Hon Rodney Hide
Minister for Regulatory Reform

17 December 2010

Media Statement

Regulatory Reform Bill Set To Slash Red Tape

Minister for Regulatory Reform Rodney Hide introduced into the House a Bill designed to slash red tape and make life easier for businesses.

The Regulatory Reform Bill proposes amendments to 13 Acts, removing duplication, getting rid of unnecessary requirements, and clearing up inconsistencies.

“Last year, I wrote to all Ministers asking them to identify laws in their area that were creating a burden on business and could be changed,” Mr Hide said.

“Ministers responded with proposed changes that will save businesses millions.

“The changes are made in a single omnibus Bill that amends all the affected Acts at the same time.

“In 2009, the Government Statement on Regulation promised it would review existing regulation in order to identify and remove requirements that are unnecessary, ineffective or excessively costly.

“New Zealand businesses face enough challenges without having to grapple with compliance costs caused by unnecessary regulation.

“This Bill will slash red tape across a number of areas, removing some of the hidden costs that regulations are creating for business,” Mr Hide said.

Change proposed by the Bill include:

• Amending the Companies Act 1993 to allow companies to choose whether or not to use electronic shareholder participation: could save New Zealand companies a total $1.5 million each year.

• Amending the Unit Trusts Act 1960 so financial statements and accounts can be distributed electronically.

• Amending the Films, Videos, and Publications Classification Act 1993 to modernise labelling, reducing compliance costs by an estimated $2.4 million in the first year and $3.1 million in year five.

ENDS

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