Legislation/In Parliament

Securities Legislation Bill completes the parliamentary process
After some delay the Securities Legislation Bill was passed on 12 October 2006 as four separate Acts. Most of the changes came into effect after their assent on 24 October but some, such as the new insider trading and market manipulation provisions, will not come into force until regulations for the new provisions have been finalised. Here we provide an update on the events leading to the passing of the securities legislation and provide an outline of the key changes.

Business Law Reform Bill fast tracks its way into law
The Commerce Select Committee released its report on the Business Law Reform Bill on 18 October with only a few notable changes. This was followed by further amendments to the Bill through a Supplementary Order Paper on 14 November with passage of the Bill on 15 November.

Voluntary administration - will it work?
More than a decade after the Australians did it, New Zealand has this month introduced a new insolvency regime to help financially troubled companies stay afloat.

Update on the KiwiSaver Act 2006
The KiwiSaver Bill has made speedy process through its final stages receiving royal assent on 6 September. The implementation date for the new saving scheme is 1 July 2007.

Draft regulations on the trans-Tasman mutual recognition of securities offerings released
Both the Australian and the New Zealand governments have released draft regulations to give effect to the Mutual Recognition of Securities Offerings agreement signed between them earlier in the year.

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.