Comply with the conditions of your consent

You must comply with the conditions of your consent

The Act recognises it is a privilege for overseas persons to invest in sensitive New Zealand assets and allows the regulator to impose conditions to ensure the promised benefits of an investment, on which the decision to grant consent was based, are delivered.

You must comply with the conditions of your consent. Failure to do so is an offence under the Act and can result in significant fines or penalties, and/or forced disposal of the investment.

See the enforcement section for more information on possible action for failure to comply with consent conditions.

Reporting on progress meeting your consent conditions

We monitor compliance with consent conditions by, amongst other things, requiring consent holders to submit condition reporting outlining progress made against consent conditions.

Importance of filing your condition reporting on time

Your consent will specify the timeframe for filing your condition reporting.

It is important that you file your reports on time because late filing may incur an administrative penalty.

Completing your condition reporting

To complete your report:

• download the condition reporting template (note that this template may change, so you should download it each time you need to submit a report)

• review the guidance in each section and supply us with the required information
• be concise and write in plain English
• add tables, diagrams, maps and schedules as appendices to your report rather than inserting within the document.

Importance of complete and truthful information

Please ensure the information you provide in your report is complete, clear, accurate and truthful, and specifically addresses your progress in meeting consent conditions. Providing false or misleading information to the regulator is an offence which carries significant fines / penalties.

Formatting your report

You should format your report as a PDF, unless we advise otherwise. Make sure your report is:

• free from security restrictions
• in colour (if the document contains colour).

If your report is scanned, it should be scanned at 300 dpi and with optical character recognition so all text in the document can be copied.

Submitting your report

Submit your report electronically using the Condition reporting webform.

If we need more information after reviewing your report, we will ask you for it.

Contact us if you have any questions about the requirements of your consent or completing your condition reporting.

Contact the Overseas Investment Office

What to do if there are exceptional circumstances preventing your compliance with consent conditions

As the regulator, we expect consent holders to meet their consent conditions. However, there may be times when exceptional circumstances prevent you from being able to meet a condition (for example COVID-19 related delays, flood damage, material shortages etc).

In such situations, we strongly encourage you to contact us promptly to work though possible solutions (such as seeking a variation of the consent to extend a condition timeframe). We will endeavour to take a reasonable and pragmatic approach to reach a workable outcome.