The Regulator Report lists recent changes, decisions and developments at the main New Zealand and Australian corporate, commercial and competition regulatory bodies and updates progress of legislation in New Zealand. This edition of the Regulator Report covers the period from 10 March to 30 March 2010.

The Treasury

Productivity Commission to be established
Finance Minister Bill English and Regulatory Reform Minister Rodney Hide have released details of the Government's decision to establish a Productivity Commission to provide a source of independent advice on productivity-related matters. "The Productivity Commission is another step in the Government's programme to lift New Zealand's economic performance in both the public and private sectors," Mr English said. Its roles and functions are to be modelled closely on the Australian Productivity Commission, which has been operating for more than 10 years. Its main functions will include:

  • inquiries into productivity-related matters and reporting back to Ministers;
  • one-off reviews of existing regulations;
  • reviews of the efficiency and effectiveness of regulatory agencies;
  • regulatory impact analysis of a small number of proposed new regulations;
  • research into productivity-related matters, to build up its institutional knowledge; and
  • promoting public understanding of productivity-related issues.

Enabling legislation is expected to be enacted by the end of 2010 so that the Commission can be up and running in April 2011.
Read the Ministers' media statement on the Beehive website: Productivity Commission will focus on higher growth
Click here to access the Cabinet material and advice given to Ministers on the Productivity Commission

Submissions sought from companies with offshore operations
The Department of Inland Revenue and Treasury have issued a joint paper setting out a suggested approach to the taxation of non-controlling interests in foreign companies. Compared with other developed economies, New Zealand businesses are less engaged in operating outside of their home country. This concerns the Government as it suggests that New Zealand may be missing out on the economic benefits associated with businesses expanding their activities through the use of subsidiaries, joint ventures and other substantial investments in foreign markets. The Government recognises that the tax system should not hinder expansion overseas and that it is important that New Zealand businesses can compete on an even footing with other foreign competitors in the same country. The discussion paper considers how the active income exemption might be extended to some interests in foreign companies that are not controlled by New Zealand residents, referred to as foreign investment funds (FIFs), and whether any rationalisation of the various methods for calculating FIF income is appropriate. The paper seeks the views of companies that have offshore operations or are contemplating offshore expansion on how these proposals may affect their business. Submissions close on 30 April 2010, with the aim to introduce a bill in August 2010 giving effect to the reform.

Wholesale funding guarantee
The Government has announced that it will close New Zealand's wholesale funding guarantee on 30 April 2010. The wholesale funding guarantee facility was set up in November 2008 to help banks access funding during the liquidity crisis. The facility is separate from the retail deposit guarantee scheme. No changes are planned for the retail deposit scheme beyond those announced last year, which take effect from 13 October 2010.
Click here for the press release

Ministry of Economic Development (MED)

Improvements to be made for broking services under the new Financial Advisers regime
As noted in the previous issue of Regulator Report (see Cabinet makes key decisions on finance sector laws), the Government recently announced that it would amend the Financial Advisers Act 2008 (the FAA) so as to enable the FAA to be effectively implemented in relation to both firms and individuals operating broking services. At present, under the FAA only appropriately registered or authorised individuals may perform broking services (or "investment transactions" as they are defined in the FAA), and not firms. The Government acknowledges that this would create difficulties for a number of banks, insurance providers, non-bank deposit takers and various other institutions.

A Supplementary Order Paper (SOP) which amends the Financial Service Providers (Pre-Implementation Adjustments) Bill has now been introduced to give effect to the Government's proposal. It:

  • inserts a new Part 3A in the FAA to contain provisions regulating brokers. To the extent that financial advisers are also brokers, their broking services will be regulated under this Part. In addition however, the Securities Commission is entitled to include terms and conditions relating to broking services in the authorisation of authorised financial advisers;
  • renames "investment transactions" as "broking services" in the FAA and the scope of the services is clarified as being "the receipt, holding, or payment of client money or client property by a person acting on behalf of a client". It also clarifies that handling items such as non-transferable cheques and automatic payment forms is not a broking service and extends the list of cases of where a person does not provide a broking service to include:
    • employees handling money on behalf of their employer; and
    • intermediaries handling money as agents of providers of financial products (by excluding product providers from the definition of "client" in relation to a broking service);
  • allows both individuals and entities to provide broking services;
  • applies similar disclosure and conduct obligations to brokers in the new Part 3A to those that applied previously to investment transactions carried out by financial advisers (although these obligations are generally applied to the entity or employer that is the broker rather than to the individual employee). Also, Part 3A does not require disclosure by brokers to other brokers or to product providers;
  • provides for the Securities Commission to continue to have the role of enforcing compliance with these obligations and provides it with the power to direct brokers to comply with them. The Securities Commission is also given a power of exemption from disclosure or conduct obligations in Part 3A to help ensure that there is minimal overlap with other regimes that regulate the handling of client money and property (e.g. regulation of market participants by NZX);
  • ensures that the previous offences that applied to authorised financial advisers carrying out investment transactions apply to brokers that are entities as well as individuals; and
  • changes the Financial Service Providers (Registration and Dispute Resolution) Act 2008 to require:
    • both individuals or entities in the business of providing broking services to be registered unless exempted (with the exception that employees of registered entities will not need to be separately registered as brokers themselves); and
    • dispute resolution schemes to share information relating to disputes about brokers with the Securities Commission.

As a consequence of replacing the "investment transaction" definition and dealing with the provision of broking services in a separate part of the FAA, the SOP also changes the categories of a "financial adviser service" to include a person who makes an "investment management decision" instead of an "investment transaction". That is, a financial adviser will include anyone who decides which financial products to acquire or dispose of on behalf of a client (acting under authority given to them, or their principal or employer). However, an exception is made for investment managers appointed by a product provider who make decisions relating to the provider's products.

Submissions to the Commerce Select Committee on the Financial Service Providers (Pre-Implementation Adjustments) Bill and the new amendments introduced by the SOP close on 15 April 2010.
Click here to read the Commerce Minister's earlier media release
Click here to read the Cabinet paper

Bill to improve quality of corporate trustees' supervision passes first reading
Commerce Minister Simon Power has welcomed the first reading of the Securities Trustees and Statutory Supervisors Bill. The bill requires corporate trustees and statutory supervisors which supervise certain financial investments to be licensed and allows the Securities Commission to oversee how trustees and statutory supervisors act in situations where investors' interests may be a risk. It is intended to protect investors' interests, and enhance market confidence by:

  • requiring trustees and statutory supervisors to be capable;
  • requiring them to perform their functions effectively; and
  • enabling the Securities Commission to hold them accountable for any failure to act according to the expected standards.

The bill is now before the Commerce Select Committee. Submissions on the bill close on 6 May 2010 and the committee is due to report back by 24 September 2010.
Click here for the first reading transcript
Click here for the Minister's press release

Work fast-tracked to tighten up KiwiSaver regulation
Commerce Minister Simon Power has asked officials to fast-track work over the next three to four weeks to ensure the integrity of KiwiSaver is maintained for the 1.3 million people and $4.88 billion of their money invested in the scheme. "We were intending to make changes in [the regulation of managed funds] as part of the current review of the Securities Act. However, in light of recent developments, I have asked my officials to fast-track this work to ensure investor confidence is maintained", he says.

Key areas which the Minister has asked officials to review include whether:

  • the monitoring and reporting regime for default funds should be extended to all KiwiSaver funds;
  • KiwiSaver funds should be required to regularly report to investors and the regulator on the returns, fees and assets of each fund in a consistent and comparable manner;
  • to increase the ability of the regulator to supervise the trustees of KiwiSaver schemes and hold them accountable for fulfilling their obligations; and
  • further powers for enforcement by regulators are necessary.

Click here to read the Minister's press release and an outline of the Government's plan for building investor confidence in financial markets.

Accounting, auditing standards-setting transfer to be fast-tracked
Commerce Minister Simon Power has announced that all accounting and auditing standards-setting responsibilities will be consolidated within the External Reporting Board (which will replace the Accounting Standards Review Board next year). The changes were canvassed last year in the Review of the Financial Reporting Framework discussion document. Submissions on this document confirmed widespread support for the changes, particularly from the New Zealand Institute of Chartered Accountants and the Accounting Standards Review Board. The consolidation of standards-setting will remove the statutory responsibilities that the Institute of Chartered Accountants has in relation to accounting and auditing standards-setting. The changes will be included in a bill to be introduced later this year and enacted in 2011.
Click here to read the Minister's press release

Discussion paper on maximising New Zealand's mineral potential
Energy and Resources Minister Gerry Brownlee and Conservation Minister Kate Wilkinson have released a discussion paper which focuses on maximising New Zealand's mineral potential by carrying out a stocktake of Schedule Four of the Crown Minerals Act 1991. Schedule Four was added to the Act in 1997 and restricts mineral related activity (other than minimum impact activity) in specified conservation areas. The stocktake of Schedule Four was undertaken to identify areas possessing significant mineral potential that could potentially make a significant contribution to export earnings and contribute to New Zealand's prosperity. It concludes:

  • New Zealand is mineral rich and the environmentally responsible development of this potential is a very real possibility;
  • Much of the country's mineral potential is concentrated, often in public conservation areas with high conservation and cultural values;
  • The mineral potential of Schedule Four lands could be developed with only a very small proportion of the land being directly impacted; and
  • Information on New Zealand's mineral potential is limited and Government has a role to improve our knowledge of the mineral estate.

The Government's proposals arising from the discussion paper include:

  • The removal of 7,058 hectares of land from Schedule Four;
  • The addition of 12,400 hectares to Schedule Four, resulting in a net additional 5,342 hectares to Schedule Four;
  • Further scientific investigation of prospective areas of land;
  • Introducing joint Ministerial approval for access to Crown land;
  • Establishing a nationwide DOC standard operating procedure for access to land for prospecting, exploration and mining;
  • A review of the concessions process; and
  • The establishment of a contestable conservation fund.

Public submissions on the discussion paper are due on 4 May 2010.
Click here to view the discussion paper

Electricity Authority Establishment Board appointed
Energy and Resources Minister Gerry Brownlee has announced the formation of the Electricity Authority Establishment Board. The board's job is to set up the Electricity Authority, which will replace the Electricity Commission, by 1 October 2010. Dr Brent Layton, a senior fellow and former chief executive of the New Zealand Institute of Economic Research, has been appointed as chair.
Click here for further details

Ministry for the Environment

New Zealand Emissions Trading Scheme: Draft Fishing Allocation Plan Consultation Document
The Ministry for the Environment has released a consultation document seeking feedback on the Government's Draft Fishing Allocation Plan under the New Zealand Emissions Trading Scheme. Submissions close on 26 April 2010.
Click here for further details

Electricity Commission

Further consultation on the Electricity Governance Rules
At the end of 2009, the Electricity Commission consulted interested parties on proposed amendments to parts E and J of the Electricity Governance Rules 2003 and consequential amendments to parts A and H of the Rules. After receiving submissions, the Commission has made further changes to the proposed amendments to parts E and J of the Rules, and consequential amendments to parts A and H of the Rules. The Commission has decided to consult interested parties on the further changes to the proposed amendments. Submissions close on 19 April 2010.
Click here for further details

Gas Industry Company (GIC)

Joint Electricity and Gas Complaints Scheme becomes effective
The joint Electricity and Gas Complaints Commissioner (EGCC) Scheme, which was recommended in 2009 by the GIC to Associate Energy Minister Pansy Wong as an approved gas complaints resolution scheme under the Gas Act 1992, will come into effect on 1 April 2010. The scheme's key features are:

  • mandatory involvement of all electricity and gas retailers and distributors;
  • an independent commissioner as principal decision-maker with overall accountability for determinations;
  • a complaints commission with a balanced board of consumer and industry representatives, and an independent chair, overseeing the work of the commissioner; and
  • an EGCC Office supporting the commissioner, including industry-experienced conciliators to handle enquiries, mediate disputes and assist with determinations.

Securities Commission

Guidance on boundary between financial planning and advice
The Securities Commission has issued guidance for the financial advice sector on the boundary between a financial planning service and financial advice to help advisers prepare to meet the requirements of the Financial Advisers Act when it comes into force. "The Commission is responding to industry concerns about the intersection of the work required when giving financial advice with that required by a financial planning service as defined by the Act. We want to clarify the boundary between a financial planning service and advice on category 2 products and where this sits in the context of advisers' obligations," says Commissioner for Financial Advisers David Mayhew. He notes that "[if] advisers think their business model might involve stepping over the category 2 boundary and into financial planning, it is best for them to seek authorisation from the Commission".
Click here for the full press release
Click here to read the Guidance Note: Distinguishing the boundary between a financial planning service and advice

Commission provides guidance for KiwiSaver providers
The Securities Commission has published a Guidance Note for providers of KiwiSaver schemes. The technical guidance is directed to KiwiSaver issuers and managers. It sets out the Commission's expectations of them in the promotion and distribution of their schemes, and in particular:

  • the conduct of persons distributing KiwiSaver products on behalf of KiwiSaver issuers;
  • the calculation and presentation of investment performance figures; and
  • the disclosure and application of investment mandates and investment practices.

"The Commission recognises the importance of KiwiSaver in encouraging New Zealanders to save for their retirement," Commission chairman Jane Diplock says. "KiwiSaver issuers need to take particular care to ensure the required disclosures and other promotional materials are accurate, clear, unambiguous and that the methods of distribution are legal, fair and transparent."
Click here to read the press release
Click here for the Guidance Note: KiwiSaver distribution and disclosure

Consultation: request for comment on amendments made in April 2009 to the NZX listing rules
In April 2009 NZX made changes to its Listing Rules (the Amendments), which the Securities Commission agreed it would review after one year. As an initial step in that process the Securities Commission is calling for submissions on the Amendments. They are particularly interested in views on the use of the Amendments by listed issuers in the period since April 2009, and on whether the Amendments have achieved their intended purpose. Submissions close on Friday 16 April 2010.
Click here for further details

SECURITIES ACT EXEMPTION NOTICES

The following Securities Act Class Exemption Notice has been published for this period:

Securities Act (French Issuers Employee Share Purchase Schemes) Exemption Notice 2010
This notice, which came into force on 27 March 2010 and expires on 30 September 2012, replaces the Securities Act (French Issuers Employee Share Purchase Schemes) Exemption Notice 2005 (the previous notice), which has been revoked. The notice continues the exemptions for employee share purchase schemes established by French issuers (as defined in the notice) granted by the previous notice. The exemptions are from the statutory supervisor and deed of participation requirements, the prospectus and investment statement requirements, and certain other requirements of the Securities Act 1978, the Securities Regulations 1983, and the Securities Regulations 2009. Certain changes have also been made to align the terms of the notice with those of the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002. This notice also exempts (subject to conditions) registered banks and overseas banks in respect of debt or participatory securities offered in connection with participation in employee share purchase schemes. The exemptions are from the same requirements as the main exemption and also from the trustee and trust deed requirements of the Securities Act 1978, and are based on exemptions contained in the 2002 Exemption Notice.

SECURITIES MARKETS ACT EXEMPTION NOTICES

The following Securities Markets Act Exemption Notice has been published for this period:

Securities Markets Act (Shell Overseas Holdings Limited) Exemption Notice 2010
This notice, which came into force on 27 March 2010 and expires on 30 June 2010, exempts Shell Overseas Holdings Limited and certain other persons (the exempt persons), subject to conditions, from regulation 11 of the Securities Markets (Substantial Security Holders) Regulations 2007 arising from Shell Group's sale of its New Zealand downstream refining and marketing business. Regulation 11 requires event disclosures by substantial security holders under the Securities Markets Act 1988 to have attached certain relevant documents. The effect of this exemption is that in this case a share purchase agreement (which contains commercially sensitive information that is not relevant to the exempt person's shareholding) does not need to be attached to certain event disclosures provided each event disclosure made by an exempt person contains:

  • a description of the material terms of the share purchase agreement to the extent that the terms relate to any relevant interest in the exempt person's shareholding; and
  • a warranty by the exempt person that is making the event disclosure that the disclosure is not false or misleading in any material respect.

The event disclosures must also state that this exemption has been granted and explain the reasons for the exemption. Further, the conditions require that if the event disclosure becomes false or misleading in any material particular relating to the relevant interest, the person who made the event disclosure must make a new event disclosure that will accurately disclose the relevant interest.

Takeovers Panel

TAKEOVERS CODE EXEMPTION NOTICE

The following Takeovers Code Exemption Notice has been published for this period:

Takeovers Code (NZ Windfarms Limited) Exemption Notice 2010
NZ Windfarms Limited proposes to undertake a pro rata renounceable rights issue which may result in Vector Limited increasing its voting control in Windfarms above the 20% threshold in the fundamental rule of the Takeovers Code. However, information required to be disclosed in the notice of meeting by rule 16(b) of the Code will not be known at the time that the notice of meeting is prepared, due to uncertainties in the extent to which shareholders will participate in the rights issue. The Takeovers Panel has therefore granted exemptions for:

  • Vector from rule 7(d) of the Code to the extent that rule 7(d) requires the notice of meeting of Windfarms, held for the purpose of considering whether to approve allotments of voting securities in Windfarms to Vector, to be in accordance with rule 16(b) of the Code. The exemption from rule 7(d) is in respect of any increase of voting rights held by Vector as a result of the allotment of voting securities to Vector through a rights issue and, possibly, underwriting arrangements; and
  • Windfarms from rule 16(b) of the Code in respect of the notice of meeting.

All non-associated shareholders will have an opportunity to vote on the potential allotment of voting securities to Vector. This notice applies to acts or omissions occurring on or after 16 March 2010 and expires on the close of 31 July 2010.

Australian Securities and Investments Commission (ASIC)

ASIC seeks feedback on requirements for trustee companies providing traditional services
Under legislation enacted late last year, the provision of traditional services by trustee companies (such as acting in deceased estates and under powers of attorney) will be regulated as a financial service under the Corporations Act and will be brought under the supervision of ASIC. ASIC has now released Consultation Paper 132 Trustee companies: Financial requirement and conduct obligations seeking public comment on the financial requirements and other conduct obligations for trustee companies that provide traditional trustee company services. Submissions on the proposals contained in the consultation paper close on 7 April 2010.
Click here for further details

ASIC updates share purchase plan relief
ASIC has released changes to Class Order [CO 09/425], which provides prospectus and product disclosure statement relief for share and interest purchase plans. Under the changes, investors holding shares through structures such as investor-directed portfolio services and superannuation master trusts, or who hold shares through structures involving two or more levels of custodians, will now be able to participate in share purchase plans.
Click here for further details

Australian Securities Exchange (ASX)

Capital raising in Australia
ASX has published a paper (Capital Raising in Australia: Experiences and Lessons from the Global Financial Crisis) which looks at the experience of capital raising over the period of the global financial crisis, both in Australia and some other major global markets. It provides a description of the framework for capital raising in Australia, the methods used by companies, and how they employed these tools through the crisis. It also examines criticisms that have been levelled at particular equity capital raising mechanisms. One of the conclusions drawn is that it is the board of directors who should decide which capital raising mechanism to adopt in particular circumstances. To ensure that the decision they make is in the interests of the company as a whole, directors should consider a range of factors including:

  • the size and urgency of the funding required;
  • the market conditions at the time of the raising;
  • the overall cost of capital associated with the option chosen;
  • the costs and availability of alternate sources of funding;
  • the availability of underwriting support; and
  • the interests of all existing and potential shareholders.

Click here to read the paper

New Zealand Commerce Commission (NZCC)

Speeches

  • New Zealand's market-based solution to interchange fees, Speech to the Cards and Payments Australasia 2010 Conference
    On 15 March 2010, Peter R Taylor, General Counsel, gave a speech to the Cards and Payments Australasia 2010 Conference. He discussed the recent enforcement action undertaken by the NZCC against Visa, MasterCard and the major New Zealand banks over credit card service fees that were being charged to merchants, and the market-based solution which the NZCC achieved through settlement.
    Click here for more

Media releases

The NZCC has issued the following media releases:

Mergers and acquisitions

  • Hoyts NZ applies for clearance
    The NZCC has received an application from Hoyts Corporation Holdings (NZ) Limited seeking clearance to acquire the film exhibition business assets of the Berkeley Cinema Group.
    Click here for more

  • Commerce Commission acknowledges select committee report
    The NZCC acknowledges the findings of a Commerce Committee report into a case involving a Northland man who felt he had not been dealt with fairly by the NZCC over the consequences of a merger decision reached 24 years ago. The Government has tabled its response to the Commerce Committee report on a petition brought by John Andrew Dickson.
    Click here for more

Consumer issues

  • Real estate agent's appeal upheld because of new Act
    A Wellington real estate agent, who was successfully prosecuted under section 14 of the Fair Trading Act for misleading use of a Buyer Enquiry Over price, has been discharged without conviction by the High Court following an appeal.
    Click here for more

  • Car dealership pleads guilty to breaching Fair Trading Act
    An Auckland car dealership has pleaded guilty to five charges of breaching the Fair Trading Act for a misleading promotion about a 0% interest finance offer. It has been fined $18,000 in the North Shore District Court.
    Click here for more

  • Cash Converters settles with Commerce Commission over payday loans
    The NZCC has reached a settlement with Cash Converters and its associated companies in New Zealand, which includes the companies accepting they breached the Credit Contracts and Consumer Finance Act in relation to payday loan contracts, known as Next Pay loans.
    Click here for more

  • Wings and Wheels over Waikato organiser sentenced
    Kenneth James Ross, the organiser of the failed air and car show Wings and Wheels over Waikato, was sentenced to nine months home detention and 200 hours' community service in the Hamilton District Court for breaches of the Crimes Act and Fair Trading Act
    Click here for more

Australian Competition and Consumer Commission (ACCC)

Selected ACCC media releases

The ACCC has issued the following media releases:

Mergers and acquisitions

  • ACCC to oppose proposed acquisition of Newreg (including Registries Limited) by Link Market Services
    The ACCC intends to oppose the proposed acquisition of Newreg Pty Ltd, including Registries Limited, by Link Market Services Limited.
    Click here for more

  • ACCC calls for comment on proposed BHP Billiton/Rio Tinto joint venture The ACCC has issued a Statement of Issues on the proposed joint venture of BHP Billiton and Rio Tinto to produce iron ore in Western Australia.
    Click here for more

  • ACCC amends timeframe for decision on AMP's proposed acquisition of AXA Asia Pacific
    The ACCC has deferred its decision on AMP Limited's proposed acquisition of AXA Asia Pacific Holdings. The ACCC is continuing to receive relevant information and will make a decision as soon as all relevant information has been considered. A decision is anticipated by 22 April 2010.
    Click here for more

Market behaviour

  • ACCC issues annual report on airport performance
    The ACCC has submitted its annual airport monitoring report for the 2008-09 financial year to the Minister for Competition Policy and Consumer Affairs.
    Click here for more

  • Victorian chicken growers continue to benefit from collective bargaining
    The ACCC has issued a draft decision proposing to reauthorise collective bargaining arrangements put forward by the Victorian Farmers Federation on behalf of its chicken grower members for a further five years.
    Click here for more

  • ACCC sees benefit in continued collective bargaining for essential airport services
    The ACCC has issued a draft determination proposing to grant authorisation to the Board of Airline Representatives of Australia Inc to continue to engage in collective negotiations, on behalf of its member international airlines, for essential airport services.
    Click here for more

  • ACCC approves Queensland oil joint marketing arrangements
    The ACCC has granted conditional interim authorisation to Santos and 10 other oil producers to jointly market their oil produced in the Surat Basin and Denison Trough in Queensland.
    Click here for more

  • Collective contract negotiations approved for Tasmanian vegetable growers
    The ACCC has reauthorised collective contract negotiations put forward by the Tasmanian Farmers and Graziers Association.
    Click here for more

  • ACCC proposes to allow some limited alcohol supply restrictions in Casuarina liquor accord
    The ACCC proposes to authorise alcohol supply restrictions in an agreement between liquor licensees in the Casuarina Business Precinct in Darwin. The restrictions are part of a liquor accord which has been developed by a committee of representatives of Casuarina businesses, Northern Territory Police and Northern Territory licensing officials.
    Click here for more

  • ACCC proposes to deny authorisation to NSW electricity co-insurance arrangement
    In a draft decision the ACCC is proposing to deny authorisation to the NSW Government-owned electricity generators and the future acquirers of the Gentrader bundles to join and use a joint risk management arrangement.
    Click here for more

Consumer issues

  • Company admits misleading consumers about marketing carbon credits
    The Federal Court of Australia has declared that Prime Carbon Pty Ltd made false or misleading representations concerning the supply of its services in relation to the sale of carbon credits.
    Click here for more

  • Wholesaler withdraws "authentic" Aboriginal rock art magnets from sale
    Household goods wholesaler Mayvic Pty Ltd has withdrawn "authentic" Aboriginal rock art magnets from sale after the ACCC raised concerns about the products' authenticity.
    Click here for more

  • Major charity donation follows ACCC concerns about Golden Circle ownership claims
    More than 800,000 cans of Golden Circle fruit and vegetables are on their way to Australian welfare agencies that feed the hungry as part of a response to concerns raised by the ACCC about misleading country ownership claims. H.J. Heinz Company Australia Limited admitted that it engaged in misleading conduct by representing that Golden Circle was 'Proudly Australian owned'.
    Click here for more

Legislation round-up

The following is an overview of the status of all legislation promulgated during the period from 10 March to 30 March 2010 or currently before Parliament.
If you require any further information or advice on any of the legislation listed below, or would like our assistance with making a submission to a select committee on any bill, please contact your usual Bell Gully adviser.

New Acts

Act

Date Act is in force

Appropriation (2008/09 Financial Review) Act 2010

23 March 2010

District Courts (District Court Judges) Amendment Act 2010

23 March 2010

Judicature (Judicial Matters) Amendment Act 2010

23 March 2010

Judicial Conduct Commissioner and Judicial Conduct Panel (Deputy Commissioner and Disposal of Complaints) Amendment Act 2010

23 March 2010

Maori Commercial Aquaculture Claims Settlements (Regional Agreements) Amendment Act 2010

30 March 2010

 

New Regulations

Regulation

Date regulation is in force

Biosecurity Amendment Act 2009 Commencement Order 2010

The Biosecurity Amendment Act 2009 comes into force on 22 April 2010

Biosecurity (Forms) Amendment Regulations 2010

22 April 2010

Biosecurity (Infringement Offences) Regulations 2010

22 April 2010

Civil Aviation Charges Regulations (No 2) 1991 Amendment Regulations 2010

1 April 2010

Climate Change (Prescribed Rate of Interest) Order 2010

23 April 2010

Deposit Takers (Funding Conduits) Exemption Notice 2010

12 March 2010

Fisheries (Interim and Annual Deemed Values) Notice 2003 Amendment Notice 2010

31 March 2010

Fisheries (Interim and Annual Deemed Values) Notice (No 3) 2003 Amendment Notice 2010

31 March 2010

Fisheries (Quota Management Areas, Total Allowable Catches, and Catch Histories) amendment Notice 2010

31 March 2010

Fisheries (Rock Lobster Total Allowable Catches) Amendment Notice 2010

31 March 2010

Fisheries (Rock Lobster Total Allowable Commercial Catches) Amendment Notice 2010

31 March 2010

Fisheries (Southern Blue Whiting Total Allowable Catch) Amendment Notice 2010

31 March 2010

Fisheries (Southern Blue Whiting Total Allowable Commercial Catch) Amendment Notice 2010

31 March 2010

Horticultural Prescribed Products (Blackcurrants) Amendment Order 2010

22 April 2010

Horticultural Prescribed Products (Persimmons) Amendment Order 2010

22 April 2010

Local Electoral Amendment Regulations 2010

22 April 2010

New Zealand Horticulture Export Authority (Nashi/Asian Pear) Amendment Order 2010

22 April 2010

Registered Architects Amendment Rules 2010

12 March 2010

Securities Act (French Issuers Employee Share Purchase Schemes) Exemption notice 2010

27 March 2010

Securities Markets Act (Shell Overseas Holdings Limited) Exemption Notice 2010

26 March 2010

 

New Bills

Bill

Date of introduction

Type of bill

Electoral Referendum Bill

25 March 2010

Government

Environment Canterbury (Temporary Commissioners and Improved Water Management) Bill

30 March 2010

Government

Immigration Act 2009 Amendment Bill

30 March 2010

Government

Lawyers and Conveyancers Amendment Bill

18 March 2010

Government

Social Assistance (Future Focus) Bill

23 March 2010

Government

Tariff (Malaysia Free Trade Agreement) Amendment Bill

16 March 2010

Government

 

Bills sent to select committees

Bill

Select Committee

Christ's College (Canterbury) Amendment Bill

Government Administration Committee

Courts (Remote Participation) Bill

Justice and Electoral Committee

Securities Trustees and Statutory Supervisors Bill

Commerce Committee

Social Assistance (Future Focus) Bill

Social Services Committee

 

Bills open for submissions

Bill

Select Committee

Closing date for submissions

Report due date

Christ's College (Canterbury) Amendment Bill

Government Administration Committee

30 April 2010

17 September 2010

Courts (Remote Participation) Bill

Justice and Electoral

16 April 2010

31 May 2010

Financial Service Providers (Pre-Implementation Adjustments) Bill

Commerce Committee

15 April 2010

4 May 2010

Marine Reserves (Consultation with Stakeholders) Amendment Bill

Local Government and Environment

No closing date

30 December 2010

Securities Trustees and Statutory Supervisors Bill

Commerce Committee

6 May 2010

24 September 2010

Trans-Tasman Proceedings Bill

Justice and Electoral

7 May 2010

29 July 2010

 

Bills waiting on report back from select committees

Bill

Select Committee

Report due

Animal Welfare Amendment Bill

Primary Production Committee

30 April 2010

Arms Amendment Bill (No 3)

Law and Order

28 May 2010

Child and Family Protection Bill

Justice and Electoral

11 August 2010

Christ's College (Canterbury) Amendment Bill

Government Administration committee

17 September 2010

Courts (Remote Participation) Bill

Justice and Electoral

31 May 2010

Education (Freedom of Association) Amendment Bill

Education and Science

28 May 2010

Electoral (Administration) Amendment Bill

Justice and Electoral

27 April 2010

Electricity Industry Bill

Finance and Expenditure Committee

15 June 2010

Fair Trading (Soliciting on Behalf of Charities) Amendment Bill

Commerce Committee

9 June 2010

Financial Service Providers (Pre-Implementation Adjustments) Bill

Commerce Committee

4 May 2010
SOP 113

Franklin District Council (Contribution to Funding of Museums) Amendment Bill

Local Government and Environment

30 April 2010

Human Assisted Reproductive Technology (Storage) Amendment Bill

Health

8 June 2010

Insurance (Prudential Supervision) Bill

Finance and Expenditure

8 June 2010

Land Transport (Driver Licensing) Amendment Bill

Transport and Industrial Relations

30 June 2010

Limitation Bill

Justice and Electoral

2 April 2010

Local Government (Auckland Law Reform) Bill

Auckland Governance Legislation Committee

4 May 2010

Marine Reserves Bill

Local Government and Environment

30 December 2010

Marine Reserves (Consultation with Stakeholders) Amendment Bill

Local Government and Environment

30 December 2010

Public Works (Offer Back of and Compensation for Acquired Land) Amendment Bill.

Local Government and Environment

17 June 2010

Sale and Supply of Liquor and Liquor Enforcement Bill

Justice and Electoral

30 June 2010

Sale of Liquor (Objections to Applications) Amendment Bill

Social Services

30 June 2010

Search and Surveillance Bill

Justice and Electoral

1 May 2010

Securities Trustees and Statutory Supervisors Bill

Commerce Committee

24 September 2010

Social Assistance (Future Focus) Bill

Social Services Committee

30 July 2010

Statutes Amendment Bill

Government Administration

1 April 2010

Sustainable Biofuel Bill

Local Government and Environment

29 July 2010

Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill

Finance and Expenditure

8 June 2010

Trans-Tasman Proceedings Bill

Justice and Electoral

29 July 2010

 

Bills waiting for second and/or third readings

Bill

Links to select committee reports/SOPs

Antarctica (Environmental Protection: Liability Annex) Amendment Bill

Report of the Foreign Affairs, Defence and Trade Committee

Aquaculture Legislation Amendment Bill (No 2)

Report of the Primary Production Committee

Carter Observatory Act Repeal Bill

Report of Education and Science Committee

Children, Young Persons and Their Families Amendment Bill (No 6)

Report of the Social Services Committee

Cultural Property (Protection in Armed Conflict) Bill

Report of the Government Administration Committee
SOP 38

Dairy Industry Restructuring (Raw Milk Pricing Methods) Bill

Report of the Primary Production Industry

Dog Control Amendment Bill (No 2)

Report of the Local Government and Environment Committee

Education Amendment Bill

Report of Education and Science Committee
SOP 99 SOP 116

Electricity (Continuance of Supply) Amendment Bill

Report of the Commerce Committee

Gambling Amendment Bill (No 2)

Report of the Government Administration Committee
SOP 23 SOP 65 SOP 84

Infrastructure Bill

Report of the Transport and Industrial Relations Committee
SOP 114 SOP 115

Inquiries Bill

Report of the Government Administration Committee

Motor Vehicle Sales Amendment Bill

Report of the Commerce Committee

Ngati Apa (North Island) Claims Settlement Bill

Report of the Maori Affairs Committee

Oaths Modernisation Bill

Report of the Government Administration Committee
SOP 103

Patent Attorneys Bill

Report of the Commerce Committee

Patents Bill

Report of the Commerce Committee

Privacy (Cross-border Information) Amendment Bill

Report of the Justice and Electoral Committee

Private Security Personnel and Private Investigators Bill

Report of the Justice and Electoral Committee

Public Health Bill

Report of the Health Committee

Radio New Zealand Amendment Bill

Report of the Commerce Committee

Rail Network Bill

Report of the Government Administration Committee

Regulatory Improvement Bill

Report of the Commerce Committee
SOP 117 SOP 118

Regulatory Responsibility Bill

Report of the Commerce Committee

Reserves and Other Lands Disposal Bill

Report of the Primary Production Committee

Residential Tenancies Amendment Bill

Report of the Social Services Committee
SOP 110

Sentencing and Parole Reform Bill

Report of the Law and Order Committee

Therapeutic Products and Medicines Bill

Report of the Government Administration Committee

Trade Marks (International Treaties and Enforcement) Amendment Bill

Report of the Foreign Affairs, Defence and Trade Committee
SOP 83 SOP 85

Trade (Safeguard Measures) Bill

Report of the Foreign Affairs, Defence and Trade Committee

Trustee Amendment Bill

Report of the Justice and Electoral Committee

Unit Titles Bill

Report of the Social Services Committee
SOP 112

Waikato-Tainui Raupatu Claims (Waikato River) Settlement Bill

Report of the Maori Affairs Committee

Whanganui Iwi (Wanganui (Kaitoke) Prison and Northern Part of Wanganui Forest) On-account Settlement Bill

Report of the Maori Affairs Committee

The Bell Gully Regulator Report is designed to highlight certain New Zealand and Australian corporate, commercial and competition regulatory developments. The Bell Gully Regulator Report is not designed to be comprehensive and is necessarily brief and general in nature and is not intended to provide legal advice. You should seek professional legal advice before taking any action in relation to the matters dealt with in this publication. Bell Gully is not the author of any information received by clicking on the hypertext links and therefore is not responsible for their accuracy.