Legislation/In Parliament

Business Law Reform Bill passed
The Business Law Reform Bill was passed on 6 April. 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).

Significant reform of New Zealand's insolvency laws proposed
The Ministry of Economic Development has 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.

Securities trading law reform
The Government is currently carrying out the third step in its four step programme, which has been in place since 2000, of reform relating to securities law. This programme is designed to improve the confidence of domestic and international investors in the New Zealand markets.

Changes to Overseas Investment Act
Following a review of New Zealand's overseas investment regime, the Government has announced a range of changes to the Overseas Investment Act and Regulations.

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?"

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.

"Arrangement" or "understanding" to have wider meaning in the context of the Securities Markets Act
Later this year, the Government is expected to introduce a number of reforms to insider trading, market manipulation, penalties and remedies in the Securities Trading Bill, which will amend the Securities Markets Act 1988.

Enquiries and information

For more information on any of the cases, articles and features in Commercial Quarterly, please email Rachel Gowing or call on 64 9 916 8825.