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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Enforceable undertakings

46E: Proceedings for alleged contravention

You could also call this:

"What happens if you break the rules and promise to fix it"

Illustration for Overseas Investment Act 2005

If you make an undertaking about something you did wrong, you might not get in trouble for it. This is because you are promising to do something to make it right, and you are keeping that promise. You also might not get in trouble if you already made an undertaking, did what you promised, and now it's all done. The regulator is the person who decides if you get in trouble or not. They can choose to accept your undertaking even before they finish looking into what you did wrong. If the regulator accepts your undertaking, they have to try really hard to stop the proceedings, which is like a formal investigation, as soon as they can, you can see more about this in the Overseas Investment Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS357777.

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46D: Withdrawal or variation of enforceable undertaking, or

"Changing or cancelling a promise you made to follow the Overseas Investment Act rules"

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46F: Contravention of enforceable undertaking, or

"Breaking a promise to the regulator can lead to fines or other penalties"

Part 2Consent and conditions regime
Enforcement: Enforceable undertakings

46EProceedings for alleged contravention

  1. No proceedings may be brought for a contravention or an alleged contravention of this Act or regulations against—

  2. a person who made an undertaking in relation to that contravention, while the undertaking is enforceable and there is no contravention of the undertaking:
    1. a person who made, and has completely discharged, an enforceable undertaking in relation to that contravention.

      1. The regulator may accept an enforceable undertaking in relation to a contravention or an alleged contravention before proceedings in relation to that contravention have been completed.

      2. If the regulator accepts an enforceable undertaking before the proceedings are completed, the regulator must take all reasonable steps to have the proceedings discontinued as soon as practicable.

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