LJ NEWS LAW CHANGES IN THE WORKS OUR PEOPLE · PDF fileillustration and design firms Watermark...
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:: Welcome Welcome to the 2007 Christmas edition of Low Down. In this addition we review the critical Law Changes in force, as well as impending changes In the Works. We also update you as to Our People. LJ NEWS 50 Cent Mixture exhibition Lowndes Jordan was recently a leading sponsor of the 50 Cent Mixture art exhibition, an event organised by illustration and design firms Watermark and Insight Creative in conjunction with Smyth Galleries, to promote the work of top young NZ artists alongside pieces contributed by well known senior artists from NZ and overseas. ’Jeffrey Shadow Boxes in a New Zealand Landscape’ – by Dean Proudfoot Gathering of Creatives On 18 October 2007 Lowndes Jordan hosted a gathering of professionals involved in the New Zealand creative industries. We are privileged to work with a large number of creative people, who represent an important sector of the business community. The event was well attended by leading designers, brand strategists, artists and members of the writing, film and music industries. Christmas Break Please note that our offices will be closed from 21 December 2007 until 14 January 2008, although a skeleton staff will be in the office from 7 January 2008. LAW CHANGES Securities Markets Amendment Act 2006 and Regulations The Securities Markets Amendment Act 2006 (which amends the Securities Markets Act 1988), together with its associated regulations, is to come into force on 29 February 2008. The Act will introduce amendments to the insider trading, substantial security holder disclosure, and investment adviser and broker disclosure regimes in New Zealand and will introduce a new market manipulation regime. Some of the notable changes or additions include: • expanding the scope of who constitutes an insider (who is prohibited from engaging in certain share trading activities) so that it will include (broadly) any person in possession of materially price sensitive information that is “not generally available to the market” and who “knows or ought reasonably to know” that this is the case (contrasting with the current law, which requires an insider to have a connection to the public issuer to which the inside information relates); • introducing new market manipulation laws which prohibit making false or misleading statements or spreading information which is likely to induce a person to trade or which might affect the price of the securities and prohibits creating a false or misleading appearance of securities trading; • introducing new disclosure laws for investment advisers and brokers under which more information is required to be given to clients, especially about fees remuneration and other interests and which requires fuller disclosure to be made up-front before investment advice is given to, or investment money or investment property is received from, clients. For further advice, contact Mike Busch [[email protected] ], Rick Shera [[email protected] ] or Chris Taylor [[email protected] ] Property Law Act 2007 The Property Law Act 2007 (which replaces the Property Law Act 1952) is scheduled to come into force on 1 January 2008. This Act will clarify and modernise many existing complex and technical rules contained in the previous Act that apply to dealings in land and personal property. The new Act is largely based on Law Commission recommendations that aim to create modern, user-friendly legislation for people buying or selling property, mortgaging their property to raise finance, or entering into commercial leases of land. The Act will mean that many of the existing Auckland District Law Society Forms including commercial leases and agreements for sale and purchase as well as loan documents will need to be be updated for use in the New Year. For further advice, contact Ben Morrison [[email protected] ] or Jessica Lethaby [[email protected] ]. Arbitration On 18 October 2007 the Arbitration Amendment Act 2007 came into force. In 1996 the Arbitration Act (1996) fundamentally changed arbitration in New Zealand by incorporating the UNCITRAL Model Law into New Zealand law, and the 2007 Act has sought to refine the 1996 Act by introducing a number of technical amendments, seeking to: • improve the confidentiality provisions of the 1996 Act; • eliminate appeals which purport to be questions of law but are in reality questions of fact; and • improve consumers' protection in their transactions with traders (by enabling the consumer and trader to decide, after a dispute has arisen, whether arbitration is the most appropriate form of dispute resolution). The 2007 Act will strengthen the position of arbitration as a means of dispute resolution that can be tailored to the individual needs of commercial parties. When any commercial contract is executed the parties should consider at the outset whether mediation, arbitration, Court proceedings or any combination of these three dispute resolution techniques is the most appropriate for them. For further advice, contact Tim Lindsay [[email protected] ]. [email protected] pg 1 Summer Quarterly – December 2007 LJ NEWS LAW CHANGES IN THE WORKS OUR PEOPLE
Transcript of LJ NEWS LAW CHANGES IN THE WORKS OUR PEOPLE · PDF fileillustration and design firms Watermark...
:: Welcome
Welcome to the 2007 Christmas editionof Low Down. In this addition we reviewthe critical Law Changes in force, aswell as impending changes In theWorks. We also update you as to OurPeople.
LJ NEWS
50 Cent Mixture exhibition
Lowndes Jordan was recently a leadingsponsor of the 50 Cent Mixture artexhibition, an event organised byillustration and design firms Watermarkand Insight Creative in conjunction withSmyth Galleries, to promote the work oftop young NZ artists alongside piecescontributed by well known senior artistsfrom NZ and overseas.
’Jeffrey Shadow Boxes in a New ZealandLandscape’ – by Dean Proudfoot
Gathering of Creatives
On 18 October 2007 Lowndes Jordanhosted a gathering of professionalsinvolved in the New Zealand creativeindustries. We are privileged to work witha large number of creative people, whorepresent an important sector of thebusiness community. The event waswell attended by leading designers,brand strategists, artists and members ofthe writing, film and music industries.
Christmas Break
Please note that our offices will be closedfrom 21 December 2007 until 14 January2008, although a skeleton staff will be inthe office from 7 January 2008.
LAW CHANGES
Securities Markets Amendment Act 2006 and Regulations
The Securities Markets Amendment Act 2006 (which amends the Securities MarketsAct 1988), together with its associated regulations, is to come into force on 29February 2008. The Act will introduce amendments to the insider trading, substantialsecurity holder disclosure, and investment adviser and broker disclosure regimes inNew Zealand and will introduce a new market manipulation regime. Some of thenotable changes or additions include:• expanding the scope of who constitutes an insider (who is prohibited from
engaging in certain share trading activities) so that it will include (broadly) anyperson in possession of materially price sensitive information that is “notgenerally available to the market” and who “knows or ought reasonably to know”that this is the case (contrasting with the current law, which requires an insider tohave a connection to the public issuer to which the inside information relates);
• introducing new market manipulation laws which prohibit making false ormisleading statements or spreading information which is likely to induce a personto trade or which might affect the price of the securities and prohibits creating afalse or misleading appearance of securities trading;
• introducing new disclosure laws for investment advisers and brokers under whichmore information is required to be given to clients, especially about feesremuneration and other interests and which requires fuller disclosure to be madeup-front before investment advice is given to, or investment money or investmentproperty is received from, clients.
For further advice, contact Mike Busch [[email protected]], Rick Shera[[email protected]] or Chris Taylor [[email protected]]
Property Law Act 2007
The Property Law Act 2007 (which replaces the Property Law Act 1952) is scheduledto come into force on 1 January 2008. This Act will clarify and modernise manyexisting complex and technical rules contained in the previous Act that apply todealings in land and personal property. The new Act is largely based on LawCommission recommendations that aim to create modern, user-friendly legislation forpeople buying or selling property, mortgaging their property to raise finance, orentering into commercial leases of land. The Act will mean that many of the existingAuckland District Law Society Forms including commercial leases and agreements forsale and purchase as well as loan documents will need to be be updated for use inthe New Year.For further advice, contact Ben Morrison [[email protected]] or Jessica Lethaby[[email protected]].
Arbitration
On 18 October 2007 the Arbitration Amendment Act 2007 came into force. In 1996the Arbitration Act (1996) fundamentally changed arbitration in New Zealand byincorporating the UNCITRAL Model Law into New Zealand law, and the 2007 Act hassought to refine the 1996 Act by introducing a number of technical amendments,seeking to:• improve the confidentiality provisions of the 1996 Act;• eliminate appeals which purport to be questions of law but are in reality questions
of fact; and• improve consumers' protection in their transactions with traders (by enabling the
consumer and trader to decide, after a dispute has arisen, whether arbitration isthe most appropriate form of dispute resolution).
The 2007 Act will strengthen the position of arbitration as a means of disputeresolution that can be tailored to the individual needs of commercial parties. Whenany commercial contract is executed the parties should consider at the outset whethermediation, arbitration, Court proceedings or any combination of these three disputeresolution techniques is the most appropriate for them.For further advice, contact Tim Lindsay [[email protected]].
[email protected] pg 1
Summer Quarterly – December 2007
LJ NEWS LAW CHANGES IN THE WORKS OUR PEOPLE
Michael's practice focuses on public offers of securities, share andbusiness acquisitions and disposals, company takeovers, joint venturesand general contract negotiation. Michael also provides generalcorporate/commercial advice to a range of clients including listedcompanies, investment banks, fund managers, retailers, manufacturers,and high net worth individuals. Michael has extensive experience inrelation to New Zealand Stock Exchange and listed public companywork and has been involved in a number of public company takeoversacting for both bidder and target.
IN THE WORKSTakeovers Code. The Takeovers Panel has released a consultation paper regarding the use of amalgamations and schemes ofarrangement provisions in the Companies Act 1993 to circumvent the requirements of the Takeovers Code. The Takeovers Panelhas been asked by the Minister of Commerce to advise on these issues and is seeking to obtain feedback from the public on theseissues to assist it with its response. A copy of the paper can be viewed here:http://www.takeovers.govt.nz/publications/arrangements-amalgamations (Submissions due by 15 February 2008).
As at 12 December 2007, you can still make submissions on the following:
q Inquiry into the 2007 local authority elections. Public submissions are called in relation to this general inquiry into the 2007local authority elections, including specifically (but not limited to) electoral systems and processes, representation, voter turnoutand education. (Submissions due by 8 February 2008).
q Biofuel Bill. This Bill implements the mandatory use of biofuels by introducing the biofuels sales obligation (BSO) policy and byregulating engine fuel, including biofuels and blends. (Submissions due by Thursday, 31 January 2008).
For further information, see http://www.parliament.nz. Please contact us if you would like further information in respect of any ofthese Bills.
e/966678
:: Contact
Michael Busch, [email protected] House, [email protected] Jordan, [email protected] Menon, [email protected] Morrison, [email protected]
Rick Shera, [email protected]
SOLICITORS
Karl Stolberger [email protected] Morrison [email protected] Lindsay [email protected] Nicolson [email protected] Lim [email protected] McNally [email protected] Taylor [email protected] O’Shea [email protected]
LEGAL EXECUTIVEJessica Lethaby [email protected]
LOWNDES JORDANLevel 22, ANZ Centre23-29 Albert Street, AucklandPO Box 5966, AucklandNew Zealand
Ph: +64 9 309 2500Fax: +64 9 309 1445Email: [email protected]: www.lojo.co.nz
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[email protected] pg 2
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Summer Quarterly – December 2007
The partners and staff of Lowndes Jordan wish you a Merry Christmas and aprosperous New Year. We look forward to being of service to you in 2008
Michael BuschPartner
OUR PEOPLE
Moving OnKevin House. Kevin retires as at 31 December 2007 from the Lowndes Jordan partnershipand will take a part-time consultancy role from January 2008. As one of the most seniormembers of the firm, Kevin has been a huge contributor to the growth of our highlysuccessful commercial team and his ongoing input will continue to form an important part ofour practice.
Greg France. Greg recently left the firm to travel overseas to London, having been avaluable contributor to our commercial team. We wish Greg all the very best for the future.
New PartnerKarl Stolberger. We are very pleased to announce that Karl Stolberger has been admittedto the partnership of Lowndes Jordan, with effect from 1 January 2008. Karl is one ofAuckland's pre-eminent experts in maritime, aviation and general transport and trade lawand has experience in both non-contentious and dispute resolution aspects. He is also achartered member of the Institute of Logistics and Transport.
New AdditionsMelinda Whyte. Melinda will start with Lowndes Jordan in January 2008, having workeduntil now for a large national firm, first in Wellington and more recently in Auckland. Melindaspecialises in mergers and acquisitions and general corporate commercial work.
Chris Taylor. Chris started work with the firm in October 2007 after relocating fromWellington where he worked for a large firm involved primarily in funds management andimplementing Kiwisaver schemes. Chris has quickly become an indispensable member ofthe team and is looking forward to the arrival of his first child in January 2008.
Nicola McNally. Nicola has joined our commercial team after recently being employed in amedium sized Melbourne firm where she worked for a time as part of her OE. She originallycame from Christchurch and started with us in December.
