Recent developments

Securities Commission completes Cycle 6 of Financial Reporting Surveillance Programme
The Commission reviewed financial reports of 30 issuers with balance dates from 31 December 2006 to 30 April 2007, reporting that few matters were identified in the review.

Finance company ordered to refund 1200 customers
A finance company has agreed to refund 1200 customers after they were charged an unreasonable early repayment fee.

Four New Zealand banks accredited under Basel II Accord
The Reserve Bank of New Zealand has accredited four New Zealand banks to adopt the internal models approach under the Basel II banking supervisory regime.

Changes to Companies Office filing by liquidators and receivers
The Companies Office is introducing changes that will impact the way that liquidators, receivers and company administrators file reports with the Companies Office.

Financial Reporting Act Class Exemptions for Australian and United States incorporated companies
In 2006 a new power was given to the Registrar of Companies to exempt certain overseas companies from compliance with various provisions of the Financial Reporting Act as part of the Government's programme to improve the workability of the financial reporting system and reduce business compliance. In this note Bell Gully partner Glenn Joblin and solicitor Ryan Ellis provide an overview of the two class exemptions issued by the Registrar of Companies since the new provisions came into effect.

Final changes arising from Securities Legislation Bill in force on 29 February
The last of the changes made by the 2006 Securities Legislation Bill came into effect on 29 February. In this note we provide you with a brief outline of the final key components of the Government's securities reform package which are now in place.

Privacy in the online world
Debate has been ignited over what exactly constitutes personal information amid growing concern about online privacy. In this article senior associate Heidi Leslie looks at the European debate and why it triggers a reminder for New Zealand business.

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.