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Home > Overseas Investment Office > About the Overseas Investment Office > Monitoring

Monitoring & Information Gathering Powers

Monitoring

The Overseas Investment Office (OIO) monitors consent holders for compliance with any conditions imposed on their consent.

Examples of breaches include:

  • a failure to report
  • failure to obtain a residence permit by the specified date
  • failure to undertake the proposed developments.

The OIO also monitors assets that were the subject of declined, lapsed or withdrawn applications.

The OIO will take prompt action in every case where an investment is made despite being declined consent or where any other breach of the Overseas Investment Act 2005 is disclosed. Remedying a breach can involve administrative penalties, civil and/or criminal remedies.

Information Gathering Powers

The OIO has certain information gathering powers to help it monitor consent conditions and investigate breaches of the Act. The OIO exercises its powers by giving a written notice to the person it wishes to gather information from.

Requiring a consent holder to provide information

Section 38 of the Act allows the regulator to require a consent holder to provide information or documents for monitoring purposes.

Requiring any other person to provide information

Section 39 of the Act allows the regulator to require any other person to provide information for monitoring, compliance with a condition or conditions, or for statistical purposes. Unlike section 38, section 39 does not allow the regulator to compel the provision of documents.

Requiring a consent holder to provide a statutory declaration

Section 40 of the Act allows the regulator to require a consent holder to provide a statutory declaration verifying:

  • the extent to which the consent holder has complied with the conditions of the consent, and
  • if the consent holder is in breach of a condition or conditions, the reasons for the breach and the steps that the consent holder intends to take to remedy the breach.

Any declaration provided for the purpose of section 40 is inadmissible in evidence in any proceedings under this Act except proceedings under section 46 (offence of false or misleading statement or omission).

Find out about preparing a statutory declaration for the OIO.

Requiring a person to provide information for the purpose of detecting offences

Section 41 of the Act allows the regulator to require any person to provide information or documents for the purpose of detecting offences.

 
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