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Overseas Investment Act 2005

Consent and conditions regime - Miscellaneous provisions

60A: Reinstatement of emergency notification regime

You could also call this:

"Special rules for emergencies: telling the government about overseas buyers"

Illustration for Overseas Investment Act 2005

The Governor-General can make special rules to help with an emergency. You might wonder what kind of emergency - it could be something that affects New Zealand's economy, society, or national interest. The Minister will recommend these rules only if they think the emergency is serious enough.

The Minister looks at how the emergency is affecting New Zealand, including its economy and relationships with other countries. They also think about whether overseas people buying things in New Zealand could hurt the country's interests. The Minister must talk to the Minister of Foreign Affairs before making a decision.

The special rules are about telling the government when overseas people want to buy certain things in New Zealand, like parts of a business or property. The Minister checks regularly to see if these rules are still needed, and if not, they recommend cancelling them. They present their reasons to the House of Representatives and follow the rules about publishing secondary legislation, as outlined in the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS519121.

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Part 2Consent and conditions regime
Miscellaneous provisions

60AReinstatement of emergency notification regime

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations that have the broad effect of reinstating, in respect of an emergency, all or part of the emergency notification regime (in subpart 1 of Part 3 (as inserted by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020)).

  2. The Minister may make a recommendation only if the Minister is satisfied that the effects of the emergency justify the emergency notification regime being reinstated, having had regard to the following:

  3. the economic, social, and other effects of the emergency in New Zealand:
    1. any risks to New Zealand’s national interest associated with transactions by overseas persons:
      1. New Zealand’s international relations and international obligations.

        1. The emergency notification regime—

        2. must be limited in scope to transactions that do not require consent (see section 10) and that relate to the acquisition by an overseas person, or an associate of an overseas person, of either or both of the following:
          1. rights or interests in securities of a person:
            1. property (including goodwill and other intangible assets) in New Zealand used in carrying on business in New Zealand:
            2. must provide for risk management actions only in respect of risks associated with transactions by overseas persons that are contrary to New Zealand’s national interest.

              1. The Minister must consult the Minister of Foreign Affairs before making a recommendation.

              2. Regulations made under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

              3. The Minister must present the reasons for making a recommendation to the House of Representatives not more than 6 sitting days after making the recommendation.

              4. The Minister must review, at intervals that are no more than 90 working days apart, whether the effects of the emergency continue to justify the emergency notification regime continuing in place.

              5. In doing so, the Minister must have regard to the matters in subsection (2).

              6. If the Minister is not satisfied that the emergency notification regime should continue, the Minister must recommend to the Governor-General that the regulations made under this section be revoked.

              Notes
              • Section 60A: inserted, on , by section 24 of the Overseas Investment Amendment Act 2021 (2021 No 17).