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Overseas Investment Act 2005

Consent and conditions regime - Miscellaneous provisions

61E: Criteria for all exemptions

You could also call this:

"Rules for when the government can say it's okay to ignore some overseas investment laws"

Illustration for Overseas Investment Act 2005

The Minister can recommend regulations or grant an exemption under certain sections of the Overseas Investment Act 2005, but only if they think it is necessary, appropriate, or desirable. You need to consider if there are special circumstances that mean an exemption is needed for certain matters referred to in section 61B(a) to (c). The Minister must also think about whether the exemption is not too broad.

When making this decision, the Minister has to think about the purpose of the Overseas Investment Act 2005. They can also consider things like how much ownership or control of something will change, and whether a sensitive asset is already owned or controlled by someone from overseas. The Minister might think about how long an overseas person will own or control something, and what impact that will have.

The Minister can look at other factors that seem relevant to the situation, such as whether the acquisition is the result of other legislation or an event outside the control of the overseas person. They can also think about the extent to which effective ownership or control is changed by the overseas investment or remains with persons who are not overseas persons, as mentioned in section 61C and section 61D.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS112020.

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Part 2Consent and conditions regime
Miscellaneous provisions

61ECriteria for all exemptions

  1. The Minister may recommend any regulations under section 61C, or grant an exemption under section 61D, only if the Minister considers—

  2. that there are circumstances that mean that it is necessary, appropriate, or desirable to provide an exemption for any of the matters referred to in section 61B(a) to (c); and
    1. that the extent of the exemption is not broader than is reasonably necessary to address those circumstances.

      1. In so considering, the Minister—

      2. must have regard to the purpose of this Act; and
        1. may have regard to all or any of the following:
          1. the extent to which effective ownership or control is changed by the overseas investment or remains with persons who are not overseas persons:
            1. the extent to which a sensitive asset is already held in overseas ownership or control:
              1. the extent to which the acquisition is the result of the operation of other legislation or an event outside the control of the overseas person:
                1. the extent of time an overseas person is likely to have ownership or control of a right or an interest, for what purpose, and the likely impact on the sensitive asset of that overseas ownership or control:
                  1. any other factors that seem to the Minister to be relevant to the circumstances.

                  Notes
                  • Section 61E: inserted, on , by section 47 of the Overseas Investment Amendment Act 2018 (2018 No 25).