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Overseas Investment Amendment Bill (No 3)

Introduced May 14, 2020. The Bill was introduced alongside changes to the Overseas Investment Act implemented in response to covid-19 with longer term measures. Changes include a higher threshold for acquiring farm land, enabling decision makers to consider the impacts of investments involving water bottling or bulk water extraction for human consumption on water quality and sustainability, greater recognition for Māori cultural values, requiring investors to disclose information relating to their proposed investment structure and introducing a regulation making power to respond to future emergencies. Reduces red tape around; investments in less sensitive land that are only screened because the land adjoins land that is sensitive in its own right, transactions involving fundamentally NZ entities, leases or other interests of less than 10 years. First reading on May 14, opposed just by ACT with National reserving judgement. Referred to the Finance and Expenditure Committee. Reported back on March 4, 2021 with a large number of amendments. These include removing the consent requirement for investors who only make additional, incremental investments that do not result in a material change in ownership or control and changes to the national interest test due to its over-application. Second reading on May 13, committee stage May 18 with no further amendment and third reading May 19 with ACT and Māori Party opposed.  Overseas Investment Amendment Bill (No 3)