Regulatory Impact Analysis
54. The Ministry of Economic Development has complied with the Code of Good Regulatory Practice and the Regulatory Impact Analysis requirements, including the consultation requirements. The Ministry of Economic Development considers the Regulatory Impact Statement and the Regulatory Impact Analysis undertaken to be adequate. The Ministry of Economic Development prepared a Regulatory Impact Statement and circulated a draft for departmental consultation.
Principles of the Treaty of Waitangi
55. The Settlement Systems, Futures, and Emissions Units Bill is not inconsistent with the principles of the Treaty of Waitangi.
The Privacy Act 1993
56. The Settlement Systems, Futures, and Emissions Units Bill is not inconsistent with the principles and guidelines set out in the Privacy Act 1993.
Relevant International Standards And Obligations
57. Under the Settlement Systems, Futures, and Emissions Units Bill the joint-regulators may have regard to relevant international standards when considering an application for designation. The Bill is not inconsistent with relevant international standards and obligations such as the Kyoto Protocol.
LAC Guidelines
58. The Settlement Systems, Futures, and Emissions Units Bill is not inconsistent with the Legislation Advisory Committees Guidelines on Process and Content of Legislation.
Human Rights
59. The Ministry of Justice has identified that the Settlement Systems, Futures, and Emissions Units Bill raises potential issues under sections 21 and 25(c) of the Bill of Rights Act 1990, but that those issues may be justified and the Bill is not inconsistent with the Bill of Rights Act 1993.
Publicity
60. It is recommended that this Cabinet paper be released on the Ministry of Economic Development's website. It is also recommended that the Minister of Commerce make a press statement when the Settlement Systems, Futures, and Emissions Units Bill is introduced to Parliament and a press statement to announce the process of engagement with stakeholders in determining a New Zealand approach to clearing and settlement.
Deemed regulations
61. The Settlement Systems, Futures, and Emissions Units Bill does not contain any provisions empowering the making of deemed regulations.
Definition of Minister
62. The Settlement Systems, Futures, and Emissions Units Bill contains a generic definition of Minister of Commerce: "Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of the Securities Act 1978". The Cabinet Office was consulted on this definition.
Commencement of legislation
63. The Settlement Systems, Futures, and Emissions Units Bill will come into force on the day after the date of assent.
Parliamentary stages
64. The Settlement Systems, Futures, and Emissions Units Bill should be introduced to Parliament once the government has confirmed support for its introduction and should be referred to the Finance and Expenditure Select Committee.
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