The Minister for Superannuation and
Corporate Law has announced that the Government will introduce
legislation to ensure that persons who are disqualified from managing
companies in New Zealand will also be disqualified in Australia.

The amendments to the Corporations Act 2001 will be
modelled on the existing New Zealand provisions to ensure cross-border
consistency.

Additionally, disqualification in another country will constitute a
ground for the Australian Securities and Investment Commission to apply
to an Australian court for an order that that person be disqualified in
Australia.

Draft legislation will be developed over the  coming months.