title: Balancing the benefits of overseas investment against the protection of sensitive land: New Zealand’s approach

authors: Williamson, Myra Elsie Jane Bell

subjects: Overseas investment law

abstract: The Government’s economic strategy aims to build a productive, sustainable and inclusive economy. Overseas investment contributes to this when it brings with it new jobs and increases productivity, which is the biggest determinant of people’s living standard in the longer term.” Overseas investment often attracts controversy: there are conflicting opinions on the need for it and way in which it can best be managed. New Zealand has actively encouraged overseas investment since at least 1973 when the Overseas Investment Commission (OIC) was established by the Overseas Investment Act 1973. In the past 47 years, the law pertaining to the management of overseas investment in New Zealand has undergone significant changes, reflecting the changing policies of successive governments. The current entity is the Overseas Investment Office (OIO), which is a regulatory unit within Land Information New Zealand (a government department). The OIO is responsible for administering New Zealand’s overseas investment laws. The OIO is engaged with “realising the benefits of overseas investment, while protecting New Zealand’s sensitive land and assets”, which is a difficult balancing act. The Act states that it is a privilege for overseas persons to own or control sensitive New Zealand assets. New Zealand is a great place to “do business” – currently it’s ranked the best in the world. It’s also a great place in which to invest and New Zealand encourages overseas investment so long as there is a “benefit to New Zealand”. That means, any overseas person wishing to buy sensitive land or business assests must demonstrate that their investment will, or is likely to, benefit New Zealand (or any part of it, or a group of New Zealanders). If the land is over five hectares, then the benefits must be substantial and identifiable. Decision-makers take into account 21 economic, environmental and cultural factors when deciding if the overseas investor passes that test. This test is “unique among global investment screening regimes. Its closest comparator is Canada’s ‘net benefit’ test, but that focuses on economic factors.” This paper will proceed on the assumption that—in accordance with the principles and purposes of comparative law—every legal system has something to learn from every other system; knowing how other legal systems have tackled an issue can inform national lawmaking since virtually all legal systems face the same problems. For international scholars with an interest in overseas investment law, the paper will provide an overview of New Zealand’s approach. The paper will discuss what is meant by “benefit to New Zealand”, a crucial test that any potential “overseas person” must satisfy. The paper will also discuss the recent changes to the meaning of “sensitive land” which now includes all residential land, significant business assets and fishing quota. In a nutshell, overseas persons (or associates of overseas persons) now need prior consent from the OIO before they can purchase sensitive land or business assets. The paper will explain key legislative provisions and some recent court decisions one of which resulted in an order for an overseas person to divest itself of its entire interest in two properties for failure to obtain consent before purchasing, in addition to a substantial civil penalty. Interestingly, getting prior legal advice provides no protection from the OIO’s powers. The overall purpose of this paper is to explain how one jurisdiction (New Zealand) is managing overseas investment and how it seeks to achieve a balance between the benefits and risks.

text: Balancing the benefits of overseas investment against the protection of sensitive land: New Zealand’s approach The Government’s economic strategy aims to build a productive, sustainable and inclusive economy. Overseas investment contributes to this when it brings with it new jobs and increases productivity, which is the biggest determinant of people’s living standard in the longer term.” Overseas investment often attracts controversy: there are conflicting opinions on the need for it and way in which it can best be managed. New Zealand has actively encouraged overseas investment since at least 1973 when the Overseas Investment Commission (OIC) was established by the Overseas Investment Act 1973. In the past 47 years, the law pertaining to the management of overseas investment in New Zealand has undergone significant changes, reflecting the changing policies of successive governments. The current entity is the Overseas Investment Office (OIO), which is a regulatory unit within Land Information New Zealand (a government department). The OIO is responsible for administering New Zealand’s overseas investment laws. The OIO is engaged with “realising the benefits of overseas investment, while protecting New Zealand’s sensitive land and assets”, which is a difficult balancing act. The Act states that it is a privilege for overseas persons to own or control sensitive New Zealand assets. New Zealand is a great place to “do business” – currently it’s ranked the best in the world. It’s also a great place in which to invest and New Zealand encourages overseas investment so long as there is a “benefit to New Zealand”. That means, any overseas person wishing to buy sensitive land or business assests must demonstrate that their investment will, or is likely to, benefit New Zealand (or any part of it, or a group of New Zealanders). If the land is over five hectares, then the benefits must be substantial and identifiable. Decision-makers take into account 21 economic, environmental and cultural factors when deciding if the overseas investor passes that test. This test is “unique among global investment screening regimes. Its closest comparator is Canada’s ‘net benefit’ test, but that focuses on economic factors.” This paper will proceed on the assumption that—in accordance with the principles and purposes of comparative law—every legal system has something to learn from every other system; knowing how other legal systems have tackled an issue can inform national lawmaking since virtually all legal systems face the same problems. For international scholars with an interest in overseas investment law, the paper will provide an overview of New Zealand’s approach. The paper will discuss what is meant by “benefit to New Zealand”, a crucial test that any potential “overseas person” must satisfy. The paper will also discuss the recent changes to the meaning of “sensitive land” which now includes all residential land, significant business assets and fishing quota. In a nutshell, overseas persons (or associates of overseas persons) now need prior consent from the OIO before they can purchase sensitive land or business assets. The paper will explain key legislative provisions and some recent court decisions one of which resulted in an order for an overseas person to divest itself of its entire interest in two properties for failure to obtain consent before purchasing, in addition to a substantial civil penalty. Interestingly, getting prior legal advice provides no protection from the OIO’s powers. The overall purpose of this paper is to explain how one jurisdiction (New Zealand) is managing overseas investment and how it seeks to achieve a balance between the benefits and risks.

year: 2020

title: Describing the stochastic dynamics of neurons using Hamilton’s equations of classical mechanics

authors: Wilson, Marcus T.

subjects: neurons

abstract: We consider the most likely behaviour of neuron models by formulating them in terms of Hamilton’s equations. Starting from a Lagrangian for a stochastic system, we describe how Hamilton’s equations of classical mechanics can be used to derive an equivalent description in terms of canonical co-ordinates and momenta. We give physical meaning to these generalized momenta; speciﬁcally they are linear combinations of the noise terms in the stochastic model. Pseudo-kinetic energy and potential energy terms are also derived. The conjugate momenta can be considered as growing modes, and by implication the most likely noise input to a system will grow exponentially at large times; this surprising prediction agrees with existing experimental work on a single neuron. For many-neuron models, multiple growing modes will exist, and the numerical analysis of these is more complicated; however, the approach may still provide insight on the more detailed dynamics of these systems.

text: Describing the stochastic dynamics of neurons using Hamilton’s equations of classical mechanics We consider the most likely behaviour of neuron models by formulating them in terms of Hamilton’s equations. Starting from a Lagrangian for a stochastic system, we describe how Hamilton’s equations of classical mechanics can be used to derive an equivalent description in terms of canonical co-ordinates and momenta. We give physical meaning to these generalized momenta; speciﬁcally they are linear combinations of the noise terms in the stochastic model. Pseudo-kinetic energy and potential energy terms are also derived. The conjugate momenta can be considered as growing modes, and by implication the most likely noise input to a system will grow exponentially at large times; this surprising prediction agrees with existing experimental work on a single neuron. For many-neuron models, multiple growing modes will exist, and the numerical analysis of these is more complicated; however, the approach may still provide insight on the more detailed dynamics of these systems.

year: 2008

title: Family structure and change in early childhood and the wellbeing of tamariki Maori

authors: Kukutai, Tahu

subjects: family structure

abstract: Internationally there is growing evidence that family structure, and changes in structure, have an impact on children’s health and wellbeing and the intergenerational transmission of inequity. The effects, however, vary by socio-economic context and ethnicity. Using longitudinal data from Growing Up in New Zealand (n = 1349), we examine family structure and change for tamariki Māori during early childhood, and the potential impacts on their development and wellbeing. We find that a stable two-parent family is the primary experience for tamariki Māori, and sole parenthood is transitory. Diverse family trajectories appear to be linked to poorer cognitive and socio-emotional outcomes but are not the main driver. More important are maternal factors, notably age and education, and material hardship. Importantly, higher levels of cultural connectedness among tamariki Māori, which are associated with diverse family forms, seem to promote socio-emotional development. Our study provides further incentive for policy and programmes that centre equity and support access to the determinants of health for tamariki Māori.

text: Family structure and change in early childhood and the wellbeing of tamariki Maori Internationally there is growing evidence that family structure, and changes in structure, have an impact on children’s health and wellbeing and the intergenerational transmission of inequity. The effects, however, vary by socio-economic context and ethnicity. Using longitudinal data from Growing Up in New Zealand (n = 1349), we examine family structure and change for tamariki Māori during early childhood, and the potential impacts on their development and wellbeing. We find that a stable two-parent family is the primary experience for tamariki Māori, and sole parenthood is transitory. Diverse family trajectories appear to be linked to poorer cognitive and socio-emotional outcomes but are not the main driver. More important are maternal factors, notably age and education, and material hardship. Importantly, higher levels of cultural connectedness among tamariki Māori, which are associated with diverse family forms, seem to promote socio-emotional development. Our study provides further incentive for policy and programmes that centre equity and support access to the determinants of health for tamariki Māori.

year: 2020