Legislation/In Parliament

Review of tax rules for banks proposed
Finance Minister Dr Michael Cullen has advised that the Government is reviewing the taxation paid by banks and may tighten the rules.

Preferential creditors' priority amounts increased
The Status of Redundancy Bill has been divided into two Acts, both now in force, that give increased priority amounts to employees over unsecured creditors in insolvency scenarios.

Review of Securities Act 1978
Substantive work on the review of the Securities Act 1978 is expected to be undertaken after the review of securities trading law.

Financial Reporting Act discussion document released
With a move towards International Reporting Standards imminent and with a desire to reduce trans-Tasman impediments to business, the first part of a two-part review of the Financial Reporting Act has been released.

PPSR fees reduced
The Personal Property Securities Amendment Regulations 2004 have reduced fees relating to use of the Personal Property Securities Register.

Companies Office filing fees reduced
The Companies Act 1993 Amendment Regulations 2004 have reduced filing fees.

UPDATE: Consumer credit law reform - what do you need to do?
With the exception of the provisions relating to buy-back transactions, which are already in force, the Credit Contracts and Consumer Finance Act 2003 comes into force in April next year. This update lets you know what creditors should be doing to comply with the new legislation.

UPDATE: Reform of securities trading legislation
A Securities Trading Law Reform Bill is expected to be introduced to the House of Representatives in October.

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.