News & Analysis as of

New Zealand

New test for reparation topping-up ACC

by DLA Piper on

On 22 May 2017, a company and its director were ordered by the District Court to pay its employee $226,300 to top-up ACC in respect of future loss of earnings as a result of his being rendered a tetraplegic by a workplace...more

FMA Consultation: Proposed guidance on substantial product holder disclosures

by DLA Piper on

The Financial Markets Conduct Act (Act) requires people with a substantial holding (ie 5% or more) in a listed company to disclose their interests and certain changes to their interests in that listed enterprise. The form and...more

More regulation in the pipeline for supervisors, custodians and wholesale managers?

by DLA Piper on

The last assessment in 2003/2004 by the International Monetary Fund (IMF) identified a number of material deficiencies in New Zealand’s framework for securities regulation. The Government’s response was to completely overhaul...more

New NZX Corporate Governance Code

by DLA Piper on

The NZX yesterday released its updated Corporate Governance Code (New Code), which will replace the existing Best Practice Code set out in the Appendix to the NZX Listing Rules (Old Code). The New Code has been developed from...more

Financial Markets Conduct (KiwiSaver) Amendment Regulations 2017

by DLA Piper on

Following industry consultation and debate, the Financial Markets Conduct (KiwiSaver) Amendment Regulations 2017 (Amendment Regulations) came into force on 21 April 2017. The Amendment Regulations impose new and more...more

M&A Global Intelligence Series: Pricing Mechanisms

by DLA Piper on

In any M&A transaction, one of the fundamental matters to be agreed by the parties (usually at an early stage) is what approach will be used to calculate the purchase price, including whether or not there will be any...more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific...more

Privacy Commissioner critical of the bank's disclosure of personal information to the police

by DLA Piper on

A recent finding by the New Zealand  Privacy Commissioner (Commissioner) highlighted the need for organisations holding personal information to have appropriate policies and procedures in place to deal with requests from law...more

Environment: The Concept of Legal Personality – From Companies to Natural Entities?

by Latham & Watkins LLP on

New Zealand’s Parliament has just passed a bill to enable the Whanganui River to be recognised as a legal person. It will now be represented by two nominees: one appointed by the Maori community (or Iwi), and another...more

Construction retentions trust regime comes into force: What you need to know

by DLA Piper on

As discussed in previous updates, on 31 March 2017 a change to the Construction Contracts Act 2002 will take effect to implement a trust regime that will apply to retentions held under construction contracts. Key things...more

Legal Notebook for the Australia and New Zealand Property Journal

by DLA Piper on

The attached article appeared in the Australia and New Zealand Property Journal and addresses a recent decision of the Federal Court of Australia, Director of Consumer Affairs v Hocking Stuart Richmond Pty Ltd [2016] FCA...more

Next off the block - AEOI

by DLA Piper on

You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it's not over yet! Next off the block is the Automatic Exchange of Financial Account...more

Australian and New Zealand Patent Systems among the strongest in the world

by FPA Patent Attorneys on

A newly developed index rates Australia’s and New Zealand’s patent systems among the strongest in the world. Companies need to be strategic about where to protect their inventions. These decisions are generally based on...more

Pharmaceuticals in South East Asia

by FPA Patent Attorneys on

1. Are methods of medical treatment patentable? 2. Is extension of patent term possible? 3. Is there a data exclusivity period?...more

Proposed Amendments to New Zealand Privacy Law

by DLA Piper on

The New Zealand Privacy Commissioner (Commissioner), John Edwards, recently released a report reviewing the Privacy Act 1993 (Act). The report recommends amendments to the Act as part of the overhaul of New Zealand privacy...more

NZX Regulatory Agenda published

by DLA Piper on

NZX recently published its second annual NZX Regulatory Agenda (Agenda), outlining its objectives and focuses for 2017, as well as some of the key trends that have influenced the Agenda. NZX's five main areas of focus...more

Swimming in dark pools

by DLA Piper on

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

Employers note - Changes ahead in New Zealand

by DLA Piper on

In this update, we signal the changes to employment laws in New Zealand taking place next month that employers need to be aware of. We also look at the new private members bill that might allow an employer to restrict its...more

First case on Market Manipulation decided in New Zealand

by DLA Piper on

The High Court (Court) decision in Financial Markets Authority v Warminger is being read with interest by capital market participants as the first case on market manipulation decided in New Zealand. The Court found that...more

FMA releases Conduct Outcomes Report

by DLA Piper on

The New Zealand Financial Markets Authority (FMA) has released its Conduct Outcomes Report 2016 (Report), highlighting the key issues and actions from the FMA's enforcement, supervision and preventative activities for the...more

The promise of FinTech - More regulatory pointers

by DLA Piper on

Earlier this month, we discussed the key results and considerations from IOSCO's updated survey on the use of automated investment advice. IOSCO noted that technology tools will affect all elements of the advice value chain...more

Testing employees for Hepatitis B - Reasonably practicable?

by DLA Piper on

A recent WorkSafe New Zealand prosecution highlights the need for an employer's own health and safety policies to be implemented and followed - even if they are industry leading. Hepatitis B is a highly infectious virus...more

FMA releases Strategic Risk Outlook

by DLA Piper on

The New Zealand Financial Markets Authority (FMA) has today released its Strategic Risk Outlook (SRO), expanding on the seven strategic priorities it established in 2014. You can find a copy of the SRO on the FMA's...more

M&A Global Intelligence Series: Warranty Time Limits and Caps

by DLA Piper on

In M&A transactions, sellers routinely seek to limit their exposure under warranties and indemnities via reasonably standard exclusions and limitations. This article focuses on two of the most fundamental warranty...more

IRD consults on GST treatment of management fees and outsourced services

by DLA Piper on

'Questions we've been asked' (QWBA) are statements issued by the Office of the Chief Tax Counsel of the New Zealand Inland Revenue Department (IRD) in response to queries received on specific tax issues which are likely to be...more

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