20ATransactions that are transactions of national interest

1. The following kinds of overseas investment transactions are transactions of national interest:

   Investment by non-NZ government investors

2. a transaction of a kind described in section 12(1)(a) or 13(1)(c) of this Act, or in section 57D(a) of the Fisheries Act 1996, where, as a result of the acquisition, the relevant estate or interest in land, property, or fishing quota is acquired by a non-NZ government investor:
3. a transaction of a kind described in section 12(1)(b)(i) or (ii) or 13(1)(a) of this Act, or in section 57D(b) of the Fisheries Act 1996, where, as a result of the acquisition, a non-NZ government investor has more than 25% ownership or control interest in A:

Investment in strategically important businesses

4. a transaction of a kind described in section 12(1)(a) where the estate or interest in land is used in carrying on a SIB:
5. a transaction of a kind described in section 12(1)(b)(i) or (ii) or 13(1)(a) where A is carrying on a SIB:
6. a transaction of a kind described in section 13(1)(c) where the acquisition is of or includes property (including goodwill and other intangible assets) in New Zealand used in carrying on a SIB.

7. However, for the purpose of subsection (1)(a) and (b), references to a relevant government investor or investors in the definition of relevant government enterprise in section 6(1) include only relevant government investors from the same country.

   Example

   An acquisition by a company of which a New South Wales Government pension fund owns 15% and a Victorian Government pension fund owns 15% is a transaction of national interest (because Australia is the single country). But an acquisition by a company of which a New South Wales Government pension fund owns 15% and a Belgian Government pension fund owns 15% is not a transaction of national interest.

8. The Minister must notify an applicant if the Minister considers that an application for consent involves a transaction of the kind set out in subsection (1), unless the applicant has already identified this in their application.

9. However, failure to notify an applicant does not affect a transaction’s status as a transaction of national interest and does not invalidate any action taken by the Minister in reliance on a transaction’s status as a transaction of national interest.

10. This section is subject to any regulations made under section 127(1).