772

NEW ZEALAND GAZETTE

No. 30

mounted, and must not emit light other than one that is substantially white or amber in colour.

Signed at Wellington this 5th day of March 1999.

SIMON CHRISTOPHER WHITELEY, Manager Safer Vehicles Policy, acting under the authority delegated to me by way of instrument of delegation dated 1 March 1999.

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Exemption From Restrictions Relating to the Use of Television Sets in Motor Vehicles

Pursuant to regulation 90 (1) of the Traffic Regulations 1976, I, Simon Christopher Whiteley, Manager Safer Vehicles Policy, hereby exempt motor vehicles of the Classes specified in Schedule 1 of this notice from the requirements of regulation 79 (1) (b) and (2), subject to the conditions specified in Schedule 2.

Schedule 1

Exempted Vehicles

Motor vehicles of all Classes of Groups M and N

Schedule 2

Conditions

(i) This exemption only applies to television sets which are installed as original equipment by the vehicle manufacturer and which are directly or indirectly visible to the driver;

(ii) Any television set as specified in (i) above must be designed so that only information relating to the navigation, safe operation and control of the vehicle can be displayed on the screen while the vehicle is in motion;

(iii) For the avoidance of doubt, any television set as specified in (i) above must be designed so that no television or video pictures, and no information produced by dispatch systems can be displayed on the screen while the vehicle is in motion;

(iv) This exemption may be revoked at any time.

Signed at Wellington this 5th day of March 1999.

SIMON CHRISTOPHER WHITELEY, Manager Safer Vehicles Policy, acting under the authority delegated to me by way of instrument of delegation dated 1 March 1999.

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Overseas Investment Commission

Overseas Investment Act 1973

3 March 1999

Chairman

Overseas Investment Commission

P.O. Box 2498

WELLINGTON

Dear Mr Webb

Overseas Investment Policy, Delegation and Criteria

1. This letter conveys the Government’s general policy approach to overseas investment (investment) and indicates a new level of delegated authority for the Overseas Investment Commission (the commission) and its staff to determine applications and related matters as from the date of this letter.

General Policy Approach

2. Section 9 (2) of the Overseas Investment Act 1973 (the Act) requires the commission to “comply with the general policy of the Government...transmitted in writing...by...the Minister [Treasurer] and the Minister of Lands”. We wish to convey the following general policy of the Government in relation to the exercise of the commission’s functions, powers, and duties:

(a) The Government recognises the need for overseas capital and welcomes and encourages investment. Our policy reflects the need to develop strong international linkages and that the inflow of investment typically provides a net benefit to the New Zealand economy.

(b) The Government is committed to an open and facilitative investment regime. Accordingly:

(i) The investment criteria applications must meet should be interpreted in a manner that facilitates rather than impedes investment;

(ii) Proposals that satisfy the investment criteria should be approved unless good reason exists to refuse them; and

(iii) Any regulations made under the Act should be applied in a clear, consistent and efficient manner.

(c) The commission’s operating procedures should be consistent with the Government’s intention to facilitate positive investment. Accordingly, the commission should:

(i) Perform its functions in a timely, consistent and efficient manner;

(ii) Seek to minimise the compliance and transactions costs to the private sector of the investment regime;

(iii) Continue to make its decisions based largely upon material supplied to it by investors. It should regard the information as having been provided in good faith unless the commission has good reason to believe otherwise;

(iv) Continue to advise Ministers on proposals with the presumption that the investment will be compatible with the policy of the Government relating to any other matter;

(v) Seek to recover its operating costs, through fees that must be approved by the Treasurer, from persons who use its services;

(vi) Continue to monitor compliance with any conditions of approval, consent, permission, or exemption granted under the regulations with an approach that seeks a balance between the objectives of ensuring compliance with any conditions and providing the commission with more accurate statistics on investment, and the desire to maintain a welcoming approach to investment; and

(vii) Continue the practice of the commission’s staff performing the commission’s day-to-day functions, with the commission’s role being primarily one of governance and overview.

3. We are aware that the commission compiles information on investment in New Zealand in the course of performing its functions. To the extent that existing resources permit, the commission, in conjunction with other relevant agencies, should:

(a) Disseminate information on investment in New Zealand;

(b) Seek to raise public awareness about the usefulness of investment; and

(c) Publicise and explain the nature of our regulatory regime to potential overseas investors.

Delegation

4. The Treasurer delegates to the commission and its staff the power to determine all applications under Part II of the Overseas Investment Regulations 1995 (the regulations).