The New Zealand Government today announced a further extension of the Emergency Notification Regime in the Overseas Investment Act 2005.
The regime is aimed at protecting New Zealand's national interests amid the COVID-19 pandemic. It requires overseas investors to notify a wide range of transactions to the Overseas Investment Office, even where these transactions fall well below the usual thresholds for consent.
The regime was reviewed today for the third time since it was introduced in June 2020, with the relevant Ministers concluding that the current pandemic justifies it continuing until 25 May 2021 when it will again be reviewed. Once Ministers are satisfied that the notification regime should no longer remain in force, it will be replaced by a narrower national security and public order 'call-in' regime.
If you have any questions about the regime please get in touch with the contacts below, or your usual Bell Gully adviser.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.