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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Enforceable undertakings

46B: When undertaking is enforceable

You could also call this:

"When a promise to the regulator is legally binding"

Illustration for Overseas Investment Act 2005

When you make an undertaking, the regulator must tell you in writing if they accept or reject it. They must also tell you why they made that decision. You can find more information about this in the Overseas Investment Act 2005 and related laws like the Overseas Investment (Urgent Measures) Amendment Act 2020. The regulator's decision to accept an undertaking makes it enforceable, and this can happen when they tell you about their decision or at a later date they specify.

If the regulator accepts your undertaking, you must follow it, and it becomes enforceable when the regulator tells you about their decision. You can see how this law has changed over time by looking at section 124(1) and section 125 of other laws. You are not allowed to break the rules of an undertaking you have made that is currently in force.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS357769.

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46A: Regulator may accept undertakings, or

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

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46C: Notice of decision, or

"The regulator must tell you about their decision on an undertaking on their website."

Part 2Consent and conditions regime
Enforcement: Enforceable undertakings

46BWhen undertaking is enforceable

  1. The regulator must give the person making an undertaking written notice of—

  2. its decision to accept or reject the undertaking; and
    1. the reasons for the decision.

      1. An enforceable undertaking takes effect and becomes enforceable when the regulator’s decision to accept the undertaking is given to the person who made the undertaking, or at any later date specified by the regulator.

      2. A person must not contravene an enforceable undertaking given by that person that is in force.

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