Regulations notified: 20 to 26 April 2012

The following regulations were notified in the New Zealand Gazette published on 26 April 2012: (strat with 73)


Electricity Industry (Enforcement) Amendment Regulations 2012 (SR 2012/73): Made pursuant to section 112 of the Electricity Industry Act 2010. In force 1 June 2012. Amend the Electricity Industry (Enforcement) Regulations 2010. They make changes relating to the appointment by the Electricity Authority under the Electricity Industry Participation Code of an FTR manager. The FTR manager is appointed to do various things in relation to a new form of rights — financial transmission rights — that are provided for in subpart 6 of Part 13 of the Code. The FTR manager, by virtue of the Electricity Industry (Participants and Roles) Regulations 2012, is a market operation service provider as defined in the Electricity Industry Act 2010. The regulations insert definitions of FTR manager and financial transmission right; and provide that the clearing manager is liable to the holder of a financial transmission right who suffers loss (as well as already being liable to a generator, purchaser, system operator, or ancillary service agent who suffers loss); and set limits on the liability of the FTR manager. In addition, the regulations revoke regulation 74 of the principal regulations, which imposed an obligation on various parties to maintain professional indemnity insurance. This regulation is no longer required.

Electricity Industry (Participants and Roles) Regulations 2012 (SR 2012/74): Made pursuant to section 109 of the Electricity Industry Act 2010. In force 1 June 2012. An FTR manager is to be appointed by the Electricity Authority under the Electricity Industry Participation Code in relation to financial transmission rights created and allocated under subpart 6 of Part 13 of that Code. The purpose of these regulations is to ensure that the FTR manager will be a market operation service provider under the Act. Market operation service providers are subject to the Act and, in particular, to the Electricity Industry (Enforcement) Regulations 2010.

Auditor Regulations 2012 (SR 2012/75): Made pursuant to section 84 of the Auditor Regulation Act 2011. In force 1 May 2012. They prescribe countries, states, and territories that a person must be entitled to act in in order to be an overseas auditor for the purposes of the Act; changes to information included on the register of licensed auditors and registered audit firms (the register), kept under subpart 4 of Part 2 of the Act, that an overseas auditor must notify to the FMA under section 13 of the Act; reasons for refusing access to, or suspending operation of, the register; additional information about licensed auditors and registered audit firms that must be contained on the register; changes to information included on the register in respect of licensed auditors and registered audit firms that accredited bodies must notify to the FMA under section 42 of the Act; additional conditions that the FMA may attach to a person's accreditation as an accredited body under section 49 of the Act; additional information that must be included in an accredited body's annual report under section 51 of the Act; and registration and application fees for various matters under the Act. The regulations alsoallow the Registrar to refuse to accept documents under the Act unless they are submitted electronically; allow the FMA to charge assessment fees in connection with various matters under the Act; allow the FMA to recover costs incurred in relation to assessing various matters under the Act; and provide for transitional matters.

Financial Advisers (Fees) Amendment Regulations 2012 (SR 2012/76): Made pursuant to section 155 of the Financial Advisers Act 2008. In force 1 July 2012. Amend the Financial Advisers (Fees) Regulations 2010 to ensure that all fees include the correct amount of goods and services tax.

Customs and Excise (Rules of Origin for Australian Goods—ANZCERTA Article 3) Amendment Regulations 2012 (SR 2012/77): Made pursuant to the Customs and Excise Act 1996. In force 30 April 2012. Amend the Customs and Excise Regulations 1996 to give effect to changes to Article 3 of the Australia New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) agreed to by the Governments of New Zealand and Australia. Article 3 is the part of ANZCERTA that sets out conditions that goods have to meet in order to qualify as goods originating from New Zealand or Australia. The amendments made by these regulations provide that goods do not qualify as goods originating from Australia merely because they have undergone minimal operations in Australia, such as packaging (see new regulation 33A of the principal regulations as inserted by regulation 6). Elements of that disqualification are contained in the existing definition of manufacture in regulation 32 of the principal regulations. That definition is restated without the existing exceptions (see regulation 4(2)). Claims for preference made before the commencement of these regulations will be determined under the provisions in force before that date.