Fair Trading Amendment Bill Government Bill As reported from the committee of the whole House This bill was formerly part of the Securities Legislation Bill as reported from the Commerce Committee. The committee of the whole House has further amended the bill and divided it into the following bills: o The Securities Amendment Bill, comprising subpart 1 of Part 1 and Schedule 1 o The Securities Markets Amendment Bill, comprising subpart 2 of Part 1 and Schedule 2 o The Takeovers Amendment Bill, comprising Part 2 o This bill, comprising Part 3 Hon Lianne Dalziel Fair Trading Amendment Bill Government Bill Contents 1 Title 2 Commencement . . . . . 60 Principal Act amended 61 New sections 5A and 5B inserted 5A No liability under Act if not liable under Securities Act 1978 or Securities Markets Act 1988 5B Act does not apply to certain conduct regulated by takeovers code 62 New section 48A inserted 48A Sharing of information with Securities Commission or Takeovers Panel . . . . . The Parliament of New Zealand enacts as follows: 1 Title This Act is the Fair Trading Amendment Act 2006. 2 Commencement (1) This Act comes into force on the day after the date on which it receives the Royal assent. (2) However, section section 61 only comes into force on a date to be appointed by the Governor-General by Order in Council. New (unanimous) ----------------------------------------------------------------------- . . . . . 60 Principal Act amended This Act amends the Fair Trading Act 1986. ----------------------------------------------------------------------- New (unanimous) ----------------------------------------------------------------------- 61 New sections 5A and 5B inserted The following sections are inserted after section 5: Struck out ======================================================================= ======================================================================= "5A No liability under Act if not liable under Securities Markets Act 1988 A court hearing a proceeding brought against a person under this Act must not find that person liable for conduct that is regulated by the Securities Markets Act 1988 if that person would not be liable for that conduct under that Act. ======================================================================= ======================================================================= New ----------------------------------------------------------------------- ----------------------------------------------------------------------- "5A No liability under Act if not liable under Securities Act 1978 or Securities Markets Act 1988 A court hearing a proceeding brought against a person under this Act must not find that person liable for conduct--- "(a) that is regulated by the Securities Act 1978 if that person would not be liable for that conduct under that Act: "(b) that is regulated by the Securities Markets Act 1988 if that person would not be liable for that conduct under that Act. ----------------------------------------------------------------------- ----------------------------------------------------------------------- "5B Act does not apply to certain conduct regulated by takeovers code Nothing in this Act applies to conduct in relation to any transaction or event regulated by the takeovers code that is in force under the Takeovers Act 1993 or incidental or preliminary to a transaction or event that is or is likely to be regulated by that code." ----------------------------------------------------------------------- New (unanimous) ----------------------------------------------------------------------- 62 New section 48A inserted The following section is inserted after section 48: "48A Sharing of information with Securities Commission or Takeovers Panel "(1) The Commission may communicate to the Securities Commission or the Takeovers Panel any information that the Commission--- "(a) holds in relation to the exercise of the Commission's powers, or the performance of its functions and duties, in respect of this Act; and "(b) considers may assist the Securities Commission or the Takeovers Panel in the exercise of their powers, or the performance of their functions and duties, in respect of false, misleading, or deceptive conduct under the Securities Act 1978 or the Securities Markets Act 1988 or the Takeovers Act {{1983}} [[1993]] or the takeovers code in force under that Act. "(2) The Commission may use any information communicated to it by the Securities Commission under section 17B of the Securities Act 1978 or [[by the Takeovers Panel]] under section 15B of the Takeovers Act {{1983}} [[1993]] in the Commission's exercise of its powers, or the performance of its functions and duties, in respect of this Act. "(3) This section applies despite anything to the contrary in any enactment, contract, deed, or document." . . . . . ----------------------------------------------------------------------- Legislative history 10 October 2006 Divided from the Securities Legislation Bill (Bill 234-2) as Bill 234-3D