New Zealand’s Ultra Fast Broadband (UFB) initiative is threatened by a regulatory process that is ‘weird’ to foreign investors, Chorus chief executive Mark Ratcliffe has told a Commerce Commission conference on unbundled bitstream access. Further, he has suggested that Chorus’s formation through the structural demerger of Telecom New Zealand has complicated regulatory affairs, rather than simplifying them. The National Business Review quotes the CEO as saying: ‘Domestic and international investors are baffled. Perversely, regulatory risks for our business have increased following the structural separation and government-sponsored industry change – the opposite of what was expected … At the time of demerger, around 75% of Chorus shares were held by international investors, so there has been a dramatic flight of international capital out of Chorus and New Zealand’. International investor support for Chorus currently stands at around 45%.