NEW ZEALAND GAZETTE, No. 118 — 15 DECEMBER 2016

Notice of Exemptions from Farm Land Offer Criterion (Pursuant to Section 20 of the Overseas Investment Act 2005) 2016

Pursuant to section 20(b) of the Overseas Investment Act 2005, the Minister of Finance and the Minister for Land Information give the following notice.

Notice

1. Title—This notice is the Notice of Exemptions from Farm Land Offer Criterion (Pursuant to Section 20 of the Overseas Investment Act 2005) 2016.

2. Commencement—This notice comes into force on 1 February 2017.

3. Interpretation—In this notice, unless the context otherwise requires:

   Act means the Overseas Investment Act 2005.

   family member, in relation to any person (A), means:

   a. a person who is related to A by blood within the fourth degree of relationship; or

   b. A’s spouse, civil union partner, or de facto partner; or

   c. a person who is the spouse, civil union partner, or de facto partner of a third party to whom A is related by blood within the fourth degree relationship; or

   d. the adopted child of A; or

   e. the adopted child of a third party who is within the third degree of relationship to A.

   farm land securities, in relation to relevant land that is or includes farm land, means the securities to which the overseas investment relates (see also the definition of relevant land in section 6(1) of the Act).

   FMC Act means the Financial Markets Conduct Act 2013.

   overseas group means a group that comprises an overseas person and one or more persons that are directly or indirectly wholly owned by that overseas person.

4. Exemption from farm land offer criterion—Every person is exempted from section 16(1)(f) of the Act for a transaction to the extent that giving effect to the transaction has any of the following effects:

   a. the acquisition by an overseas person of farm land securities that are quoted on a licensed market (within the meaning of section 6(1) of the FMC Act);

   b. the acquisition by an overseas person of farm land securities, where:

   i. the securities are acquired under an offer that is a regulated offer within the meaning of section 41 of the FMC Act or under an offer of financial products referred to in clause 19 of Schedule 1 of that Act; and

   ii. in the case of a regulated offer, a product disclosure statement for that offer was lodged with the Registrar of Financial Service Providers and given to investors in accordance with section 50 of the FMC Act; and

   iii. in the case of an offer of financial products referred to in clause 19 of Schedule 1 of the FMC Act, the notice referred to in clause 20 of Schedule 8 of the Financial Market Conduct Regulations 2014 has been given to the licensed market operator for that offer;

   c. the acquisition by an overseas person of farm land securities, where:

   i. the takeovers code in force under the Takeovers Act 1993 applies to the acquisition; and

   ii. the acquisition is under an offer made to all holders of those securities other than the offeror (whether the offer is for all or some of the farm land securities);

   d. the acquisition by an overseas person of farm land securities, where the farm land to which the farm land securities relate has, in accordance with a procedure prescribed by regulations made under the Act, been offered for sale or acquisition on the open market to persons who are not overseas persons;

   e. the acquisition by an overseas person of farm land securities of a company or any other body corporate that owns or controls farm land, where, immediately before the transfer, the overseas person and the person from whom the farm land securities are acquired do not together have (directly or indirectly):

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