The new retentions regime, which has been the subject of much discussion lately, has passed another hurdle and is well on the way to becoming law by 31 March. Yesterday, Parliament successfully passed three omnibus bills through their second reading which included the Regulatory Systems (Commercial Matters) Amendment Bill (the ‘Bill’).
The Bill contains the ‘retentions protected by a complying instrument’ alternative to ‘retentions held on trust, as discussed in our earlier blog. The Bill is now set down for the Committee of the Whole stage on Parliament’s next sitting day (Tuesday 21st). This will be followed by the third and final reading before becoming law.
Based on the comments made by all the parties who spoke on the Bill (National, Labour, Greens, New Zealand First), they all seem to understand the need to pass the amendments before 31 March and seem to agree that no amendments or supplementary order papers will be required. However, the Committee of the Whole stage is where amendments are most often introduced. We will keep everyone updated should any further changes to the Bill arise.
See below the Minister in charge, the Honourable Simon Bridges, introduce and summarise the Bill.