Updates

Updates to articles published in the Spring 2003 edition of Financial Services Quarterly.

Legislation/In Parliament

Securities Act non-compliance - the legislators step in
In October last year, Commerce Minister Lianne Dalziel appended a Supplementary Order Paper to the Business Law Reform Bill, which was due to be enacted by the end of 2003. Submissions on the Supplementary Order Paper closed on 19 November 2003. Enactment of the Bill is now not expected until March this year.

Reform of securities trading legislation
Targeted consultation was expected to be carried out towards the end of 2003, but consultation on the Securities Law Reform Bill now being drafted is expected to take place early this year, with the draft bill being presented to the House mid-way through this year.

Insolvency law reform - summary
The legislation reached a final round of decision-making in February last year, but is now not expected to be introduced until early this year.

Business law reform - what is it trying to achieve?
Submissions on the Supplementary Order Paper closed on 19 November 2003 and the Bill is now not expected to be enacted until March this year.

Consumer Credit law reform
Proposed regulations under the legislation have now been issued.

Recent developments

Changes to International Accounting Standards
The International Accounting Standards Board has revised two International Accounting Standards that relate to financial instruments.

Directors and officers disclosure regulations approved
The Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Regulations 2003 were promulgated in December last year and will come into force on 1 March.

Bell Gully News

New Zealand Court Of Appeal recognises "market reality" in overturning lower court decision in equity swaps case

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.