Business law

We develop policy relating to the regulation of New Zealand's capital and financial markets and market intermediaries, the conduct of its participants and their responsibilities to provide information to the public, corporate governance, financial reporting and the business law enforcement bodies.

An effective and consistent framework for regulation promotes confidence and participation in financial markets.

Effective corporate governance systems foster transparency and accountability by ensuring shareholders receive quality information about the company's performance and the directors' stewardship of their assets. This ensures that shareholders are able to exercise their powers to hold directors to account.

We aim to support economic growth and access to information, while managing risk and encouraging innovation in the financial sector.

Agencies we monitor

The Ministry of Business, Innovation and Employment monitors several agencies involved in financial issues in New Zealand, on behalf of the Minister of Commerce.

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Asia region funds passport

In April 2016, New Zealand, Australia, Japan, and Korea signed a Memorandum of Cooperation for establishing and implementing the Asia Region Funds Passport, with Thailand signing in June.

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Approved Dispute Resolution Schemes: Minimum Compensation Cap for Insurance Disputes

In March 2015, the Ministry invited submissions on a discussion document that proposed to increase the compensation that dispute resolution schemes can award in relation to disputes about real property insurance claims from $200,000 to $350,000. Consultation closed on 9 April 2015.

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Auditor liability

Cabinet has agreed that MBIE will carry out work in 2015 on whether to introduce liability caps for large or complex audits.

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Contract and Commercial Law Bill exposure draft consultation

The Parliamentary Counsel Office and the Ministry of Business, Innovation and Employment are seeking feedback on the Contract and Commercial Law Bill before it is introduced to Parliament.

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Financial advisers

Financial advisers must meet minimum standards of disclosure, competency and accountability.

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Financial Markets Conduct Act

The Financial Markets Conduct Act 2013 governs how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them.

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Financial reporting framework review

Details about changes that were proposed to the way that business financial reporting is done.

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FMA funding and levies decisions

New levies for the Financial Markets Authority (FMA), External Reporting Board (XRB), and a new fee structure for the Companies Office have been finalised following a thorough consultation period with stakeholders.

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Incorporated societies

In 2013, the Law Commission published a report A New Act for Incorporated Societies.

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Insolvency law working group

The Insolvency Review Working Group (Working Group) is a panel of experts set up in November 2015 to examine aspects of corporate insolvency law.

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Insurance Contract Law Review

The government is seeking public input on a review of New Zealand’s insurance contract law.

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Kiwisaver

The Government has undertaken a number of reforms in relation to KiwiSaver. These include improving governance and disclosure, and a review of default providers.

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Legislation we administer

The Ministry of Business, Innovation and Employment administers various legislation relating to the operation of companies and financial services in New Zealand.

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Partnership Law Bill

The Partnership Law Bill revises the Partnership Act 1908, as part of the current revision programme under the Legislation Act 2012. The purpose of the revision programme is to revise Acts to make them more accessible and readable and easier to understand.

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Single Economic Market outcomes agenda

Creating a Single Economic Market (SEM) with Australia will enable businesses, consumers, and investors to conduct operations across the Tasman in a seamless regulatory environment.

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Supporting the integrity of the corporate governance system

The corporate governance system provides the legal infrastructure for the operation of businesses, not-for-profit entities and civil society organisations. Two key initiatives are currently being considered to support the corporate governance system.

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Takeovers

The Takeovers Panel is an independent Crown entity established under the Takeovers Act 1993 to administer and enforce the Takeovers Code.

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Foreign Margin Requirements for OTC Derivatives

Cabinet has agreed to a number of legislative amendments that will address aspects of New Zealand law which impede compliance with these foreign margin requirements. These include amendments to the Reserve Bank of New Zealand Act 1989, the Corporations (Investigations and Management) Act 1989, the Companies Act 1993, and the Personal Property Securities Act 1999.

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