Legislation/In Parliament

Goods and Services Tax law to change
Two significant GST changes that will affect your financing business come into effect in January 2005.

Significant reform of New Zealand’s insolvency laws proposed
The Ministry of Economic Development has released a draft Insolvency Law Reform Bill introducing a new insolvency regime – voluntary administration.

Disclosure by finance companies – discussion paper released
The Securities Commission has released a discussion paper setting out its preliminary views about required disclosure standards for finance companies under the Securities Act 1978 and the Securities Regulations 1983.

Government to review regulation of financial intermediaries
On 26 August, the Government announced its intention to appoint a task force to review the regulation of financial intermediaries in New Zealand. The role of the task force will be to assess the existing regulatory framework for financial intermediaries (such as share brokers, mortgage brokers, insurance brokers and financial advisers) and to recommend options for reform.

New tax rules for foreign owned banks
Revenue Minister Michael Cullen has announced the Government’s intention to introduce legislation to ensure foreign owned banks operating in New Zealand pay enough tax on their New Zealand income.

Mutual recognition of securities offerings
In a discussion paper released in May by New Zealand Commerce Minister Margaret Wilson and Ross Cameron, Australian Parliamentary Secretary to the Treasurer, a regime was proposed that would allow issuers to offer securities in Australia and New Zealand using the same offer documents and structure.

Supervision of overseas owned banks essential
The Reserve Bank of New Zealand has announced that it is seeking to reinvigorate the regulatory arrangements for New Zealand’s banking system because, even though all the main banks in New Zealand are overseas owned, it still needs to be vigilant about its banking supervision role.

Trans-Tasman banking integration progress
Finance Minister Michael Cullen and Commerce Minister Margaret Wilson have announced that work has commenced on the regulation of major financial institutions. The work will be carried out as a combined effort of officials from the Treasury, the Reserve Bank of New Zealand and the Ministry of Economic Development.

 

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.