NZX consults on revamped listing rules under a new market structure
NZX has released an exposure draft of its proposed new listing rules for consultation, with a view to implementing the new rules towards the end of 2018 and bringing them into effect on 1 January 2019. This follows NZX’s consultation at the end of last year on a wide span of issues to reform and …
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Multinational tax proposals move closer to enactment with (some) taxpayer concessions
The Officials' Report on submissions on the bill containing new rules to combat "base erosion and profit shifting" (often referred to as BEPS) by foreign multinationals has finally been released together with the second reading of the bill. Concerns that the new rules could impact foreign investment in New Zealand and therefore should be abandoned …
A win for contractual certainty – UK Supreme Court finds “no oral variation” clauses enforceable
In a welcome move from the standpoint of contractual certainty, the United Kingdom's Supreme Court has overturned the Court of Appeal in its eagerly-awaited decision in Rock Advertising Ltd v MWB Business Exchange Centres Ltd. In doing so, the Supreme Court has unanimously confirmed that no oral variation (or modification) (NOM) clauses are valid and enforceable …
Arbitration in New Zealand
International arbitration is growing in importance as a dispute forum in New Zealand as it is around the world.
Domestic violence victims one step closer to receiving greater protection from their employer
The Domestic Violence – Victims' Protection Bill took another step forward in Parliament in June and has now passed its second reading.
Government puts cartel criminalisation back on the table
The Minister of Commerce and Consumer Affairs, Kris Faafoi, has today tabled the Commerce (Criminalisation of Cartels) Amendment Bill (the Bill) in the House.
New Zealand favours English approach to penalties
A recent High Court decision marks an important step in the development of the approach to the “Penalty Doctrine” in New Zealand – that is, the principle that contractual provisions which allow parties to punish one another disproportionately are unenforceable. Justice Whata’s judgment in Honey Bees v 127 Hobson Street1 carefully traverses the recent evolution …
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How open is New Zealand to Open Banking
This week New Zealand hosts the Digital Nations 2030 to discuss what is required to become a truly digital nation by 2030. Open Banking is a critical first step, but where is it on the Government’s agenda?
International tax information exchange in the spotlight after judicial review blocks IRD information
Auckland-based accounting firm Chatfield & Co Ltd has won a judicial review into the lawfulness of information production notices issued by the Commissioner of Inland Revenue (the Commissioner).
New report suggests the time is right to review the electricity sector
Renewable energy targets and the take-up of new technologies mean it is the right time to review the regulatory settings for the electricity sector, according to a new report by law firm Bell Gully.