Overseas Investment Amendment Bill passed
The Overseas Investment Amendment Bill was passed on 15 August 2018, and all that now remains to bring the Bill into law is royal assent, which is expected shortly.
This follows the announcement back in October 2017 by Prime Minister Jacinda Ardern and Trade Minister David Parker, of Cabinet's plan to amend the Overseas Investment Act. The Bill had its first reading in December 2017.
While the Prime Minister said she expected the Bill to be passed in early 2018, there have since been significant delays. Some of those delays have been due to the large volume of submissions that were made following the Bill's referral to the Finance and Expenditure Committee, and to the introduction, in March of this year, of a substantive amendment to the Bill which dealt with forestry acquisitions. This amendment led to another round of submissions being received and heard by the Committee. As a result, the Bill, as passed, has also changed significantly from how it looked when it was first introduced.
The Bill is tricky and complex to navigate, something that was acknowledged by the Chair of the Finance and Expenditure Committee in parliamentary debates.
Annelies McClure discusses the changes to the Act in an insightful article. Click here to read more.