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Overseas Investment Act 2005

Consent and conditions regime - Procedure for making an application for consent and for granting consent

29A: Investor test applications where no change since investor test last met

You could also call this:

"Applying for the investor test if nothing has changed since you last applied"

Illustration for Overseas Investment Act 2005

You can apply to see if you meet the investor test at any time. The Minister will decide if you meet the test by following the rules in section 18A(3) to (5). If you already met the investor test before, it will be easier for you to meet it again if nothing has changed. The investor test is like a checklist to see if you are suitable to own or control sensitive New Zealand assets.

You need to tell the truth about whether anything has changed since you last gave information about the investor test factors. This is usually done in a statutory declaration that you send with your application. The declaration is like a promise that you are telling the truth.

If you were part of a transaction that was not allowed because of you, then the rules are a bit different. In that case, you cannot use the easier way to meet the investor test unless you have met the test since the transaction was not allowed. You can find more information about this in section 20C and section 18A(2).

You can apply with other people who are also investing. This can include people who would be your associates if you went ahead with the investment. You can find more information about how to apply in section 23.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS518920.

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Part 2Consent and conditions regime
Procedure for making an application for consent and for granting consent

29AInvestor test applications where no change since investor test last met

  1. A person (A) may apply at any time for an assessment of whether the person meets the investor test, in which case the Minister must determine the matter in accordance with section 18A(3) to (5).

  2. Subsections (3) and (4) apply if the investor test has to be met in respect of a particular overseas investment (a new investment) and a person (A) is a person who previously met the investor test.

  3. In that case, the investor test is met, to the extent that it applies to A, if the relevant Ministers are satisfied, in respect of A, that—

  4. there has been no change in the extent to which the investor test factors are established; or
    1. any change in the extent to which the investor test factors are established does not make A unsuitable to own or control any sensitive New Zealand assets.

      1. The statutory declaration required to accompany the application must include verification as to whether there has been any change in the extent to which the investor test factors are established since the information previously provided to the regulator about those factors.

      2. However, if A has ever been the investor (or one of the investors) referred to in section 18A(2) in respect of a transaction of national interest for which consent was declined for reasons connected to A under section 20C, then—

      3. subsection (1) does not apply; and
        1. subsection (3) does not apply unless A has met the investor test since that consent was declined.

          1. Section 23 applies with necessary modifications to an application for an assessment of whether a person meets the investor test.

          2. A single application may relate to all or any of the following applicants:

          3. 1 or more persons who together are contemplating an overseas investment transaction (or a series of related or linked transactions); and
            1. 1 or more persons who would be associates of the persons in paragraph (a) in relation to those transactions, if they went ahead.

              Notes
              • Section 29A: inserted, on , by section 19 of the Overseas Investment Amendment Act 2021 (2021 No 17).