The Regulator Report lists recent key changes, decisions and developments at the main New Zealand corporate, commercial, competition and energy regulatory bodies as well as selected Australian developments. This edition of the Regulator Report covers the period from 8 May to 2 June 2010.

The Treasury

Budget 2010
The 2010 Budget contains the most substantive tax reforms New Zealand has seen for many years. Most of the documents tabled in Parliament by the Minister of Finance on Budget Day, 20 May 2010, are now available on the Treasury's website. Bell Gully, in conjunction with CCH, has produced a report providing an in-depth analysis of the Budget.
Click here to view Treasury's Budget 2010 home page
Click here to read the CCH Budget Report 2010

Changes for loss attributing qualifying companies (LAQCs)
In the 2010 Budget the Government announced that for income years commencing on or after 1 April 2011 qualifying companies and loss attributing qualifying companies will be treated for income tax purposes as "flow through" entities, in a manner similar to limited partnerships. Details of how to manage the implementation and transition of the proposed changes for LAQCs are currently the subject of a consultation paper issued by the Department of Inland Revenue. Submissions close on 5 July 2010.
Click here to read the consultation paper

Reserve Bank of New Zealand

Renaming Austraclear NZ to NZClear
From 26 June 2010 the Austraclear New Zealand system will be renamed as the NZClear system. Any standard documentation which currently refers to Austraclear will need to be updated accordingly.
Click here for further details

Ministry of Economic Development (MED)

Capital market recommendations progressing
The Government has released a progress report on its response to recommendations made by the Capital Market Development Taskforce. In December last year, the taskforce made 60 recommendations as part of its proposed plan for the development of capital markets in New Zealand. Releasing a progress report on the Government's response, Commerce Minister Simon Power said "the Government agrees with the taskforce's views that capital markets are key to improving the financial wellbeing of all New Zealanders and a vital source of finance for business ... That's why we've brought forward the implementation of a number of the taskforce's recommendations, including fast-tracking of the creation of a new financial regulator, the Financial Markets Authority, and improving KiwiSaver regulations. Overall, this report shows the action plan is largely on track, with a number of initiatives to be covered off by the review of the Securities Act".
Click here to read Bell Gully's commentary on the progress report
Click here to view the progress report
Click here to read the full press release

Report back delayed for the Financial Service Providers (Pre-Implementation Adjustments) Bill
The date for the Commerce Select Committee to report back on the Financial Service Providers (Pre-Implementation Adjustments) Bill has been extended from 24 May to 14 June. The Bill makes amendments to the Financial Advisers Act 2008 and to the Financial Service Providers (Registration and Dispute Resolution) Act 2008. The extension follows on from the announcement last month that Cabinet had asked the select committee to consider a series of substantive changes, which Cabinet had approved for the new financial advisers regime, as part of the committee's consideration of the Bill.

For further details on those changes click here to read the Bell Gully article "Fundamental changes proposed to new financial advisers legislation – better late than never"

First financial service disputes resolution schemes approved
The Financial Services Complaints Limited (FSCL) and the Insurance & Savings Ombudsman (ISO) are the first financial sector consumer dispute resolution schemes to be approved under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
Click here to read the full press release

For more information on the FSCL scheme, visit www.fscl.org.nz. Information about the ISO scheme is available at www.iombudsman.org.nz.

Minister on Telecom announcement
The Minister for Communications and Information Technology, Steven Joyce, has received a request from Telecom for the Government to consider a further variation to the company's Operational Separation Undertakings.
Click here for further details

Consultation on trans-Tasman mobile roaming rates
MED and the Department of Broadband, Communications and the Digital Economy of Australia are currently investigating the services and prices available to New Zealanders roaming in Australia and Australians roaming in New Zealand and have issued a discussion document in both countries for feedback from users of roaming services, the telecommunications industry and other interested stakeholders. Submissions close on 2 July.
Click here to read the discussion document
Click here to read the press release

Commerce Commission (International Co-operation, and Fees) Bill
The Commerce Commission (International Co-operation, and Fees) Bill has passed its first reading and has been sent to the Commerce Select Committee for consideration. The committee has called for submissions on the Bill until 30 June, with the Committee due to report back on the Bill by 25 November 2010. The Bill enables the Commerce Commission to share information with equivalent overseas agencies, particularly its Australian counterpart, about unfair trading practices and anti-competitive behaviour.

Establishment Board for FMA announced
The Government has announced the composition of the Establishment Board of the Financial Markets Authority. The FMA will consolidate the powers and functions of the Securities Commission, some of the functions of the Registrar of Companies and the Government Actuary, and some of the regulatory roles of NZX.

The Establishment Board comprises nine members and will be chaired by Simon Botherway. The Establishment Board includes representatives of the current regulatory bodies, the Securities Commission, the Registrar of Companies and NZX. The Establishment Board has responsibility for setting the strategic direction of the FMA, developing a statement of intent and an organisational structure and a work plan to give effect to the strategic direction of the FMA.
Click here for further details

Draft Electricity Industry Participation Code released
The Electricity Industry Bill provides for the Electricity Authority to make and administer an Industry Participation Code (Code) in order to achieve its objectives and functions. MED, with assistance from the Electricity Commission, is overseeing the development of the initial Code and has released an exposure draft for public consultation. The initial Code will come into effect with the establishment of the Electricity Authority (anticipated to be 1 October 2010). Feedback is sought on an exposure draft of the initial Code by 25 June.
Click here for further details

MED publishes Statement of Intent for 2010 to 2013
MED's Statement of Intent sets out MED's strategic direction for the next three years to 2013: both the outcomes they aim to deliver, and the investment it intends to make in the organisation to make this possible. MED's stated long term outcomes (which link in with the Government's current economic plan) include improving:

• the drivers for success and productivity improvement in firms;
• the linkages that allow New Zealand firms to benefit from trade and the flows of investment, skills, and technology;
• the competitiveness, integrity, and effectiveness of New Zealand's markets;
• the way public agencies interact with, and the regulatory framework for, business;
• the quality and reliability of key infrastructure services that support growth,

and assisting Auckland to be more productive and competitive for the region and New Zealand.
Click here to read MED's Statement of Intent

Appointment to the Commerce Commission
Economist, Pat Duignan, has been appointed as a full member of the Commerce Commission, effective from 1 June 2010 to 9 June 2014.
Click here for further details

Electricity Authority chair sought
Applications are now open for positions as members and Chair of the Electricity Authority. The Authority will start operations on 1 October 2010, as set out in the Electricity Industry Bill. Applications close 4 June.
Click here for details on the position

Crown Minerals major petroleum project begins
On 25 May 2010 the Government announced a major two-year work programme to promote oil and gas exploration around New Zealand. The $7.6 million Petroleum Exploration and Geosciences Initiative (PEGI) Project is to be delivered by GNS Science. It involves a number of individual projects focused on improving knowledge of New Zealand's petroleum potential. The PEGI Project is funded by the Crown Minerals data acquisition fund and builds upon GNS Science research funded by the Foundation for Research, Science and Technology.

The project aims to evaluate and upgrade knowledge about the Taranaki region to reduce geological risk associated with uncertainty in exploration – both in Taranaki and other basins. The project will use Google Earth to establish and display information about offshore geological, geophysical and geographical datasets in a way that is free and accessible.
Click here for further information

Securities Commission

Guide for Authorised Financial Advisers released
The Securities Commission has released the AFA Adviser Business Statement Guide to help financial advisers prepare for the new regulatory regime. The guide explains the document to be prepared by an adviser applying to become an Authorised Financial Adviser (AFA) under the new financial advisers' regime. To become an AFA an adviser will have to register online and apply for authorisation in a single process at the Financial Service Providers Register. Applications for registration and authorisation open in July 2010.
Click here for further details

Securities Commission's Statement of Intent for 2010-13 released
In its latest Statement of Intent, the Securities Commission acknowledges that legislation will be passed during the period covered by the Statement for the establishment of the Financial Markets Authority (which is expected to take over the roles and responsibilities of the Securities Commission in the first quarter of 2011). However, the Commission expects to see its medium term outcomes to be appropriately reflected under the new regulator. These include:

• Improving standards of conduct and ensuring there is greater compliance with the law, particularly with regard to the quality of financial reports of issuers and the quality of corporate governance disclosures.
• Improving the exemption application process for issuers to reduce their costs in bringing new and overseas investment products to New Zealand markets. The Commission's aim is to process completed applications within six weeks of receiving information needed for the application. Exemptions granted will include statements of reasons to explain policy. Conditions of exemptions will aim to ensure adequate protection for investors and reduced costs for issuers.
• Assisting the Government with its review of the Securities Act.
• Continuing investigations into failed finance companies.
• Licensing Qualifying Financial Entities (QFEs) and Authorised Financial Advisers (AFAs), under the financial adviser regime, and investigating areas of concern.
• Ensuring New Zealand's markets and regulatory environment are respected internationally, creating a climate for increased investment and good relationships with overseas regulators.

Click here to view a copy of the Statement of Intent

Commission finds instances where investors entitled to refunds
Securities Commission investigations into finance companies have found that many investors are entitled to refunds on their investments for instances where securities have been offered without a prospectus or an investment statement.
Click here for further details

SECURITIES ACT EXEMPTION NOTICES

The following Securities Act Exemption Notices have been published for this period:

Securities Act (NZX Limited) Exemption Notice 2010
This notice, which came into force on 21 May 2010 and expires 30 April 2015, exempts NZX Limited and its subsidiaries, subject to conditions, from regulation 23 of the Securities Regulations 1983 in respect of securities offered by the companies. The effect of the exemption is that references in registered prospectuses and advertisements to applications for listing on a securities market operated by NZX Limited (an NZX market) must be accompanied by a statement to the same effect as the statement required by regulation 23(2) or (3) of those regulations, but modified where appropriate by references to the Special Division of the NZ Markets Disciplinary Tribunal that regulates NZX Limited. This notice also exempts NZX Limited and its subsidiaries, subject to conditions, from regulation 39 of the Securities Regulations 2009 in respect of securities offered by companies that are intended to be listed on an NZX market.

Securities Act (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010
This notice, which came into force on 21 May 2010 and expires on 31 December 2011, replaces the Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Notice 2008 and exempts financial institutions that are a party to a deed of guarantee entered into with the Crown under a Crown retail deposit guarantee scheme from certain provisions of the Securities Act 1978, the Securities Regulations 1983, and the Securities Regulations 2009 in order to facilitate the operation of that deposit guarantee scheme. The main differences between this notice and the 2008 notice are as follows:

• this notice expires on 31 December 2011 (rather than 12 October 2010);
• this notice applies to guarantees given under the Crown Retail Deposit Guarantee Scheme Act 2009 as well as guarantees under the New Zealand deposit guarantee scheme;
• this notice includes exemptions from the Securities Regulations 2009 that are equivalent to the exemptions from the Securities Regulations 1983 that were contained in the 2008 notice; and
• this notice contains a number of technical changes to clarify the operation of the notice.

The Securities Commission also granted the following exemptions during this period:

• Securities Act (American International Assurance Company (Bermuda) Limited) Exemption Amendment Notice 2010; and

• Financial Reporting Act (American International Assurance Company (Bermuda) Limited) Exemption Notice 2010

Takeovers Panel

Statement of Intent released for 2010-13
This Statement of Intent for the Takeovers Panel relates to the 2009/2010 financial year and each of the following two reporting years. The Panel notes that it put greater emphasis on its policy functions during the period of relatively quiet corporate activity in 2008/2009, but that there had been a recovery in activity from October 2009 – which has remained steady in the early part of 2010. In the current year, the Panel does not intend to make any new recommendations to the Government for changes to the takeovers legislation. However, the Panel will continue to push for the implementation of its 2008 recommendations to the Minister of Commerce regarding the interaction between the provisions of company law and takeovers law as they apply to schemes of arrangement and amalgamations effected under parts 13 and 15 of the Companies Act 1993.

The Panel also aims to reduce:

• the level of substantive comments on draft independent adviser reports to two comments per report; and
• the material instances of non-compliance with the Takeovers Code detected in the main takeover documents to four per document.

Click here to read the Statement of Intent

TAKEOVERS CODE EXEMPTION NOTICES

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

• Takeovers Code (Pike River Coal Limited) Exemption Notice 2010

Electricity Commission

Grid upgrade plan for upper North Island
Transpower has submitted a reliability investment to the Electricity Commission for approval under rule 13 of section III of part F of the Electricity Governance Rules 2003. The investment is part of the 2009 Grid Upgrade Plan. The Commission has published Transpower's Upper North Island Dynamic Reactive Support Investment Proposal for comment. Submissions close on 21 June.
Click here for further details

Dispatchable Demand Regime
The Electricity Commission is inviting submissions on the Dispatchable Demand Regime Consultation paper. This paper presents a proposed design for a dispatchable demand regime and seeks comment on whether the proposal would be workable and beneficial. Submissions close on 18 June 2010.
Click here for further details

Gas Industry Company

Retail contracts
On 17 May 2010, the Associate Minister of Energy and Resources, Pansy Wong, announced her approval of the Gas Industry Company's (GIC) recommendation for a retail gas contracts oversight scheme. Under the voluntary scheme, an independent contractor will assess standard form retail gas supply contracts (which are in existence as at 15 June 2010) against a set of benchmark outcomes.

This aim of the scheme is to provide guidance to retailers and consumers about the scope of alignment across the industry between retail gas contracts and the GIC benchmarks. The first assessment, due in August 2010, is expected to result in a consolidated industry score-card. Future assessments (those from June 2011 onwards) are to be published on a 'per retailer' and 'consolidated' basis. Accordingly, consumers should be able to compare retailers and make informed choices as to which gas supplier to use.
Click here to read the recommendation.

Transmission Pipeline Balancing
The GIC has received eight submissions and three cross-submissions on its consultation document – Transmission Pipeline Balancing – Supplement to the October 2009 Statement of Proposal.

The supplemental contains an update on developments since October 2009, a description of key changes made to the draft gas balancing rules and an implementation plan for those draft rules (which has been determined with industry input). In addition, the supplemental includes a quantitative cost/benefit analysis on the draft gas balancing rules, as previously requested by the Associate Minister of Energy and Resources.

The Independent Directors' Subcommittee has requested that the GIC complete an Analysis of the Submissions before making its formal balancing recommendation to the Associate Minister of Energy and Resources.
Click here to read the supplemental.

Wholesale market
On 16 and 28 April 2010, draft governance documents for the wholesale gas market trial were discussed at two industry workshops. The feedback received has since been incorporated into the governance documents. Once finalised, the documents will be published on the GIC website and distributed to potential participants when they become available.

The next step is for the GIC to enter into an interconnection agreement with Maui Development Limited (MDL) for the creation of two non-physical welded points that will comprise the trading hub. Potential traders should then be able to apply for entry into the market. If enough parties enter the market, it is expected to become operational in June 2010.
Click here for the current versions of the gas governance documents.

Transmission Pipeline Capacity Options paper
The GIC has now released its discussion paper, Options for Vector Transmission Capacity, as requested by the Associate Minister of Energy and Resources in December 2009.

The paper considers Vector Gas Limited's options for changing its commercial arrangements for transporting gas on its transmission pipelines and evaluates the current arrangements and proposed options against criteria for an effective capacity regime. Particular focus is put on the North Pipeline. The paper also explores the relationship between the capacity regime and regulations being developed by the Commerce Commission on price, quality of service and investment aspects in relation to gas pipelines.

Of the five proposed options, GIC is recommending (subject to feedback) further consideration of a hybrid option and an incremental change option. The hybrid option allows users to elect to contract for long-term capacity but otherwise share available pipeline capacity. The incremental change option involves progressively introducing elements such as capacity planning policy, transparency of capacity requests and capacity assigned to large customers rather than retailers.

A workshop on the GIC discussion paper is scheduled for 9 June 2010. Registrations close on 3 June 2010. The last day for submissions on the paper is 8 July 2010.
Click here to read the discussion paper.

Selected Australian developments

Government releases draft legislation cracking down on insider trading and other market offences
The Australian Government has released draft legislation which increases the maximum criminal penalties for insider trading and market manipulation and provides the Australian Securities and Investments Commission with stronger powers to be able to detect such offences. "These changes send a clear message that insider trading and the unlawful manipulation of share prices will not be tolerated," says the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen. The amendments are contained in the Corporations Amendment (No 1) Bill 2010, which also contains provisions designed to stop predatory unsolicited share offers by restricting access to company registers (see below).
Click here for further details

Changes proposed for accessing company information
A draft Bill which will enable companies to refuse to hand over copies of their member registers where that information is not being sought for a proper purpose has been introduced by the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen. "Unscrupulous operators have continued to prey on vulnerable investors, duping them into handing over their shares for well-below market prices. The Government is now acting to put these charlatans out of business," Mr Bowen said.

The Corporations Amendment (No 1) Bill 2010 will:

• require persons seeking a copy of the register of members to apply to the company, stating the purpose for which they will use the register;
• provide that where a register is maintained on a computer that it should be able to be inspected on a computer; and
• provide for the Corporations Regulations to prescribe the formats in which a copy of the register can be provided.

Associated draft regulations specify a non-exhaustive list of improper purposes, including accessing a register for the purpose of making an off-market offer to purchase securities in a listed company. Genuine takeover bids will be exempted from this regime.
Click here for further details

Prospectus relief to help corporate bond market
The Australian Securities & Investment Commission (ASIC) has provided class order relief to help promote the issue of vanilla corporate bonds to retail investors. The ASIC initiatives are intended to simplify the disclosure requirements for certain offers of listed vanilla bonds by allowing such offers to be made with reduced disclosure under a short-form prospectus. The measures will also allow vanilla bonds to be offered under a two-part prospectus, comprising a base prospectus (which may be used for a number of different offers) and a second part prospectus (which will relate to a particular offer). ASIC has also provided class order relief to facilitate offers of convertible notes to wholesale investors.
Click here for further details

Market update on confidential information and rumours
In December 2009, the Australian Securities & Investment Commission (ASIC) released a consultation paper on proposed best practice guidelines for the handling of confidential information in corporate transactions. The proposed guidelines were aimed at helping (primarily) listed companies and their advisers, including investment banks to raise the bar, particularly in relation to internal policies and procedures for the handling of (price-sensitive) confidential information, with the objectives of protecting price-sensitive confidential information and avoiding any unintentional or deliberate misuse of that information. (For further details, see our previous article Handling confidential information – proposed ASIC best practice guidelines). Following industry and public consultation on the guidelines, ASIC has announced that it will continue working closely with the market over the next six to nine months to improve industry standards on the responsible handling of rumours and corporations' management of confidential information, but will not issue regulatory guidance on either subject at this stage.
Click here for further details

Creeping acquisitions
The Australian Government has introduced the Competition and Consumer Legislation Amendment Bill 2010 to clarify uncertainties in section 50 of the Trade Practices Act 1974, and confirm the Australian Competition and Consumer Commission's ability to consider acquisitions in markets where creeping acquisitions have been raised as a concern. Through these amendments the Government seeks to ensure that section 50 applies to acquisitions in local markets, and that the impact on competition can be considered in any market, including upstream and downstream markets. This is intended to prevent businesses from being able to challenge a decision that their proposed merger or acquisition would, or would be likely to, substantially lessen competition in a market in breach of section 50, on the grounds that the lessening of competition identified was in one or more markets other than the primary market in which the merger or acquisition would occur.
Click here to read the Explanatory Memorandum on the Bill

New Zealand Commerce Commission (NZCC)

Speeches

• Challenges and Opportunities from New Fibre Access
  On 18 May 2010, Dr Ross Patterson, Telecommunications Commissioner, gave a presentation at the CommsDay Auckland Summit. He discussed the challenges and opportunities arising in the market from new fibre access and advanced wireless builds.
  Click here for more

• Ensuring customer centric competition regulation in retailing
  On 19 May 2010, Kate Morrison, General Manager Enforcement, spoke to the Retail Australasia Summit. She focused on how compliance with consumer protection legislation ensures a good experience for customers.
  Click here for more

Media releases

The NZCC has issued the following media releases:

Industry regulation and regulatory control

• Important milestone in setting regulatory regime for airports
  The NZCC has reached an important milestone in the setting of a new regulatory regime for airports under Part 4 of the Commerce Act. The NZCC has published its draft decisions and reasons on the input methodologies that will be applied to the Information Disclosure requirements for airports. The NZCC has also released its draft Information Disclosure requirements and associated reasons.
  Click here for more

Mergers and acquisitions

• Preformed Line Products applies for clearance
  The NZCC has received an application from Preformed Line Products Company seeking clearance to acquire Electropar Limited.
  Click here for more

Telecommunications

• Commerce Commission recommends regulation of mobile termination access services in draft report
  In a draft reconsideration report, the NZCC has indicated that its preliminary view is to recommend that the Minister for Communications and Information Technology regulate mobile termination access services, and not accept undertakings from Telecom and Vodafone.
  Click here for more

• Commerce Commission broadband quality report shows improvement in web browsing speed
  The NZCC has released its report on New Zealand broadband quality covering the period 1 July to 31 December 2009. The report examines the quality of broadband services provided by New Zealand's internet service providers.
  Click here for more

• New requirements for Telecom's regulatory financial statements published
  The NZCC has published the new information disclosure requirements that Telecom must follow when preparing its regulatory financial statements. The requirements have been revised following a period of consultation.
  Click here for more

Consumer issues

• Settlement reached over breaches of consumer legislation
  In a settlement reached with the NZCC, Foundation Custodians, a non-bank financier, has admitted breaching the Credit Contracts and Consumer Finance Act and the Fair Trading Act in relation to fees charged on early loan repayments. The company will provide refunds of $200,000 to affected customers.
  Click here for more

• Mortgage break fees investigation by Commerce Commission concluded
  The NZCC has concluded its investigation under the Credit Contracts and Consumer Finance Act into the mortgage break fees charged by banks when customers repay their fixed-rate loans early.
  Click here for more

• Revised draft credit fees guidelines released
  The NZCC has released revised draft guidelines outlining the NZCC's enforcement approach to credit fees under the Credit Contracts and Consumer Finance Act.
  Click here for more

• Commerce Commission advises industry on credit card late payment fees
  The NZCC has issued compliance advice letters to a number of banks and credit card providers (issuers) following an investigation into the reasonableness of credit card exception fees.
  Click here for more

• More false country of origin claims on Royal Jelly product result in fines
  A second company selling Royal Jelly in Auckland souvenir stores, falsely claiming its product to be New Zealand made, has been convicted and fined in the Auckland District Court. Shim's International Limited, trading as Royal Deer of New Zealand was fined $6,000.
  Click here for more

• Car finance company fined for breaching consumer laws
  An Auckland-based car finance company has pleaded guilty to breaching the Credit Contracts and Consumer Finance Act and the Fair Trading Act in relation to car loan contracts. Dolbak Finance Limited has been fined a total of $2000 in the Auckland District Court.
  Click here for more

Australian Competition and Consumer Commission (ACCC)

Selected ACCC media releases

The ACCC has issued the following media releases:

Market behaviour

• ACCC draft decision to approve Queensland oil joint marketing arrangements
  The ACCC has issued a draft decision proposing to authorise Santos QNT Pty Ltd and ten other oil producers to jointly market their oil produced in the Surat Basin and Denison Trough in Queensland.
  Click here for more

• ACCC sees benefits in local Casuarina liquor accord
  The ACCC has authorised proposed 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 made up of representatives of a number of businesses in the Casuarina shopping precinct as well as the Northern Territory Police and Northern Territory licensing officials.
  Click here for more

• ACCC welcomes changes to eBay payment policies
  The ACCC welcomes the announcement by eBay that it will change the ebay.com.au website and payment policies to remove the requirement that sellers offer PayPal as a payment option.
  Click here for more

• ACCC authorises continued collective bargaining for essential airport services
  The ACCC has re-authorised 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 denies authorisation to proposed NSW electricity co-insurance arrangement
  The ACCC has issued a determination denying authorisation to a NSW Government proposal that would require the State owned electricity generators and the future acquirers of Gentrader bundles to enter into a joint risk management arrangement (co-insurance).
  Click here for more

Telecommunications

• Competition Tribunal Affirms ACCC decision to reject Telstra's ULLS undertaking
  The ACCC has welcomed the release of reasons for the decision of the Australian Competition Tribunal, affirming the ACCC rejection of Telstra's undertaking for the unconditioned local loop service.
  Click here for more

Consumer issues

• ACCC obtains restraining orders against operators of alleged pyramid selling scheme 'TVI Express'
  The ACCC has acted quickly to obtain orders restraining three individuals from promoting an alleged pyramid selling scheme called TVI Express. On Friday 14 May 2010, in the Federal Court, Sydney, the ACCC obtained ex-parte injunctions restraining Laulhati Jutsen (also known as Teddi Jutsen), Tina Aroha Brownlee and David Graeme Scanlon from promoting the alleged pyramid selling scheme.
  Click here for more

• Effective recalls, better information, safer consumers
  Significant changes to the way in which consumers will be informed of product recalls have been foreshadowed by the ACCC.
  Click here for more