Legislation/In Parliament

Business Law Reform Bill passed
The Business Law Reform Bill was passed on 6 April, earlier than expected. This is important legislation that amends a number of New Zealand's core commercial statutes (including the Companies Act, the Securities Act and the PPSA).

Review of the Financial Reporting Act
The Ministry of Economic Development has released a discussion document entitled "Who should be subject to financial reporting requirements?"

Significant reform of New Zealand's insolvency laws proposed
Earlier this month, the Ministry of Economic Development released a draft Insolvency Law Reform Bill and a discussion document relating to it. These two documents are the result of a general review of insolvency law that began in 1999.

Review of financial information in offer documents
The Securities Commission has released a draft practice note about the application of accounting standards in relation to investment statements and prospectuses.

UPDATE: Consumer credit law reform - what do you need to know?
As mentioned in previous issues of Financial Services Quarterly, the Credit Contracts and Consumer Finance Act 2003 was enacted on 13 October 2003.

UPDATE: Reform of securities trading legislation
Targeted consultation on the Securities Law Reform Bill was expected to commence after the Easter break.

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.