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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Enforceable undertakings

46A: Regulator may accept undertakings

You could also call this:

"The regulator can accept a promise from you to fix a problem or pay costs if you break the Overseas Investment rules"

Illustration for Overseas Investment Act 2005

The regulator can accept a promise from you or someone acting for you to do something about breaking or possibly breaking the Overseas Investment Act or its regulations. You can promise to pay compensation to someone or take action to fix any problems caused by breaking the rules. You can also promise to pay the regulator's costs for investigating or taking action about breaking the rules.

If you give a promise, you might admit you were wrong, but the promise itself does not mean you are admitting you were wrong. The regulator cannot accept a promise from you to pay money instead of a penalty, unless it is related to fixing a problem you caused. You can make a promise to pay the regulator's costs, such as the costs of investigating what you did.

The regulator has to consider what you promise to do, and they can accept your promise if it is about something related to the Overseas Investment Act, such as a matter referred to in section 48(1).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS357767.

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46: Offence of false or misleading statement or omission, or

"Telling lies or giving wrong information to the regulator is against the law"

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46B: When undertaking is enforceable, or

"When a promise to the regulator is legally binding"

Part 2Consent and conditions regime
Enforcement: Enforceable undertakings

46ARegulator may accept undertakings

  1. The regulator may accept an enforceable undertaking given by, or on behalf of, a person in writing in connection with a matter relating to a contravention or an alleged contravention by the person of this Act or regulations (including any matter referred to in section 48(1)).

  2. An undertaking may include—

  3. an undertaking to pay compensation to any person or otherwise take action to avoid, remedy, or mitigate any actual or likely adverse effects arising from a contravention or possible contravention of this Act:
    1. an undertaking to pay to the regulator all or part of the regulator’s costs incurred in investigating, or bringing proceedings in relation to, a contravention or an alleged contravention.

      1. However, the regulator may not accept an undertaking to pay an amount in lieu of a civil pecuniary penalty (for example, a donation to a charity that is not connected with any loss).

      2. An undertaking may include an admission of liability by the person giving it in relation to the contravention or alleged contravention to which the undertaking relates, but otherwise does not constitute an admission of liability.

      Compare
      Notes
      • Section 46A: inserted, on , by section 35 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).