The mainstream Media might be a bit slower than The Hive but they have also picked up on the Regulations Review Committee consideration of the changes made by regulation to the Overseas Investment Regulations.
Writing for the NBR Ben Thomas says the following:
Parliament’s regulations review committee has slammed the government’s on-the-hoof changes to overseas investment rules that stymied a Canadian pension fund’s takeover of Auckland International Airport in April, saying it was an “unusual and unexpected” use of regulatory powers.
The committee’s report, released today, also recommends the government dumps the rules that allow the cabinet to create new criteria for ministers’ decisions about overseas investment. In the alternative, it recommends that ministers be required to consult before making changes to criteria for decision-making.
Ministers should be resigning over this, which possibly explains why this report has taken so long to be finalised.
