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Work programme

Issues under active consideration by the Government Policy and Advocacy team include:

Policy Stage of development  Related documents 

The Companies and Limited Partnerships Amendment Bill

NZICA contact: 

Paul Hocking

The Bill is awaiting its second reading.

A Supplementary Order Paper with changes to the criminal offences relating to breaches of certain directors' duties was realeased in June 2013

Companies and Limited Partnerships Amendment Bill and Supplementary Order Paper

 

Submission to MBIE on follow-up consultation arising from Select Committee queries

 

Submission 6 September 2012

 

 

Lobbying Disclosure Bill

NZICA contact:

Paul Hocking

Referred to Government Administration Committee on 25 July 2012.  Submissions to Committee closed 5 October 2012.

 

Committee's report to Parliament due 26 July 2013.

Lobbying Disclosure Bill

 

Submission 5 October 2012

 
Considering and responding to the Law Commission's proposals on trust law reforms
NZICA contact:
Kimberly McCay

The Law Commission has released a Preferred Approach Paper setting out the Commission's preferred options for trust law reform.  Submissions to the Commission closed on 22 February 2013.

 

The Commission is working on its final report.

Law Commission's Review of the Law of Trusts

 

NZICA Overview Paper

 

Submission 20 February 2013

 
Progressing limitation of professional liability law reform
NZICA contact:
Kimberly McCay

The Law Commission has released an Issues Paper on the revision of joint and several liability. Submissions closed on 31 January 2013.  The Commission is working on its final report.

 

Additionally the Ministry of Business, Innovation and Employment is considering proposals to allow audit firms to incorporate.

Law Commisssion's Review of Joint and Several Liability

 

Submission 15 February 2013

 
Progressing an exemption for accountants under the Real Estate Agents Act 2008
NZICA contact:
Paul Hocking
Progressing an exemption for accountants under the Real Estate Agents Act.

Until such an exemption is achieved, members are reminded of their need to comply with the Act. There is an article on this topic in the May Chartered Accountants Journal.

Real Estate Agents Act

 The team is also keeping a watching brief on the following issues:

Policy Stage of development  Related documents
 Productivity Commission's inquiry into the services sector

The Productivity Commission is undertaking an inquiry into NZ’s services sector with the aim of identifying opportunities to boost its productivity. A preliminary issues paper was published in April 2013 (submissions closed 2 May).
The inquiry has two parts:

  1. An assessment of the productivity of different services industries, the impact of the services sector on the economy, and its performance compared to other countries. An interim report is due out in June 2013.
  2. A more in-depth assessment of several key issues or services areas accompanied by specific policy recommendations. An interim report is due out in October 2013.

The Commission’s final report to Government is due 28 February 2014

 Productivity Commission Inquiry into service sector

The Law Commission’s Review of the Incorporated Societies Act 1908
NZICA contact:
Kimberly McCay

Submissions on the Law Commission’s Issues Paper closed in October 2011. The Commission is working on its final report.  

Law Commission's Review of the Incorporated Societies Act 

 

NZICA’s Technical Services Team has had discussions with the Law Commission about the work the External Reporting Board (XRB) is doing on proposed new accounting standards for not-for-profit organisations. View NZICA’s submission to the XRB. 

 

 
The Law Commission's Issues Paper on Civil Pecuniary Penalties Civil pecuniary penalties are financial penalties used by enforcement agencies (including the Commerce Commission and the FMA) to punish breaches of law by individuals and companies. The Financial Markets Conduct Bill contains a number of these penalties.  The Commission's paper suggests the more widespread resort to civil pecuniary penalties leads to a debate about when such penalties are desirabe, how they should be formulated and applied, and what safeguards should attend their use.  Submissions to the Law Commission closed on 15 February 2013.  NZICA did not make a submission.  Whilst NZICA agrees that policy-makers and legislators need to think carefully about when to use such penalties, the Issues Paper focuses on mostly legal procedural and evidential matters Law Commission's Issues Paper on Civil Pecuniary Penalties

Review of Privacy Laws

NZICA contact:
Kimberly McCay 
 

The Government has announced that it will repeal and re-enact the Privacy Act following its review by the Law Commission.
The Ministry of Justice is reviewing the Commission’s recommendations.  

Government Response

 

Law Commission's Review of Privacy Laws

 Work items on the horizon: