Legislation/In Parliament

Securities Legislation Bill and Regulations
It is expected that the Securities Legislation Bill will go through its final legislative changes in the next couple of months. This omnibus bill will make wide-reaching reforms to the Securities Act, the Securities Market Act, the Takeovers Act and the Takeovers Code. A discussion document seeking public comment on the consequential regulatory requirements for the new legislation was released in March 2006.

Insolvency Law Reform Bill
The Insolvency Law Reform Bill passed its first reading in Parliament in February 2006 and was referred to the Commerce Select Committee for consideration. The Committee began hearing evidence on the Bill on 18 May 2006.

KiwiSaver the Government's new work-based savings scheme
The KiwiSaver Bill had its first reading in Parliament on 28 February 2006 and is expected to receive its final assent later this year with implementation of the scheme by 1 April 2007.

New legislation to target excessive salary sacrifice for superannuation contributions
The Government has announced it will introduce legislation to minimise the use of excessive "salary sacrifice" through the use of employer superannuation contributions as a means of paying less tax. The changes are included in the taxation bill introduced into Parliament on 17 May 2006.

Trans-Tasman MOU on Coordination of Business law
A revised Memorandum of Understanding on Coordination of Business Law between Australia and New Zealand was signed on 22 February 2006. The revised MOU reaffirms both countries' commitment to coordination of trans-Tasman business law (from the earlier MOU signed in 2000) and commits both countries to working together to reduce impediments to trans-Tasman commerce.

Enquiries and information

For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.