Source: http://www.legislation.govt.nz/regulation/public/2016/0101/latest/whole.html
Timestamp: 2020-02-20 15:35:37
Document Index: 100359908

Matched Legal Cases: ['arts 5', 'art 5', 'art 1', 'art 1', 'art 2', 'art 3', 'art 4', 'art 6']

Overseas Investment Amendment Regulations 2016 (LI 2016/101) – New Zealand Legislation
6 Regulation 29 amended (Fees and charges)
7 Regulation 30 amended (When fees and charges are payable)
8 Regulation 34 amended (Exemption for persons connected to portfolio investors or New Zealand controlled persons)
9 Regulation 37 amended (Application for exemption)
These regulations are the Overseas Investment Amendment Regulations 2016.
These regulations come into force on 4 July 2016.
In regulation 3, definition of specified persons, after “Schedule 4” , insert “(if any)” in each place.
The fees and charges in Parts 5 and 6 of Schedule 2 are payable for every hour and, on a pro rata basis, for every part-hour of work that is carried out by or on behalf of the regulator.
In regulation 30, insert as subclause (2):
However, a fee or charge in Part 5 or 6 of Schedule 2 is payable—
In regulation 34(2)﻿(b), after “Schedule 4” , insert “(if any)” .
In regulation 37(1), delete “, or class of transactions, persons, interests, rights, or assets” .
Before Schedule 1, insert the Schedule 1AA set out in Schedule 1 of these regulations.
In Schedule 3, revoke the item relating to Citicorp Services Limited.
In Schedule 4, revoke the item relating to Guinness Peat Group PLC.
Part 1 Provisions relating to Overseas Investment Amendment Regulations 2016
1 Transitional provision for certain applications and requests
The old fees and charges continue to apply to applications and requests made before 4 July 2016.
However, despite the date on which an application for exemption under regulation 37 by addition to Schedule 3 or Schedule 4 was or is made, the new fees and charges apply to the monitoring of compliance with the conditions of that exemption that is performed on or after 4 July 2016.
To avoid doubt, if an application is sent to the regulator in the period starting on the date that these regulations are made and ending on 3 July 2016, and that application is returned by the regulator on the basis that it cannot be decided (for example, because it does not meet the requirements for the application set out in the Act or these regulations), the new fees and charges will apply to any new application made in respect of the same matter (unless that application is made before 4 July 2016, and again subject to this subclause).
new fees and charges means the fees and charges set out in Schedule 2 as replaced by the Overseas Investment Amendment Regulations 2016
old fees and charges means the fees and charges set out in Schedule 2 as in force immediately before 4 July 2016.
Part 1 Applications relating to transaction in category of overseas investment in sensitive land only
For consent for a transaction involving a land decision only, on the basis of section 16(1)﻿(e)﻿(i) of the Act,—
For consent for a transaction involving a land decision only, on the basis of section 16(1)﻿(e)﻿(ii) of the Act (where section 16(1)﻿(e)﻿(iii) is not applicable),—
For consent for a transaction involving a land decision only, on the basis of section 16(1)﻿(e)﻿(ii) of the Act and where section 16(1)﻿(e)﻿(iii) is applicable,—
For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) Relevant Ministers or regulator 13,000
For each exemption under regulation 37 Relevant Ministers or regulator 25,500
Part 2 Applications relating to transaction in category of overseas investment in significant business assets only
For consent for a transaction involving a business decision only 32,000
For variation of consent or conditions of consent (including addition to and revocation of conditions of consent) 13,000
For each exemption under regulation 37 25,500
Part 3 Applications relating to transaction in categories of overseas investment in sensitive land and significant business assets
For consent for a transaction involving a land decision and a business decision Relevant Ministers 54,000
Part 4 Applications relating to overseas investment in fishing quota
For consent for a transaction 40,000
For each exemption under regulation 37 40,000
For each exemption under regulation 37 by addition to Schedule 3 (which relates to portfolio investors) or Schedule 4 (which relates to New Zealand controlled persons),—
Part 6 Information and services
For provision of information or services $168 per hour
These regulations, which come into force on 4 July 2016, amend the Overseas Investment Regulations 2005 (the principal regulations).
The main effect of these regulations is to restructure and increase fees and charges payable to the Overseas Investment Office. Further information on the fees and charges is set out in the regulatory impact statements.
These regulations also remove Citicorp Services Limited and Guinness Peat Group PLC from Schedules 3 and 4, respectively, of the principal regulations (which relate to exemptions from the requirement for consent provisions of the Overseas Investment Act 2005).
Land Information New Zealand produced regulatory impact statements on 30 March 2016 and 12 May 2016 to help inform the decisions taken by the Government relating to the contents of this instrument.
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