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Overseas Investment (Urgent Measures) Amendment Bill
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Hon David Parker
Overseas Investment (Urgent Measures) Amendment Bill
Government Bill
261—2
Contents
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Section 19 repealed (Applying good character and Immigration Act 2009 criteria)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Provisions relating to unpublished CDS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Status of unpublished CDS confidential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
The Parliament of New Zealand enacts as follows: