Overseas Investment Regulations 2005

3C Strategically important businesses

(1)

This regulation prescribes classes of businesses that are SIBs for the purposes of the definition of SIB or strategically important business in section 6(1) of the Act.

Ports and airports

(2)

A business that is involved in ports or airports is a SIB if it is a lifeline utility listed in clauses 2 to 6 of Part A of Schedule 1 of the Civil Defence Emergency Management Act 2002.

Electricity

(3)

A business that is involved in electricity generation, distribution, metering, or aggregation is a SIB if it—

(a)

is a generator (as defined in section 5 of the Electricity Industry Act 2010) with a total capacity (as defined in section 73 of that Act) exceeding 250MW; or

(b)

provides electricity lines services (as defined in section 54C of the Commerce Act 1986).

Water

(4)

A business that is involved in drinking-water, waste water, or storm water infrastructure is a SIB if the business—

(a)

provides a large drinking-water supply or a medium drinking-water supply (as defined in section 69G of the Health Act 1956); or

(b)

provides a waste water or sewerage network that services 5,000 or more people; or

(c)

disposes of sewage or storm water for 5,000 or more people.

Telecommunications

(5)

A business that is involved in telecommunications infrastructure or services is a SIB if it provides telecommunications services (as defined in section 3 of the Telecommunications (Interception Capability and Security) Act 2013).

Financial institutions and financial market infrastructure

(5A)

A business that is a financial institution or is involved in financial market infrastructure is a SIB if the business—

(a)

is carried on by a registered bank (as defined in section 2(1) of the Reserve Bank of New Zealand Act 1989) and the value of the bank’s assets is at least $80 billion; or

(b)

operates an FMI that is designated under section 20 of the Financial Market Infrastructures Act 2021 by a designation notice that specifies that the FMI is systemically important (within the meaning of those terms in that Act).

Irrigation

(6)

A business that is involved in an irrigation scheme is a SIB if—

(a)

the scheme involves a water supply system for the collection and storage or reticulation (or both) of water primarily for agricultural production; and

(b)

the business has 1 or more resource consents under the Resource Management Act 1991 to take (in total) more than 25 million cubic meters of water per year.

Business that develops, produces, maintains, or otherwise has access to sensitive information

(7)

A business is a SIB if it develops, produces, maintains, or otherwise has access to—

(a)

sensitive information in connection with the supply by the business of services to 1 or more of the following:

(i)

an intelligence or security agency:

(ii)

the Department of the Prime Minister and Cabinet:

(iii)

the Ministry of Foreign Affairs and Trade; or

(b)

data sets of sensitive information relating to 30,000 or more individuals.

(8)

However, subclause (7) does not apply until section 53 of the Overseas Investment (Urgent Measures) Amendment Act 2020 has come into force.

Regulation 3C: inserted, on 16 June 2020, by regulation 4 of the Overseas Investment Amendment Regulations 2020 (LI 2020/110).

Regulation 3C(5A) heading: inserted, on 29 July 2021, by regulation 5 of the Overseas Investment Amendment Regulations 2021 (LI 2021/170).

Regulation 3C(5A): inserted, on 29 July 2021, by regulation 5 of the Overseas Investment Amendment Regulations 2021 (LI 2021/170).