Legislation/In Parliament

Securities Act non-compliance – the legislators step in
In an unusual move, legislation is proposed to provide a mechanism to retrospectively correct past non-compliance with the Securities Act.

The Reserve Bank of New Zealand Amendment Act 2003
Amendments to the Reserve Bank of New Zealand Act 1989 aim to promote and maintain financial stability and to avoid damage to the financial system that could be caused by failure of a registered bank.

Reform of securities trading legislation
The Government has announced proposals to further strengthen New Zealand's securities trading legislation.

Companies Act amendment will help to define what constitutes a “Major Transaction”
The Business Law Reform Bill will amend section 129 of the Companies Act 1993 on Major Transactions.

Reforms to reduce double taxation of “triangular” trans-Tasman investments
Legislation is likely to be passed by the end of the year, to come into effect retrospectively from April this year.

Motor Vehicle Sales Act to replace Motor Vehicle Dealers Act and to amend the PPSA
Changes will extend the current protection under the PPSA for purchasers of cars from licensed motor vehicle dealers to “on behalf” sales.

Electronic Transactions Act
The Electronic' Transactions Act 2002, which gives legal effect to information in electronic form, comes into full force on 21 November.

UPDATE: Insolvency law reform – a summary
Draft legislation to implement the outcome of the insolvency law review is now unlikely to be released until mid-November.

UPDATE: Business law reform – what is it trying to achieve?
The Business Law Reform Bill had its first reading on 24 June 2003 and a report on submissions is due at the end of the year.

UPDATE: Consumer Credit law reform
The new legislation has been passed with a number of significant changes since the Winter 2003 edition of Financial Services Quarterly.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.