Our lawyers analyse and comment on today’s business issues and legal developments through Counsel and Brief Counsel bulletins.
The most recent are listed below or use search to explore previous topics. To receive commentary as it is released, click on Subscribe and register your details.
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| | 27 July 2010 Jo Appleyard, PartnerJack Hodder SC, Partner and Chairman of the BoardAdam Ross, Partner | | Feel that the legislative process in New Zealand could be more transparent and that policy-making would benefit from more rigorous scrutiny?
The draft Regulatory Responsibility Bill seeks to address these concerns by imposing new disciplines on the law-makers.
The Government has prepared a set of questions on the Bill and has invited submissions to the Regulatory Quality Team within the Treasury by 27 August 2010. |
| | | 23 July 2010 Emma Harding, Senior SolicitorBradley Kidd, PartnerFrank McLaughlin, PartnerPenny Sheerin, PrincipalRoger Wallis, PartnerTim Williams, PartnerMike Woodbury, Partner | | This submission reflects the views of the following specialists in our financial sector regulation team: Tim Williams, Frank McLaughlin, Roger Wallis, Mike Woodbury, Bradley Kidd, Penny Sheerin, Emma Harding and Pippa Tasker. |
| | | 22 July 2010 John Holland, PartnerGeof Shirtcliffe, PartnerRoger Wallis, Partner | | New detail about the shape of the proposed Financial Markets Authority is contained in a just released Cabinet paper seeking Cabinet’s approval to fast-track the FMA’s implementation ahead of the broader securities law review.
This Brief Counsel summarises the new information and evaluates the decision to bring the FMA into being before important decisions have been made regarding the regulatory regime which it will be tasked with enforcing. |
| | | 22 July 2010 Grant David, Partner | | The New Zealand Productivity Commission will take a step closer to reality today when the establishing legislation has its first reading in the House.
The model is the Australian Productivity Commission which has been widely judged a success. Clearly, however, it is only a very small part of the explanation for why Australia has been out-pointing New Zealand in productivity performance over the last several years. |
| | | 20 July 2010 Doug Alderslade, PartnerGeoff Bevan, PrincipalGeoff Carter, PrincipalPheroze Jagose, Partner | | The employment law changes announced by the Prime Minister at the weekend are not radical but will bring some real improvements for employers.
This Brief Counsel looks at the reform agenda and, although details are light so far, provides a preliminary assessment of some of the likely implications.
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| | | 16 July 2010 Emma Harding, Senior SolicitorBradley Kidd, PartnerFrank McLaughlin, PartnerPenny Sheerin, PrincipalTim Williams, Partner | | An updated draft Code of Professional Conduct for Authorised Financial Advisers (AFAs) has been released for consultation in the wake of the extensive amendments to the financial services regime.
This is the final opportunity for stakeholders to comment on the Code before it is recommended to the Commissioner for Financial Advisers.
Submissions are due before 5pm, Wednesday 21 July.
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| | | 13 July 2010 Geoff Carter, PrincipalDaniel Kalderimis, PrincipalJohn McKay, PartnerAdam Ross, Partner | | A recent High Court of Australia decision, involving actor Paul Hogan, confirmed that private financial and taxation documents disclosed in connection with a court proceeding can be accessed by third parties, including the media.
This approach may well be imported into New Zealand’s confidentiality regime. This Brief Counsel briefly reviews the relevant law and considers the implications for business.
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| | | 12 July 2010 Michael Arthur, PartnerHamish Foote, PartnerMichael Harper, PartnerMatthew Yarnell, Partner | | New Zealand’s courts have only very recently acknowledged that banks could be liable as shadow directors in the right circumstances - see our previous analysis of the Krtolica case here. Now, the New South Wales Supreme Court has considered whether the same liability could apply to creditors of distressed companies where they exert pressure to recover outstanding debts.
On the facts, no liability arose in the Australian case, but the judgment once again highlights the risks taken by third parties who become involved in the affairs of their debtors.
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| | | 07 July 2010 Michael Arthur, PartnerHamish Foote, PartnerMichael Harper, PartnerJennifer Tunna, Senior SolicitorMatthew Yarnell, Partner | | A recent District Court decision has confirmed that deeds of company arrangement (DOCAs) cannot be used to release directors from personal liability unless the creditors expressly relinquish the guarantees and vote in favour of the DOCA.
The New Zealand case is the first to consider the issue and reflects the High Court of Australia’s judgment in Lehman Brothers.
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| | | 02 July 2010 John Holland, PartnerFrank McLaughlin, PartnerGeof Shirtcliffe, PartnerRoger Wallis, PartnerTim Williams, Partner | | The long-anticipated review of New Zealand’s securities law is now underway with the launch of a 200-page discussion document seeking input on the scale, scope and direction of change. Major reform is on the cards with the replacement of the Securities Act 1978 and the Securities Markets Act 1988 as well as significant amendment to other legislation.
Submissions to the Ministry of Economic Development (MED) close on 20 August 2010.
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