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Firm: MinterEllisonRuddWatts

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Cartel Criminalisation – Six Months On
MinterEllisonRuddWatts, October 2021

Six months on from criminalisation of cartel misconduct, MinterEllisonRuddWatts’ Organisational Integrity team look at why criminalisation remains a ‘game changer’, the inevitability of a first criminal prosecution, and why having a plan that recognises the special nature of criminalisation is an important part of your risk management strategy. Criminalisation of cartel misconduct Six months ago, cartel misconduct became a criminal offence under New Zealand law...

Cartel Criminalisation Bill introduced
MinterEllisonRuddWatts, October 2011

The outgoing Commerce Minister, Simon Power, yesterday introduced to Parliament the Commerce (Cartels and Other Matters) Amendment Bill. Under the Bill’s proposed amendments to the Commerce Act 1986, so-called ‘hard core’ cartel activity - price fixing, output restrictions, market allocation and bid rigging - will become criminal offences as well as a civil wrongs punishable by hefty fines...

Cartelists one step closer to jail
MinterEllisonRuddWatts, June 2011

On 16 June the Commerce Minister Simon Power released the Exposure draft Commerce (Cartels and Other Matters) Bill (Exposure Bill). The Exposure Bill provides that individuals found guilty of criminal cartel conduct will face up to seven years imprisonment. Bodies corporate found criminally liable will face the current sanctions (ie the greater of $10 million or three times the commercial gain (or if the gain cannot be ascertained 10% of annual group turnover))...

CCCFA Amendments Delayed
MinterEllisonRuddWatts, September 2021

On Thursday 9 September 2021, the Ministry of Business, Innovation and Employment (MBIE) announced a number of changes to legislation due to the shift in COVID-19 alert levels...

Changes on the Horizon
MinterEllisonRuddWatts, December 2014

Proposed reforms to the Resource Management Act (RMA) are the most highly anticipated change expected in 2015 that will impact the environment and its regulation. That isn’t likely to be the only change though. Briefings to Incoming Ministers (Briefings) by Ministry staff suggest other important, if not so sweeping, reforms and policy shifts are under contemplation for the next three year term. In addition to RMA reforms these include...

Class Actions and Litigation Funding Project Revived
MinterEllisonRuddWatts, October 2020

The Law Commission will soon seek feedback in its Class Actions & Litigation Funding Review Project. This is an area of continued interest to the insurance market. The Law Commission’s review Class actions The Law Commission will first look at class actions: proceedings brought by or on behalf of a group of plaintiffs with the same interest. Unlike other jurisdictions, New Zealand does not have a comprehensive class actions regime...

Class Auctions - Are We In or Out?
MinterEllisonRuddWatts, April 2021

How a class of litigants is established has implications for both plaintiffs and defendants in a dispute. This article examines the distinction between whether a class action is “opt-in” or “opt-out” and discusses the commercial implications arising from each. New Zealand does not have a detailed framework that governs the procedural aspects of a class action...

Climate Reporting Bill to Receive First Reading this Week
MinterEllisonRuddWatts, April 2021

On 12 April 2021, the New Zealand Government introduced the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (Bill), which will receive its first reading this week.  Once passed, disclosures will be required for financial years commencing in 2022, meaning that the first disclosures will be made in 2023...

Climate-related Disclosures: XRB Climate Standard Consultation Launch and CRD Bill passes Third Reading and Committee of the Whole House stage
MinterEllisonRuddWatts, October 2021

It has been a busy week in relation to New Zealand’s climate-related disclosures regime: On Tuesday 19 October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill) passed through theCommittee of the Whole Housestage, and on Thursday 21 October 2021, the CRD Bill passed theThird Readingstage, so it is now in final form...

Commerce Commission v Air New Zealand Limited
MinterEllisonRuddWatts, December 2005

The Commerce Commission has recently succeeded in bringing an action against Air New Zealand Limited ("Air NZ") for breaches of the Fair Trading Act 1986 (the "Act") in respect of air travel advertisements. The advertisements (over 300 in total) were published in five major national newspapers from October 2001 through June 2004. The Court assed a representational sample of 20 of the advertisements...

Commission Squeezes $12 million Out Of Telecom
MinterEllisonRuddWatts, April 2011

In his judgment released yesterday, Justice Rodney Hansen of the High Court in Auckland (Court) imposed on Telecom the largest ever penalty under the Commerce Act (Act). The penalty followed on from the Court’s finding in October 2009 that Telecom had taken advantage of its market power when setting wholesale access prices for high-speed data transmission services between 2001 and 2004...

Companies May be Prosecuted for Health and Safety Incidents Outside New Zealand
MinterEllisonRuddWatts, July 2021

In a significant prosecution, a New Zealand employer has pleaded guilty and been sentenced, for the first time, in relation to a health and safety incident that occurred whilst its worker was outside of New Zealand...

Competition Law not Suspended by COVID-19 Emergency
MinterEllisonRuddWatts, March 2020

The Commerce Commission (NZCC) Announced this week that it had no intention of taking enforcement action against businesses that are cooperating “to ensure New Zealanders continue to be supplied with essential goods and services during this unprecedented time. If you need to work with your competitors to share staff or distribution networks or take other measures to ensure security of supply, you are able to do this...

Conduct of Financial Institutions Bill Receives First Reading
MinterEllisonRuddWatts, February 2020

On Wednesday 12 February 2020, the Financial Markets (Conduct of Institutions) Amendment Bill (the Bill) received its first reading in Parliament. The Bill (and the transcript of the first reading debate) are available online. See our previous note on the introduction and content of the Bill in December 2019 and earlier note on the initial consultation documents that led to the Bill...

Construction Sector Mitigation Measures in the Face of COVID-19
MinterEllisonRuddWatts, April 2020

Some construction companies are just weeks away from collapse – including private principal developers and contractors. As parties battle out what contractual relief looks like for the Alert Level 4 lockdown, it is encouraging to see a focus on mitigation measures. This focus spans across all levels: mitigation as an industry; collaborative mitigation steps by parties for projects; and the requirement on contractors to mitigate their loss...

Consultation on FMA Funding and Levies
MinterEllisonRuddWatts, January 2020

The Financial Markets Authority (FMA) has opened consultation on FMA funding options and levies. The review will enable the FMA to regulate the new financial advice regime (which will start from 29 June 2020). It will also allow the FMA to respond to cost pressures within its current remit, as the FMA has expanded since the last funding review in 2016. Both the media release and discussion paper are available online...

Consultation on KiwiSaver Fees
MinterEllisonRuddWatts, November 2020

Today the FMA has published a consultation on proposed guidance on KiwiSaver fees and value for money. The consultation is aimed at providing guidance on the statutory requirement that KiwiSaver fees must not be unreasonable and the related overarching statutory duties. Submissions close on Monday 14 December. Both the consultation document and the media release are available online...

Consultation on Proposed Class Exemption for Restricted Schemes
MinterEllisonRuddWatts, March 2021

The Financial Markets Authority (FMA) has opened a consultation on using its exemption power to exempt restricted schemes from certain disclosure and reporting obligations under the Financial Markets Conduct Regulations 2014 (FMC Regulations). The review will enable the FMA to get feedback on the exemption proposals, including the proposed conditions for the exemptions requiring alternate disclosure and reporting...

Consumer Finance and COVID-19 – New Regulations and Guidance
MinterEllisonRuddWatts, April 2020

The Government has provided guidance on the regulation of consumer finance following the disruption caused by COVID-19. Parliament passed theCredit Contracts and Consumer Finance (Exemptions for COVID-19) Amendment Regulations 2020(Amendment Regulations) on 31 March 2020. The Commerce Commission (Commission) has also releasedguidancefor lenders operating during the COVID-19 pandemic (Guidance Document)...

Consumer Law Update
MinterEllisonRuddWatts, March 2011

The Ministry of Consumer Affairs has announced that it will introduce a Consumer Law Reform Bill to Parliament later this year. The Bill will update the Consumer Guarantees Act, Fair Trading Act, Weights and Measures Act and Sale of Goods Act and repeal four other pieces of consumer legislation; the Door to Door Sales Act, the Layby Sales Act, the Unsolicited Goods and Services Act, and the Auctioneers Act...

Consumer Law Update: Unfair Contract Terms Guidance Released
MinterEllisonRuddWatts, August 2014

The Commerce Commission has released draft guidance setting out how it intends to approach the enforcement of the new unfair contract terms provisions in the Fair Trading Act 1986 (FTA). These new provisions are part of the amendments to the FTA made by the Fair Trading Amendment Act 2013. This part of the reform comes into force on 17 March 2015. The new unfair contract terms provisions will apply to all standard form consumer contracts entered into, renewed or varied after 17 March 2015...

Contracting in a COVID-19 World
MinterEllisonRuddWatts, November 2020

We may be tired of talking about COVID-19, but contractual and project risk associated with the pandemic is still very real. Risk associated with COVID-19 should remain a key consideration in project planning, tendering and negotiation activities, and in the delivery and administration of construction and infrastructure projects. To assist, we examine key themes and observations that are relevant to contracting in a COVID-19 world...

Court of Appeal Clarifies the Effect of Aggregation Clauses
MinterEllisonRuddWatts, October 2020

In Moore v IAG New Zealand Limited, the Court of Appeal provides helpful guidance on how aggregation clauses in insurance policies are to be interpreted and applied. Background This case concerned the plaintiff’s home, which was damaged in the February 2011 and June 2011 Christchurch earthquakes. Approximately $2.08 million of damage was caused by the February earthquake and $2.77 million of damage was caused by the June earthquake...

Court of Appeal Confirms Liability of Mainzeal Directors
MinterEllisonRuddWatts, March 2021

The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993...

Court of Appeal upholds the High Court’s decision in Southern Response Earthquake Services Ltd v Dodds
MinterEllisonRuddWatts, October 2020

The Court of Appeal has upheld the High Court’s decision inSouthern Response v Dodds, which found that Southern Response induced the Dodds to settle their earthquake insurance claim by misrepresentations as to the cost to reinstate their home. This decision is significant for Southern Response insureds – many of whom settled their earthquake claims on abridged cost estimates provided to them by Southern Response...

 

 

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