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Overseas Investment Act 2005

National security and public order risks management regime - Risk management actions - Statutory management

100: Role of regulator in statutory management

You could also call this:

"The regulator helps the statutory manager do their job correctly and makes sure they follow the rules."

Illustration for Overseas Investment Act 2005

The regulator can help with statutory management by giving advice to the statutory manager, giving them written directions, and asking for reports on how the management is going. You can think of the regulator like a supervisor who makes sure everything is done correctly. The regulator can ask the statutory manager to give these reports to them or to other people they specify.

When the regulator asks for a report, the statutory manager must give it to them in the way they want and by the time they say. The regulator has to think about why statutory management is happening, which is explained in section 94, and also consider New Zealand's international obligations. This means the regulator must consider what New Zealand has agreed to do with other countries.

The regulator's job is to make sure statutory management is done properly, and they do this by guiding the statutory manager and checking on their progress, while also keeping in mind New Zealand's responsibilities to other countries.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS358867.

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Part 3National security and public order risks management regime
Risk management actions: Statutory management

100Role of regulator in statutory management

  1. The regulator may, in relation to the conduct of the statutory management,—

  2. give advice to the statutory manager; and
    1. give written directions to the statutory manager; and
      1. require a statutory manager to give to the regulator, or to other persons specified by the regulator, reports about the conduct of the statutory management and the state of the affairs or business of the person under statutory management.

        1. A report required under subsection (1)(c) must be given in the way, and within the period, required by the regulator.

        2. When acting under this section, the regulator must have regard to—

        3. the purpose of statutory management (see section 94); and
          1. New Zealand’s international obligations.

            Notes
            • Section 100: inserted, on , by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).