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Financial Professional Services Trading Advice Transparency Bill (Consistent) [2021] NZBORARp 77 (1 November 2021)

Last Updated: 30 November 2021

1 November 2021

LEGAL ADVICE

LPA 01 01 24

Hon David Parker, Attorney-General

Consistency with the New Zealand Bill of Rights Act 1990: Financial Professional Services Trading Advice Transparency Bill

Purpose

1. We have considered whether the Financial Professional Services Trading Advice Transparency Bill (the Bill) is consistent with the rights and freedoms affirmed in the New Zealand Bill of Rights Act 1990 (the Bill of Rights Act).
2. The Bill amends the Companies Act 1993 and the Receiverships Act 1993 to prevent a person from being appointed as administrator, liquidator or receiver of a company if the person is:
   1. a professional adviser who recommended the company’s administration, liquidation or receivership; or
   2. is employed or otherwise engaged by the professional adviser or the business for which the professional adviser was employed or otherwise engaged when making the recommendation.
      
3. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed in the Bill of Rights Act
   

Jeff Orr

Chief Legal Counsel Office of Legal Counsel