The Chairman of the Commerce Commission, Peter Allport, spoke about the evolution of competition law in New Zealand. Michael Holm of Russell McVeagh discussed Resource Management Act reform and Brent Wheeler outlined an economist's view on business law reform and the need for closer collaboration and linkage between law reform and economics. The Honourable Richard Prebble, leader of the ACT Party, wound up the session with a commentary and presented strong views on the need for more business law reform in a range of areas. The Minister spoke of the New Zealand Government's need to continually improve its regulatory intervention. He set out his broad goals for business law reform.
Specific reforms are under way in a number of areas.
The role and functions of the Securities Commission are being reviewed, as are the laws relating to Personal Property Securities, Insolvencies, Friendly Societies and Credit Unions, Life Insurance and Intellectual Property Rights. The Ministry is currently consulting with business sector on a proposal to establish a strategy for consultation with the business community on priorities and technical business law issues, including establishing a Business Law Consultative Group. In conclusion, the Minister noted that it is important for New Zealand as a whole to have a relevant framework which allows business to generate the growth and wealth that we need to meet our social and environmental goals. These Acts are currently being reviewed by the Government. The Commission believes the three year limitation period under the Fair Trading Act should start from when the customer discovers that they were mislead.