-in transactions
	84	Review of call-in transactions
		Notification of call-in transactions
	85	Requirement to notify
	86	~~Exemptions from call-in~~ Measures to ensure emergency notification regime no broader than reasonably necessary
	87	~~Requirements for notice of call-in transaction~~
	87	Requirements for notification of call-in transaction
		Subpart 2—Risk management actions
		Direction orders
	88	Direction orders
	89	Direction orders may be varied by agreement
	90	Revocation of direction order
	91	Interim direction orders
		Prohibition orders
	92	Prohibition orders
		Disposal orders
	93	Disposal orders
		Statutory management
	94	Purpose of statutory management
	95	Statutory management of person who owns sensitive assets and associates
	96	Recommendation of Minister
	97	Statutory management of New Zealand business only
	98	Date and time of appointment
	99	Considerations affecting exercise of powers by statutory manager
	100	Role of regulator in statutory management
	101	Statutory manager may form body corporate to acquire business of branch of persons not incorporated in New Zealand
	102	Body corporate formed and registered also subject to statutory management
	103	Statutory manager may sell vested assets
	104	Statutory manager may terminate contracts or arrangements posing significant risk to national security or public order
	105	Application of Corporations (Investigation and Management) Act 1989
	106	Termination of statutory management
	107	Effect of termination of statutory management
	108	Powers to obtain documents and information
	109	Protection from liability and indemnity
	110	Expenses of statutory management
	111	Modifications where person under statutory management is regulated by Reserve Bank
		Risk management actions and transactions of national interest
	112	When risk management actions may be taken in connection with consented transactions of national interest
		Subpart 3—Protection of classified information
	113	Application of subpart
	114	Classified security information and other terms defined
	115	Obligation to provide court with access to classified security information
	116	Court orders
	117	Appointment of special advocate
	118	Nomination of person for appointment
	119	Role of special advocates
	120	Court may provide access to classified security information to special advocate
	121	Communication between special advocate and other persons
	122	Protection of special advocates from liability
	123	Other matters relating to procedure in proceedings involving classified security information
	124	Nothing in this subpart limits other rules of law that authorise or require withholding of document, etc
	125	Ancillary general practices and procedures to protect classified security information
		Subpart 4—Miscellaneous provisions
	126	Power to use and disclose information relevant to managing certain risks
	127	Regulations regarding transactions of national interest and overseas investments in SIB assets
	128	Giving effect to and unwinding of call-in transactions
	129	Minister must publish decisions on call-in transactions and transaction of national interest
53	Replacement of emergency notification regime with more permanent call-in regime
54	Schedule 1AA amended
55	Schedule 2 amended
56	Schedule 3 amended
	Part 2 Amendments to other Acts
	Subpart 1—Amendment to Anti-Money Laundering and Countering Financing of Terrorism Act 2009
57	Amendment to Anti-Money Laundering and Countering Financing of Terrorism Act 2009
58	Section 140 amended (Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes)
	Subpart 2—Amendments to Fisheries Act 1996
59	Amendments to Fisheries Act 1996
60	Section 57A amended (Interpretation of overseas investment fishing provisions)
61	Section 57D amended (What are overseas investments in fishing quota)
62	Section 57F amended (Who are relevant overseas persons, and individuals with control, for overseas investments)
63	Section 57G amended (Criteria for overseas investments in fishing quota)
	Subpart 3—Amendments to Tax Administration Act 1994
64	Amendments to Tax Administration Act 1994
65	Schedule 7 amended
	Schedule New Parts 3 and 4 inserted into Schedule 1AA of Overseas Investment Act 2005
	Legislative history

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