New Zealand Acts

COMMERCE ACT 1986 - SECT 53C

53C Section 52P determination to set out information disclosure requirements

1 A section 52P determination relating to goods or services that are subject to information disclosure regulation must—

a) specify the goods or services to which it applies; and

b) specify the suppliers to which it applies; and

c) specify the information to be disclosed; and

d) specify the manner in which the information is to be disclosed; and

e) specify the form of disclosure; and

f) specify when, and for how long, information must be disclosed; and

g) specify the input methodologies that apply; and

h) specify any other methodologies that are required in the preparation or compilation of the information.

2 Information required to be disclosed may include (without limitation) any or all of the following:

a) financial statements (including projected financial statements):

b) asset values and valuation reports:

c) prices, terms and conditions relating to prices, and pricing methodologies:

d) contracts:

e) transactions with related parties:

f) financial and non-financial performance measures:

g) plans and forecasts, including (without limitation) plans and forecasts about demand, investments, prices, revenues, quality and service levels, capacity and spare capacity, and efficiency improvements:

h) asset management plans:

i) quality performance measures and statistics:

j) assumptions, policies, and methodologies used or applied in these or other areas:

k) consolidated information that includes information about unregulated goods or services, in which case section 53D applies.

3 The section 52P determination may do all or any of the following:

a) require disclosed information, or information from which disclosed information is derived (in whole or in part), to be verified by statutory declaration:

b) require independent audits of disclosed information:

c) require the retention of data on which disclosed information is based, and associated documentation:

d) exempt any person or class of persons, or provide for exemptions, from any requirements of the determination, and provide for the revocation of exemptions:

e) provide for transitional provisions:

f) impose any other requirements that the Commission considers necessary or desirable to promote the purpose of information disclosure regulation.

4 The section 52P determination may not require a supplier to publicly disclose any provision of an existing contract that, immediately before the goods or services became subject to information disclosure regulation, was not required by or under Part 4A (as defined in section 54B ) or any other enactment to be publicly disclosed.

5 If a section 52P determination authorises a person to grant exemptions referred to in subsection (3)(d),—

a) an instrument granting or revoking an exemption is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements), unless it applies only to 1 or more named persons; and

b) the determination must contain a statement to that effect.

History: Section 53C: inserted, on 14 October 2008, by section 4 of the Commerce Amendment Act 2008 (2008 No 70).   Section 53C(5): inserted, on 28 October 2021, by regulation 42 of the Legislation Act (Amendments to Legislation) Regulations 2021 (LI 2021/247).