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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Enforceable undertakings

46F: Contravention of enforceable undertaking

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

Illustration for Overseas Investment Act 2005

If you break a promise you made to the regulator, they can ask the court to get involved. The court can make you pay a fine if they think you broke your promise. You might have to pay up to $50,000 if you are an individual, or up to $300,000 if you are a company or organisation. The court can also tell you to do what you promised to do, or they can cancel your promise. The court can make other orders too, like telling you to pay the regulator's costs, or dealing with you as if you had never made the promise, by following the rules of the Overseas Investment Act 2005.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS357790.

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Part 2Consent and conditions regime
Enforcement: Enforceable undertakings

46FContravention of enforceable undertaking

  1. The regulator may apply to the court for an order if a person contravenes an enforceable undertaking.

  2. If the court is satisfied that the person who made the enforceable undertaking has contravened the undertaking, the court may make any of the following orders:

  3. a civil pecuniary penalty not exceeding $50,000 for an individual or $300,000 in any other case:
    1. an order directing the person to comply with the undertaking:
      1. an order discharging the undertaking.

        1. In addition to the orders referred to in subsection (2), the court may make any other order that the court considers appropriate in the circumstances, including—

        2. orders directing the person to pay to the regulator the costs of the proceedings and the reasonable costs of the regulator in monitoring compliance with the enforceable undertaking in the future:
          1. an order in respect of the contravention or alleged contravention of this Act or regulations to which the enforceable undertaking relates, as if no undertaking had been made.

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            Notes
            • Section 46F: inserted, on , by section 36 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).