Introduction of the new Overseas Investment regime

The Overseas Investment Act 2005 and Overseas Investment Regulations 2005 come into force today. The Act dissolves the Commission. A final report on the operations of the Commission for the period 1 July to 24 August 2005 will be submitted to the Minister of Finance and will be tabled in Parliament.

For the purposes of the administration of the Overseas Investment legislation, the Minister of Finance has designated Land Information New Zealand as the regulating department, and the Chief Executive of Land Information New Zealand as the regulator, with effect from 25 August 2005. The regulator's powers and functions will be delegated to certain staff in the Overseas Investment Office (OIO) which will function as a regulatory unit within Land Information New Zealand. A copy of the Minister of Finance's Designation and Delegation Letter will be posted on our website shortly.