The Regulator Report lists recent changes, decisions and developments at the main New Zealand and Australian corporate, commercial and competition regulatory bodies and updates progress of legislation in New Zealand. This edition of the Regulator Report covers the period from 17 February to 9 March 2010.
The Treasury
Monthly economic indicators February 2010
Data released over February provided a mixed view on the economy, with indicators highlighting emerging differences between sectors and a continuing gradual economic recovery.
Click here for the full report
National Infrastructure Plan released
The Government has released its first National Infrastructure Plan which describes the infrastructure part of its economic growth programme. The plan confirms that New Zealand's infrastructure is generally sound and that there are no looming crises in the near term for the country's infrastructure requirements. However, there are immediate issues to be addressed in the roading and electricity sectors. The plan sets out the Government's five key infrastructure priorities - broadband, electricity transmission, regulatory reform, roads of national significance and the Rugby World Cup 2011. An additional three emerging priorities are: reviewing the electricity market, agricultural irrigation and getting better procurement and management of the Government's physical assets. The major focus of the next report will be to identify the gaps in knowledge about the country's infrastructure needs 10-20 years out. Some of the long-term issues that have been highlighted as requiring action in this plan include:
- an additional Auckland Harbour crossing in the next 10-20 years;
- better alignment between central and local government in the future to ensure priorities match up; and
- the need to replace some of the rail fleet to boost revenue growth on some routes.
Click here to read the press release
Click here to read the full report
The Reserve Bank of New Zealand
Credit ratings mandatory for deposit takers
From 1 March 2010 credit ratings became mandatory for non-bank deposit takers (NBDTs). Reserve Bank Governor Dr Alan Bollard said credit ratings from approved rating agencies play an important role in the new prudential regulatory regime for deposit taking finance companies, building societies and credit unions. "Credit ratings are useful as they assist investors to compare the relative riskiness of deposit taking institutions when they decide where to invest their funds." Not all deposit takers will have credit ratings as some may be exempted from the requirement by the Reserve Bank. A simple factsheet on credit ratings has been developed to help investors understand credit ratings and how to use them.
Click here for further details
EXEMPTIONS FROM THE NBDT REGIME
The Reserve Bank has exercised its power under section 157G of the Reserve Bank Act of New Zealand 1989 and has granted the following exemptions from some of the requirements of Part 5D for this period:
Deposit Takers (Public Trust) Exemption Notice 2010
This is a short term exemption for the Public Trust from the requirements to have a credit rating under Part 5D of the Reserve Bank of New Zealand Act. This exemption notice commenced on 1 March 2010 and expires on 1 September 2010.
Deposit Takers (Goldman Sachs JBWere Capital Markets Limited) Exemption Notice 2010
This is a short term exemption for the Goldman Sachs JBWere Capital Markets Limited from the requirements to have a credit rating under Part 5D of the Reserve Bank of New Zealand Act. This exemption notice commenced on 1 March 2010 and expires on 1 September 2010.
Deposit Takers (Moratorium) Exemption Amendment Notice 2010
This exemption notice, which came into force on 19 February 2010, amends the Deposit Takers (Moratorium) Exemption Notice 2009, which exempts certain entities from the requirement to have a credit rating. The notice inserts the names of four new entities to the list of exempted entities. These are entities that have previously issued debt securities to members of the public, but that are now in a moratorium approved by their stockholders and have not yet repaid all of their depositors, and are deemed to be deposit takers by section 157C(3) of the Reserve Bank of New Zealand Act. The notice also omits the names of three entities that no longer meet the definition of deposit takers as they do not have any outstanding debt securities.
The Department of Internal Affairs
Discussion Document on Local Boards released for consultation
The Auckland Transition Agency (ATA) has released a discussion document on the role of local boards in the new Auckland Council's governance arrangements. This discussion document:
- provides background information on local boards;
- outlines the ATA's thinking on the initial allocation of decision-making responsibility for non-regulatory activities;
- considers the role of local boards in the regulatory activity of Auckland Council; and
- outlines the ATA's thinking on how local boards will fulfil their role.
Feedback on the discussion document closes on 26 March 2010.
Click here to view the discussion document
Council-controlled organisations of Auckland Council
The Auckland Transition Agency (ATA) has released a discussion document outlining its proposed rationalisation of council-controlled organisations (CCOs) in the new Auckland Council structure. There are approximately 40 CCOs in the Auckland Region. This document sets out the ATA's proposals for rationalisation of the existing CCOs and the structure of the following CCOs that will be owned by, and report to, Auckland Council:
- Council Investments;
- Economic Development, Tourism and Events;
- Major Regional Facilities;
- Property Holdings; and
- Waterfront Development Agency.
Feedback on the discussion document closes on 26 March 2010.
Click here to access the discussion document
Ministry of Economic Development (MED)
Government releases action plan for CMD Taskforce's recommendations
Commerce Minister Simon Power has released the Government's initial response to the Capital Market Development Taskforce's recommendations set out in its final report (Capital Markets Matter).
The Government has responded positively to a majority of the 60 recommendations made by the Taskforce and its action plan sets out how it will progress each recommendation and a timetable for implementation. Among the recommendations the Government says it will implement are:
- introducing plain English into investment statements and prospectuses, with warnings on high risk or complex products;
- ensuring the duties of fund managers and supervisors are clear and enforced;
- considering consolidating parts of the Companies Office, Securities Commission, and the NZX Disciplinary Tribunal into a new market conduct regulator; and
- making it easier and cheaper for companies to raise capital privately by clarifying and broadening the exemptions of the Securities Act and the Takeovers Act.
The Government proposes to implement a number of the Taskforce's recommendations as part of the review of the Securities Act that is already underway. It has indicated that a discussion document will be released on proposed changes to the Securities Act by April 2010, with the likely implementation of those changes by October 2011.
One additional area that the Government seems particularly keen to pursue, is the Taskforce's conclusion that there is an opportunity for New Zealand to become a hub for financial services in the Asia Pacific region, specialising in providing high-value middle and back office functions for the funds management industry. In the Prime Minister's opening address to Parliament last month, John Key noted that the Government is keen to see if this or similar new industries could be developed in New Zealand and he has asked officials to determine what steps would need to be taken to make that a reality.
To view the Government's action plan click here or visit the Ministry of Economic Development's website at www.med.govt.nz/cmdtaskforce.
Click here to view Bell Gully's summary of the action plan.
Click here to read Bell Gully commentary on some of the key aspects of the Taskforce's recommendations which have been signalled for inclusion in the Securities Act review.
Changes for financial advisers pass first reading
The Financial Service Providers (Pre-Implementation Adjustments) Bill which makes technical amendments to the Financial Service Providers (Registration and Dispute Resolution) Act and the Financial Advisers Act has passed its first reading. The focus of the amendments is on changes to the qualifying financial entity (QFE) model. The proposed changes are intended to ensure it is clear which representatives' advice will be the direct responsibility of each QFE, as well as widening the range of products that a QFE's advisers can offer advice on without being individually licensed. Commerce Minister Simon Power said he expects the changes to take effect by the middle of this year, giving financial advisers about six months to implement them before the legislation is made compulsory at the end of the year. Submissions on the bill can be made to the Commerce Select Committee by 25 March 2010.
Click here for the press release
Click here to read the Minister's first reading speech on the bill to Parliament
Cabinet makes key decisions on finance sector laws
Cabinet has made key decisions about the implementation of the Financial Advisers Act and the Financial Service Providers Act which were both passed into law in 2008. The decisions made by Cabinet allow for regulations to be developed, stating:
- the exact content of disclosure that financial advisers will have to make to clients;
- the registration and authorisation fees charged to financial service providers and financial advisers to fund part of the costs for implementing the new regime; and
- various requirements and procedures for effecting and amending registrations made under the Financial Service Providers Act, searching the register established by the Act and other matters contemplated by or necessary for the administration of the register.
The disclosure regulations are on schedule to be gazetted in April.
Cabinet has also given policy approval for amendments to the way investment transactions are regulated under the Financial Advisers Act. The present regime allows only individuals to undertake them, which the Cabinet paper notes would mean creating significant compliance costs for businesses, with potentially between 600 and 2,000 banks, insurance providers, non-bank deposit takers, and various other institutions being adversely affected. Under the proposal, an alternative regulatory framework will enable both individuals and business entities to undertake such transactions, provided they are registered and adhere to minimum standards of conduct. The definition of "investment transactions" will also be extended to capture flows of money associated with holding financial products, such as dividends from holding shares. The framework will include similar money-handling obligations to those currently in the Financial Advisers Act. The proposed amendments are to be considered by the Commerce Select Committee as a part of its consideration of the Financial Service Providers (Pre-Implementation Adjustments) Bill, which amends the two Acts.
Click here to read the Commerce Minister's media release
Click here to read the Cabinet paper on the regulation of investment transactions under the Financial Advisers Act
Click here to read the Cabinet paper on the new disclosure regulations for financial advisers
Click here to read the Cabinet paper on fees regulations for the Financial Service Providers Act and Financial Advisers Act
Click here to read the Cabinet paper on the register of financial service providers
Government not introducing filing for large non-issuer companies
In an early announcement aimed at putting business concerns to rest, Commerce Minister Simon Power announced on 24 February that the Government has decided that large non-issuer companies will not be required to file their financial statements with the Registrar of Companies. The proposal that stakeholder interest warranted greater public disclosure of the financial performance of large non-issuers was contained in the discussion document released in September 2009 by the Ministry of Economic Development (MED) entitled 'The Statutory Framework for Financial Reporting' (Discussion Document).
Click here for Bell Gully commentary on this decision
Click here for the press release
Discussion document on reserve dispute resolution levies
The rules for the reserve dispute resolution scheme being established by the Ministry of Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 have been finalised and are currently being formally drafted by the Parliamentary Counsel Office. The Ministry is now seeking feedback on the levies of the reserve scheme in a discussion document released in February. The closing date for submissions is 23 March 2010.
Click here for further details on the scheme
Click here to view a copy of the discussion document
Section 92A bill introduced
The Copyright (Infringing File Sharing) Amendment Bill amends the Copyright Act 1994 (the Act) to provide new enforcement measures against the unauthorised sharing of copyright material via the Internet (infringing file sharing). It repeals section 92A of the Act (enacted by section 53 of the Copyright (New Technologies) Amendment Act 2008, but not brought into force), which would have required ISPs to adopt a policy providing for the termination of a repeat infringer's Internet account.
Click here to read the Commerce Minister's media release
Click here for Bell Gully commentary on the bill
Invitation for submissions on enforcement in the digital environment
New Zealand along with a number of trading partners, including Australia, Canada, the European Union, Japan, Korea, Mexico, Singapore, Switzerland, and the United States have been engaged in discussions over the development of a pluralateral Anti-Counterfeiting Trade Agreement (ACTA). The discussions represent a cooperative effort by these governments to respond to the increase in global trade of counterfeit goods and pirated copyright protected works. Submissions are now invited from the public about enforcement of intellectual property rights in the digital environment for inclusion in ACTA's digital provisions. The closing date for submissions is 31 March 2010.
Click here for further details
Click here to read the media release
Crown minerals
The Minister of Energy has recently announced two new block offers for acreage that is available for permitting under the Crown Minerals Act 1991. These blocks offers relate to the onshore Kahili gas field in Taranaki and the offshore Reinga basin northwest of New Zealand.
Click here for further details
Ministry for the Environment
ETS regulations
Feedback is being sought on the following proposed regulations under the Climate Change Response Act 2002. They are specific to the operation of the forestry provisions of the New Zealand Emissions Trading Scheme:
- Pre-1990 Forest Land Allocation Plan Consultation Draft (February 2010)
- Pre-1990 Forest Land Tree Weed Exemptions
- Revised Indigenous Look-up Table Values for Post-1989 Forest Land and Minor and Technical Amendments
Submissions close on 29 March 2010.
For Bell Gully commentary on recent ETS developments click here
Securities Commission
Huljich KiwiSaver Fund withdraws investment statement
The Securities Commission has been advised that Huljich Wealth Management (New Zealand) Limited has voluntarily withdrawn its current investment statement for the Huljich KiwiSaver Fund after Commission staff expressed concerns about reporting of historical investment returns.
Click here for further details
Guide for disclosure of credit ratings by non-bank deposit takers
The Securities Commission has issued interim guidance for non-bank deposit takers (NBDTs) on disclosure of credit ratings. Mandatory credit rating requirements for NBDTs came into effect on 1 March 2010. The Commission has provided this guidance pending the introduction of new credit rating disclosure regulations being prepared by the Ministry of Economic Development. The guidance note sets out the Commission's enforcement approach to disclosure of credit ratings for the period until regulations come into force. The Securities Commission has information for investors about credit ratings and what they mean on its website www.looklearninvest.org.nz.
Click here for the full press release
SECURITIES ACT EXEMPTION NOTICES
The following Securities Act Exemption Notices have been published for this period:
Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010
This notice, which came into force on 26 February 2010, amends the Securities Act (Eligible Service Superannuation Schemes) Exemption Notice 2004 by extending the expiry date from 28 February 2010 to 31 July 2014. The principal notice exempts certain superannuation schemes, subject to conditions, from section 37(1) of the Securities Act 1978 in respect of offers of new membership. Broadly, the purpose of the exemption is to extend to these schemes the benefit of the exemption contained in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004. They do not fall within that notice because the individuals to whom membership of the respective schemes will be offered are not strictly employees.
Securities Act (PSIS Limited) Exemption Notice 2010
This notice, which came into force on 19 February 2010 and expires on 28 February 2015, exempts PSIS Limited from sections 37 and 37A of the Securities Act 1978 in respect of any Class A shares in the capital of PSIS Limited. Class A shares in PSIS Limited have no nominal value and are issued for no further consideration as an incidence of membership of PSIS Limited.
Securities Act (Credit Unions) Exemption Notice 2010
This notice, which comes into force on 1 February 2010 and expires on 31 January 2015, renews the Securities Act (Credit Unions) Exemption Notice 2005 (the 2005 Notice), which expired on 31 January 2010. The notice is virtually identical to the 2005 notice but takes account of the Securities Regulations 2009. It continues exemptions in respect of offers made in compliance with the Securities Regulations 1983 until 31 December 2011 and revokes those exemptions from that date.
Takeovers Panel
Takeovers Panel to meet over Horizon takeover
The Takeovers Panel received and considered a formal request from Marlborough Lines Limited (Marlborough) to convene a meeting under section 32 of the Takeovers Act to inquire into a large number of allegations made by Marlborough against various parties involved in the unsuccessful partial takeover offer made by Marlborough for Horizon Energy Distribution Limited (Horizon) in September 2009.
Click here for further details
Click here to read the Notice of Meeting Marlborough Lines Limited
TAKEOVERS CODE EXEMPTION NOTICES
The following Takeovers Code Exemption Notices have been published for this period:
Takeovers Code (The Warehouse Group Limited) Exemption Notice 2010
The Takeovers Panel has granted an exemption from rule 6(1) of the Takeovers Code for Sarah Kerr in respect of any increase in her voting control of The Warehouse Group Limited that results from her appointment as a trustee of The Tindall Trust. Her appointment as a trustee of The Tindall Trust will result in an increase of her voting control in The Warehouse Group that will, when aggregated with the voting control of her associates, exceed 20%. This notice applies to acts or omissions occurring on or after 26 February 2010 and expires on the close of 30 April 2010.
Takeovers Code (Biovittoria Limited) Exemption Amendment Notice 2010
This notice, which came into force on 5 March 2010, amends the Takeovers Code (Biovittoria Limited) Exemption Notice 2009 (the principal notice). In the principal notice, the Takeovers Panel granted an exemption to the trustees of the Avalon Trust from rule 6(1) of the Takeovers Code (the Code) in respect of an increase to their voting rights in Biovittoria Limited. The exemption is subject to the condition that the trustees dispose of 100, 000 shares in Biovittoria before 1 March 2010. This notice extends the time for compliance to before 1 June 2010.
Gas Industry Company (GIC)
Benchmark for retail contract terms
As part of its agreed work programme with the Associate Minister of Energy in relation to ensuring that contractual arrangements between gas consumers and retailers adequately protect the long-term interests of small consumers, the GIC has indicated its preference for introducing a voluntary scheme for the oversight of benchmark retail gas contract terms.
A "proposed design for the oversight of the voluntary implementation of retail contract benchmarks" was issued by the GIC in February 2010 and sets out the full proposed design for the establishment of retail contract benchmarks and the monitoring by the GIC of the voluntary implementation of those benchmarks by gas retailers.
Pursuant to the agreed work programme, the GIC is to provide advice to the Associate Minister of Energy by 30 June 2010 and it is expected that a recommendation seeking the Associate Minister's endorsement of the benchmark retail gas contract terms scheme will be made by June 2010.
Click here for further details
Pipeline Balancing
Following a review of New Zealand's transmission pipeline balancing, the GIC advised the Associate Minister of Energy in December 2009 of its intention to formally recommend the introduction of gas balancing rules. The GIC has recently held a series of workshops during February and invited comments from industry participants on the proposed draft gas balancing rules before it makes a formal recommendation. In addition, the Associate Minister of Energy has asked the GIC to consult on a quantitative cost-benefit analysis on the draft gas balancing rules, the analysis of which is expected to be issued for consultation in mid-March 2010.
Click here for further details
Electricity Commission
Interconnection Asset Capacity and Grid Configuration
Following the review of Transpower's 2009 report on Interconnection Asset Capacity and Grid Configuration, the Electricity Commission proposes that, subject to consultation with materially affected parties, to amend schedule F6 of the Interconnection Rules by updating the schedule to include the information in the 2009 annual report. Submissions close on 15 March.
Click here for further details
Correction of information errors and dispute resolution processes
The Electricity Commission has decided to progress the amendments that provide for the correction of errors and dispute resolution and washup processes ahead of the other proposed amendments to parts E, J, A, and H Electricity Governance Rules 2003 that were consulted on last year.
Click here for further details
Guidelines on arrangements to assist vulnerable consumers (VC Guideline) and to assist medically dependent consumers (MDC Guideline)
The 2004 GPS required the Electricity Commission to develop arrangements for the benefit of low income consumers. These were first published in November 2005, substantially reviewed in July 2007, updated in 2008 and further reviewed during 2009. As a result of the 2009 review, the Commission split the arrangements into two guidelines, the final versions of which have now been released:
- Guideline on arrangements to assist vulnerable consumers
- Guideline on arrangements to assist medically dependent consumers
Click here for further details
The Australian Government
Corporations Amendment Regulations 2010 - trustee companies
Draft Regulations and explanatory material for the Corporations Amendment Regulations 2010 and the Australian Securities and Investments Commission Amendment Regulations 2010 in relation to trustee corporations have been released for public comment.
Click here for further details
Government moves to stop preying on shareholders and reduce business costs
The Government has released proposals designed to prevent predatory share offers to vulnerable and unsuspecting shareholders. These reforms will also reduce the compliance costs for business by reducing the amount of resources needed to respond to requests for copies of member registers. The Access to Registers and Related Issues proposals paper outlines planned changes to the law, including the requirement that companies only provide access to their share registers when requested for a "proper purpose".
Click here for further details
Australian Securities and Investments Commission (ASIC)
Short position reporting
ASIC has announced decisions made in relation to the following provisions introduced in the Corporations Amendment Regulations 2009 (No 8) (SR No 327 of 2009):
- to delay the commencement of short seller obligations to lodge short position reports from 1 April 2010 to 1 June 2010; and
- to reschedule the commencement of ASIC obligations to publish aggregated short position reports from 1 April 2010 to 21 June 2010.
Click here for further details
New Zealand Commerce Commission (NZCC)
Speeches
- Commerce Commission Update for 2010, Speech to the Competition Law and Regulatory Review Conference
On 22 February 2010, Dr Mark Berry, NZCC Chair, gave a speech on behalf of the NZCC to the Competition Law and Regulatory Review Conference. In his speech he discussed the impact of the economic recession on the NZCC's work programme, how the NZCC is going in terms of implementation of the Part 4 changes, and areas under the Fair Trading and the Credit Contracts and Consumer Finance Acts.
Click here for more - The Devil in the Detail: Prosecuting Cartel Conduct under Criminalisation, Speech to the Competition Law and Regulatory Review Conference
On 22 February 2010, Ben Hamlin, Senior Legal Counsel, also gave a speech on behalf of the NZCC to the Competition Law and Regulatory Review Conference. He commented on how Government cartel criminalisation policy, once settled upon, might be translated by the NZCC into good implementation of the law.
Click here for more
Media releases
The NZCC has issued the following media releases:
Market behaviour
- Cartel leniency policy updated by Commerce Commission
The NZCC has released its updated cartel leniency policy. The updated leniency policy explains how a company or an individual can apply for conditional immunity or formal cooperation if immunity is not available. Key changes in the updated policy include changes to the eligibility for conditional immunity and the related processes.
Click here for more
Telecommunications
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Draft decision released by Commerce Commission on VDSL services
The NZCC has released its draft decision on how the application of the unbundled bitstream access standard terms determination (UBA STD) relates to services delivered over VDSL (Very high bit-rate Digital Line Subscriber). The NZCC's draft decision follows a request last year by Telecom for clarification of how the regulations under the Telecommunications Act deal with VDSL.
Click here for more -
Commerce Commission commences review of data price
The NZCC has commenced a review of the cost of data transmission in the unbundled bitstream access (UBA) standard terms determination.
Click here for more -
Recommendation on mobile termination delivered to Minister
The NZCC has delivered its final report on mobile termination access services to the Minister for Communications and Information Technology. The Telecommunications Commissioner, Dr Ross Patterson, has recommended that the Minister accept Telecom's and Vodafone's final undertakings as an alternative to regulation.
Click here for more
Consumer issues
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Calf feed company fined for Fair Trading Act breach
A company that manufactured and sold calf feed that did not meet its advertised specifications has pleaded guilty to eight charges of breaching the Fair Trading Act. Mainfeeds Limited (formerly known as PCL Limited) has been fined $125,000 in the Auckland District Court.
Click here for more -
Proceedings against Commissioner Donal Curtin
The NZCC has been advised that court proceedings have been filed against Commissioner Donal Curtin, relating to his private role as an investment adviser. Until all of the proceedings are resolved, Mr Curtin has been allocated to tasks that do not involve him in decision-making related to enforcement actions under either the Fair Trading Act or Credit Contracts and Consumer Finance Act.
Click here for more
Australian Competition and Consumer Commission (ACCC)
ACCC media releases
The ACCC has issued the following media releases:
Mergers and acquisitions
- ACCC calls for comment on proposed acquisition of Goodman Fielder edible fats and oils business by Cargill
The ACCC has issued a Statement of Issues on the proposed acquisition of Goodman Fielder Limited's commercial edible fats and oils business by Cargill Australia Ltd.
Click here for more
Market behaviour
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Collective contract negotiations working well for Tasmanian vegetable growers
The ACCC has made a draft decision to re-authorise collective negotiation arrangements proposed by the Tasmanian Farmers and Graziers Association. The proposed arrangement allows present and future TFGA members to collectively negotiate the terms and conditions of vegetable growing contracts with McCain Foods (Aust) Pty Ltd and Simplot Australia Pty Limited.
Click here for more -
ACCC: Breaching the Trade Practices Act has never been more costly
"Business is on notice – the ACCC will be pursuing tougher penalties for anti-competitive behaviour, including cartels," Chairman of the ACCC Graeme Samuel said at an AICD luncheon in Melbourne. Financial penalties for anti-competitive conduct in general were raised significantly with amendments to the Trade Practices Act which apply to conduct occurring after 1 January 2007. In 2009 criminal sanctions were introduced for serious cartel conduct.
Click here for more -
ACCC decides restrictive ice hockey policy is anti-competitive
The ACCC has issued a notice revoking Ice Hockey Australia's notification, under which its members are prevented from playing in ice hockey competitions that have not been approved by Ice Hockey Australia.
Click here for more -
ACCC sees benefit in collective bargaining by iron ore producers
The ACCC has issued a draft determination proposing to grant conditional authorisation to a group of junior iron ore producers to collectively bargain for rail haulage services and rail track access in the Pilbara region of Western Australia.
Click here for more -
ACCC proposes to approve cheque clearing rules
The ACCC proposes to authorise certain regulations governing the operation of the Australian Paper Clearing System managed by the Australian Payments Clearing Association. APCA has sought reauthorisation for the suspension and termination provisions of the APCS regulations.
Click here for more -
Doctors risk breaching competition laws
A recent ACCC investigation should serve as a reminder to medical practitioners that they must comply with Australia's competition laws. Doctors not practising within a single legal entity (a single company, sole natural person or legal partnership with no corporate partners or trust) are competitors under the law.
Click here for more -
ACCC institutes proceedings against Korean Air Lines Co. Ltd
The ACCC has instituted proceedings in the Federal Court against Korean Air Lines Co. Ltd. Korean Air Lines Co. Ltd is the twelfth airline to be the subject of ACCC proceedings for alleged price fixing in the air cargo industry.
Click here for more
Access
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ACCC submits advice on accreditation of state agencies under the water infrastructure charge rules
The ACCC has submitted its advice on the accreditation of state agencies by the ACCC under the water infrastructure charge rules (WICR) to the Minister for Climate Change and Water.
Click here for more -
ACCC issues draft decision on Hunter Valley rail network
The ACCC has issued a draft decision not to accept the proposed access arrangements lodged by the Australian Rail Track Corporation for the Hunter Valley rail network in their current form, on the basis that they are unlikely to be appropriate under the Trade Practices Act 1974.
Click here for more
Consumer issues
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Supplier stops trade in dangerous mini jelly cups
Importer and distributor Sony Trading Pty Ltd has offered the ACCC court enforceable undertakings after supplying banned mini jelly cups.
Click here for more -
Online offensive – Fighting fraud online
The proliferation of online scams has significantly increased the chances of Australians falling victim to fraud, and it is the focus for the Australasian Consumer Fraud Taskforce's (ACFT) 2010 Fraud Week campaign.
Click here for more -
$70 million lost: ACCC scam activity report
During 2009, losses reported to the ACCC through scams totalled almost $70 million, ACCC deputy chair Peter Kell said when launching Targeting scams - Report of the ACCC on scam activity 2009.
Click here for more -
Telco admits telemarketing and door-to-door sales likely to mislead
People Telecom Pty Limited has admitted its sales agents transferred customers from rival carriers without consent and made other potentially misleading claims in order to signup customers. As part of a court enforceable undertaking People Telecom will now offer affected consumers refunds and waive debts arising from telemarketing and door-to-door sales on its behalf.
Click here for more -
Ozdirect online brands and director misled consumers
The Federal Court of Australia has declared that Ozdirect Online Brands Pty Ltd and its director Paul Albright engaged in misleading and deceptive conduct over the offer for sale of electronic goods on websites including www.ozdirect.com, www.ozdirect.com.au and www.ausbuys.com.
Click here for more -
Scams advice for online shoppers and small business: Fraud Week 2010
As part of the Australasian Consumer Fraud Taskforce's 2010 Fraud Week, the ACCC has issued two new publications to help online shoppers and small business owners avoid scams.
Click here for more -
Bunk bed importer improves quality control after safety standard breach
Linksea Pty Limited will modify its designs and monitor the quality of bunk beds it imports to ensure they comply with the mandatory safety standard as a part of court enforceable undertakings made to the ACCC.
Click here for more -
ACCC acts quickly to temporarily restrain alleged misleading cancer treatment claims
The ACCC has obtained interlocutory injunctions in the Brisbane Federal Court against Darryl Jones, principal of the Darryl Jones Health Resolution Centre on the Sunshine Coast, Queensland, over alleged misleading or deceptive conduct in connection with a cancer treatment programme.
Click here for more
Legislation round-up
The following is an overview of the status of all legislation promulgated during the period from 17 February 2010 to 9 March 2010 or currently before Parliament.
If you require any further information or advice on any of the legislation listed below, or would like our assistance with making a submission to a select committee on any bill, please contact your usual Bell Gully adviser.
New Acts
Act |
Date Act is in force |
Accident Compensation Amendment Act 2010 |
|
Children, Young Persons, and Their Families (Youth Courts Jurisdiction and Orders) Amendment Act 2010 |
1 October 2010 |
Student Loan Scheme (Exemptions and Miscellaneous Provisions) Amendment Act 2010 |
|
New Regulations
Regulation |
Date regulation is in force |
Alcoholism and Drug Addiction Institution (The Bridge, Auckland) Order 2010 |
22 April 2010 |
Aorangi Māori Trust Board Order |
19 February 2010 |
Building (Designation of Building Work Licensing Classes) Order 2010 |
1 April 2010 |
Building Practitioners (Licensing Fees and Levy) Regulations 2010 |
1 April 2010 |
Building Practitioners (Register of Licensed Building Practitioners) Regulations 2010 |
|
Commodity Levies (Meat) Order 2010 |
19 April 2010 |
Customs and Excise (Specified AANZFTA Parties – Thailand Amendment Order 2010) |
12 March 2010 |
Deposit Takers (Goldman Sachs JB Were Capital Markets Limited) Exemption Notice 2010 |
1 March 2010 |
Deposit Takers (Moratorium) Exemption Amendment Notice 2010 |
19 February 2010 |
Deposit Takers (Public Trust) Exemption Notice 2010 |
1 March 2010 |
Double Taxation Relief (Australia) Order 2010 |
15 April 2010 |
Electricity Amendment Act 2006 Commencement Order 2010 |
All the provisions of the Electricity Amendment Act 2006 that are not yet in force come into force on 1 April 2010. |
Electricity (Safety) Regulations 2010 |
1 April 2010 |
Fisheries (Declaration of New Stock Subject to Quota Management System) Notice 2010 |
5 March 2010 |
Game Licences, Fees, and Forms Notice 2010 |
|
Health Entitlement Cards Amendment Regulations 2010 |
1 April 2010 |
Health Practitioners (Quality Assurance Activity – Compass Health Wellington Trust) Notice 2010 |
12 February 2010 |
Health Practitioners (Quality Assurance Activities – Nelson Marlborough DHB) Notice 2010 |
12 February 2010 |
Health Practitioners (Quality Assurance Activities – Hutt DHB Notice 2010) |
19 February 2010 |
Health Practitioners (Quality Assurance Activities – Wairarapa DHB) Notice 2020 |
12 February 2010 |
Immigration Amendment Regulations 2010 |
22 April 2010 |
Land Transport (Certification and Other Fees) Amendment Regulations 2010 |
1 April 2010 |
Land Transport (Driver Licensing) Amendment Rule 2010 |
1 April 2010 |
Land Transport (Offences and Penalties) Amendment Regulations 2010 |
1 April 2010 |
Land Transport (Traction Engine Safety) Regulations Revocation Order 2010 |
1 April 2010 |
Minimum Wage Order 2010 |
1 April 2010 |
Plumbers, Gasfitters, and Drainlayers Act Commencement Order 2010 |
All the provisions of the Plumbers, Gasfitters, and Drainlayers Act 2006 that are not yet in force come into force on 1 April 2010. |
Plumbers, Gasfitters, and Drainlayers Regulations 2010 |
1 April 2010 |
Public Finance (Departmental Guarantees and Indemnities) Amendment Regulations 2010 |
26 February 2010 |
Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010 |
26 February 2010 |
Securities Act (PSIS Limited) Exemption Notice 2010 |
19 February 2010 |
Social Security (Childcare Assistance) Amendment Regulations 2010 |
1 April 2010 |
Social Security (Income Exemption: Home-based Care) Amendment Regulations 2010 |
1 April 2010 |
Social Security (Long-term Residential Care) Amendment Regulations 2010 |
1 April 2010 |
Social Security (Long-term Residential Care – Value of Land) Amendment Regulations 2010 |
1 April 2010 |
Social Security (Rates of Benefits and Allowances) Order 2010 |
|
Social Security (Temporary Additional Support) Amendment Regulations 2010 |
1 April 2010 |
Student Allowances Amendment Regulations 2010 |
1 April 2010 |
Student Loan Scheme (Charitable Organisations) Amendment Regulations 2010 |
1 April 2010 |
Takeovers Code (Biovittoria Limited) Exemption Amendment Notice 2010 |
5 March 2010 |
Takeovers Code (Michael Hill International Limited) Exemption Notice 2010 |
This notice applies to acts or omissions occurring on or after 20 August 2009. |
Takeovers Code (The Warehouse Group Limited) Exemption Notice 2010 |
This notice applies to acts or omissions occurring on or after 26 February 2010. |
Tariff (Specified AANZFTA Parties – Thailand) Amendment Order 2010 |
12 March 2010 |
Traffic Amendment Regulations 2010 |
1 April 2010 |
War Pensions Amendment Regulations 2010 |
1 April 2010 |
War Pensions (Rates of Pensions, Lump Sum Payments, and Allowances) Order 2010 |
|
New Bills
Bill |
Date of introduction |
Type of bill |
Animal Welfare Amendment Bill |
15 February 2010 |
Government |
Copyright (Infringing File Sharing) Amendment Bill |
23 February 2010 |
Government |
Employment Relations (Workers' Secret Ballot for Strikes) Amendment Bill |
23 February 2010 |
Member's |
Minimum Wage (Mitigation of Youth Unemployment) Amendment Bill |
23 February 2010 |
Member's |
Smart Meters (Consumer Choice) Bill |
23 February 2010 |
Member's |
Bills sent to select committees
Bill |
Select Committee |
Animal Welfare Amendment Bill |
Primary Production Committee |
Financial Service Providers (Pre-Implementation Adjustments) Bill |
Commerce Committee |
Bills open for submissions
Bill |
Select Committee |
Closing date for submissions |
Report due date |
Animal Welfare Amendment Bill |
Primary Production |
15 March 2010 |
30 April 2010 |
Child and Family Protection Bill |
Justice and Electoral |
1 April 2010 |
11 August 2010 |
Education (Freedom of Association) Amendment Bill |
Education and Science |
31 March 2010 |
28 May 2010 |
Fair Trading (Soliciting on Behalf of Charities) Amendment Bill |
Commerce Committee |
19 March 2010 |
9 June 2010 |
Financial Service Providers (Pre-Implementation Adjustments) Bill |
Commerce Committee |
25 March 2010 |
4 May 2010 |
Bills waiting on report back from select committees
Bill |
Select Committee |
Report due |
Animal Welfare Amendment Bill |
Primary Production Committee |
30 April 2010 |
Arms Amendment Bill (No 3) |
Law and Order |
28 May 2010 |
Child and Family Protection Bill |
Justice and Electoral |
11 August 2010 |
Education (Freedom of Association) Amendment Bill |
Education and Science |
28 May 2010 |
Electoral (Administration) Amendment Bill |
Justice and Electoral |
27 April 2010 |
Electricity Industry Bill |
Finance and Expenditure Committee |
15 June 2010 |
Fair Trading (Soliciting on Behalf of Charities) Amendment Bill |
Commerce Committee |
9 June 2010 |
Financial Service Providers (Pre-Implementation Adjustments) Bill |
Commerce Committee |
4 May 2010 |
Franklin District Council (Contribution to Funding of Museums) Amendment Bill |
Local Government and Environment |
30 April 2010 |
Human Assisted Reproductive Technology (Storage) Amendment Bill |
Health |
8 June 2010 |
Insurance (Prudential Supervision) Bill |
Finance and Expenditure |
8 June 2010 |
Land Transport (Driver Licensing) Amendment Bill |
Transport and Industrial Relations |
30 June 2010 |
Limitation Bill |
Justice and Electoral |
2 April 2010 |
Local Government (Auckland Law Reform) Bill |
Auckland Governance Legislation Committee |
4 May 2010 |
Marine Reserves Bill |
Local Government and Environment |
30 December 2010 |
Marine Reserves (Consultation with Stakeholders) Amendment Bill |
Local Government and Environment |
30 December 2010 |
Ngati Apa (North Island) Claims Settlement Bill |
Māori Affairs |
17 March 2010 |
Patents Bill |
Commerce |
30 March 2010 |
Private Security Personnel and Private Investigators Bill |
Justice and Electoral |
30 March 2010 |
Public Works (Offer Back of and Compensation for Acquired Land) Amendment Bill. |
Local Government and Environment |
17 June 2010 |
Sale and Supply of Liquor and Liquor Enforcement Bill |
Justice and Electoral |
30 June 2010 |
Sale of Liquor (Objections to Applications) Amendment Bill |
Social Services |
30 June 2010 |
Search and Surveillance Bill |
Justice and Electoral |
1 May 2010 |
Sentencing and Parole Reform Bill |
Law and Order |
30 March 2010 |
Statutes Amendment Bill |
Government Administration |
1 April 2010 |
Sustainable Biofuel Bill |
Local Government and Environment |
29 July 2010 |
Taxation (Annual Rates, Trans-Tasman Savings Portability, Kiwisaver, and Remedial Matters) Bill |
Finance and Expenditure |
8 June 2010 |
Waikato-Tainui Raupatu Claims (Waikato River) Settlement Bill |
Māori Affairs |
30 June 2010 |
Whanganui Iwi (Wanganui (Kaitoke) Prison and Northern Part of Wanganui Forest) On-account Settlement Bill |
Māori Affairs |
19 March 2010 |
Bills waiting for second and/or third readings
Bill |
Links to select committee reports/SOPs |
Antarctica (Environmental Protection: Liability Annex) Amendment Bill |
|
Aquaculture Legislation Amendment Bill (No 2) |
|
Carter Observatory Act Repeal Bill |
|
Children, Young Persons and Their Families Amendment Bill (No 6) |
|
Cultural Property (Protection in Armed Conflict) Bill |
|
Dairy Industry Restructuring (Raw Milk Pricing Methods) Bill |
|
Dog Control Amendment Bill (No 2) |
|
Electricity (Continuance of Supply) Amendment Bill |
|
Gambling Amendment Bill (No 2) |
Report of the Government Administration Committee |
Infrastructure Bill |
|
Inquiries Bill |
|
Judicial Matters Bill |
Report of the Justice and Electoral Committee |
Māori Commercial Aquaculture Claims Settlement (Regional Agreements) Amendment Bill |
|
Motor Vehicle Sales Amendment Bill |
|
Oaths Modernisation Bill |
Report of the Government Administration Committee |
Privacy (Cross-border Information) Amendment Bill |
|
Public Health Bill |
|
Radio New Zealand Amendment Bill |
|
Rail Network Bill |
|
Regulatory Improvement Bill |
|
Regulatory Responsibility Bill |
|
Reserves and Other Lands Disposal Bill |
|
Residential Tenancies Amendment Bill |
|
Therapeutic Products and Medicines Bill |
|
Trade Marks (International Treaties and Enforcement) Amendment Bill |
Report of the Foreign Affairs, Defence and Trade Committee |
Trade (Safeguard Measures) Bill |
|
Trustee Amendment Bill |
|
Unit Titles Bill |
The Bell Gully Regulator Report is designed to highlight certain New Zealand and Australian corporate, commercial and competition regulatory developments. The Bell Gully Regulator Report is not designed to be comprehensive and is necessarily brief and general in nature and is not intended to provide legal advice. You should seek professional legal advice before taking any action in relation to the matters dealt with in this publication. Bell Gully is not the author of any information received by clicking on the hypertext links and therefore is not responsible for their accuracy.
