Recent developments

Capital Markets

Financial intermediaries discussion paper released
A discussion paper on the co-regulatory model for financial intermediaries was released in early July 2006. The Ministry of Economic Development is now seeking industry feedback and has acknowledged concerns about the costs of the new regulatory framework.

Anti money laundering reforms open for discussion
A discussion document on enhancing measures to counter money laundering and the financing of terrorism has been released.

Update on the Takeovers Panel's moves to protect shareholders
The Takeovers Panel has released a second discussion paper on the use of schemes of arrangement and amalgamations to merge or acquire code companies.

An Overview of developments in New Zealand's Securities Market Regulatory Framework
Professor Keitha Dunstan has presented a speech on behalf of the Securities Commission which provides background to the underlying drivers of regulatory reforms and expansion of the Commission's role.

Competition and Consumer Protection

Trans-Tasman protocol for cooperation in merger reviews
Overall this move is likely to be positive for New Zealand business. There is a potential for reduced transaction costs as a result of a streamlined merger review process.

New Zealand's consumer protection legislation: If it ain't broke, why fix it?
Bell Gully's Jenny Stevens queries the rationale for changing a system that is already operating well.

Resources and Energy

Latest development in the Government's National Energy Strategy
The terms of reference for the development of a New Zealand Energy Strategy have been released.

Commerce Commission chair Paula Rebstock addresses Annual New Zealand Energy Summit
The speech included discussion on the Commission's enforcement and regulatory activities and comments on recent decisions under the Commerce Act and the Electricity Industry Reform Act.

Government improves the investment regime for transmission and distribution
The Ministers of Energy and Commerce have made a joint announcement on a Government policy initiative to encourage investment in infrastructure in the energy sector.

Intellectual Property

Patents Bill to include experimental use exception for patented inventions
Cabinet has approved a proposal to allow research or experiments on patented inventions to occur without the risk of patent infringement.

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.