Changes to the Process for Offering Seabed, Foreshore, Lakebeds and Riverbeds to the Crown Overseas Investment Amendment Regulations (No 2) 2006

The Overseas Investment Amendment Regulations (No 2) 2006, which amend the Overseas Investment Regulations 2005, came into effect on 1 September 2006, being the day after their notification in the Gazette.

The amendments remove the definition of "Minister" which referred to the Minister of Conservation. The term "Minister" is replaced throughout the regulations with "relevant Ministers", a term referred to in the Overseas Investment Act 2005. The effect of the amendments is that notices, offers and Crown decisions in relation to special land are now made to or by the relevant Ministers (the Ministers of Finance and Land Information), and not the Minister of Conservation, as was previously the case.

A transitional provision is included so that notices or offers relating to special land for which there has not been a Crown decision before 1 September 2006 are decided by the relevant Ministers rather than the Minister of Conservation as before.

The amendment also removes or replaces a number of entities from schedules 3 and 4 of the Overseas Investment Regulations 2005.