NEW ZEALAND GAZETTE, No. 118 — 15 DECEMBER 2016

page 3018, is revoked.

Dated at Wellington this 9th day of December 2016.

HON SIMON WILLIAM ENGLISH, Minister of Finance.

HON LOUISE CLAIRE UPSTON, Minister for Land Information.

Explanatory note

This note is not part of the notice, but is intended to indicate its general effect.

This notice, which comes into force on 1 February 2017, sets out exemptions from section 16(1)(f) of the Overseas Investment Act 2005 ("Act"). Section 16 of the Act sets out the criteria for an overseas investment in sensitive land. If the relevant land in relation to a proposed overseas investment in sensitive land is or includes farm land, section 16(1)(f) of the Act requires that the farm land or farm land securities be offered first for acquisition on the open market to persons who are not overseas persons in accordance with the procedure set out in regulations. However, that requirement does not apply to the extent that an exemption in this notice applies.

This notice:

• replaces the Notice of Exemptions From Farm Land Offer Criterion Pursuant to Section 20 of the Overseas Investment Act 2005 made on 1 August 2005 ("2005 notice"). The 2005 notice is revoked. The exemptions in the 2005 notice are, in general, restated in this notice (in clause 4(a) to (i)); however, some exemptions are updated in this notice to take into account changes in the law (for example, the regulation of financial markets conduct);
• provides for two new exemptions from section 16(1)(f) of the Act. The new exemptions are in clause 4(j) and (k). The first new exemption relates to the acquisition of a lease or any other interest (other than a freehold estate) in farm land for a term of not more than 20 years. The second new exemption relates to the acquisition of farm land securities in a person if the only interest (other than an easement or a profit à prendre) owned or controlled by that person in sensitive farm land is a lease or any other interest (other than a freehold estate) for a term of not more than 20 years. If the farm land was the subject of a previous overseas investment in sensitive land in the 20 years prior to the date of acquisition under a transaction, the new exemptions will apply only if consent was obtained for the transaction that resulted in that previous overseas investment and section 16(1)(f) of the Act was complied with.

Regulatory impact statement

The Treasury produced a regulatory impact statement on 24 March 2016 to help inform the decisions taken by the Government relating to the contents of this instrument.

A copy of this regulatory impact statement can be found at
www.treasury.govt.nz/publications/informationreleases/ris

This notice is administered by the Treasury.

2016-go7121

Draft Replacement New Zealand Energy Efficiency and Conservation Strategy: Released for Consultation

Pursuant to section 15(1)(a) of the Energy Efficiency and Conservation Act 2000, I hereby notify publicly the release of the draft replacement New Zealand Energy Efficiency and Conservation Strategy.

Between 9 December 2016 and 7 February 2017, the draft replacement strategy is available for public consultation at
www.mbie.govt.nz/info-services/sectors-industries/energy/energy-strategies/consultation-draft-replacement-new-zealand-energy-efficiency-and-conservation-strategy
or by visiting the Ministry of Business, Innovation and Employment at 15 Stout Street, Wellington.

The draft replacement strategy outlines the actions, objectives and targets for the period 2017–2022 that will facilitate energy efficiency improvements and the increased use of renewable energy.

The proposed goal is to support New Zealand to be an energy efficient, productive and low emissions economy, with a focus on three priority areas:

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