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Regulations For Companies Act 2015 Being Drafted

  With the Companies Act 2015 coming into effect from January 1, works are well underway in terms of drafting the regulations. A team from the Attorney-General’s Office, Minter Ellison
03 Dec 2015 10:25
Regulations For Companies Act 2015 Being Drafted

 

With the Companies Act 2015 coming into effect from January 1, works are well underway in terms of drafting the regulations.

A team from the Attorney-General’s Office, Minter Ellison (the Australian commercial law specialist firm helping formulate the Companies Act) and Asian Development Bank is working on drafting the regulations.

The Attorney-General and Acting Prime Minister, Aiyaz Sayed-Khaiyum, updated participants of this at a Symposium on Companies Act 2015 yesterday.

The Fiji Institute of Accountants (FIA)-organised and ANZ-sponsored symposium was held at the Grand Pacific Hotel in Suva.

Regulations are guidelines dictate how the provisions of the Act are applied and reflect policy objectives.

Mr Sayed-Khaiyum said as they are drafting the regulations, there are a number of areas which needs to be captured and looked at further in more detail in the regulations.

“We can already see how many provisions can be improved and the improvements have come by way of regulations themselves,” he said.

“It will take a few more weeks to finish the regulations but it will be in place before January 1.”

Mr Sayed-Khaiyum stressed the old Companies Act came into effect in 1983.

Therefore, he said rather than making amendments after amendments, it was better to repeal the old Act and come up with a whole new Act.

 

The right attitude

Mr Sayed-Khaiyum stressed it was important for stakeholders to have the right attitude when dealing with new Acts.

“The act will come into effect January 1. We will work together with all the stakeholders – you need to be able to work with us. We need to ensure it does work well,” he said.

“The overall rationale behind modernising the laws is not for the sake of modernising them but to ensure it captures the contemporary changes and also ensures the ease of doing business becomes lot more easier.”

 

Ease online

As the regulations for the Companies Act are being drafted, Mr Sayed-Khaiyum said they are trying to ensure the regulations are user-friendly.

“The idea is to have forms in the regulations through a particular standard so it becomes easily usable online,” he said.

“It may not necessarily happen from day one but we are hoping within the one year, you will have the ability file returns online.

“So we need to have the forms in that methodology which is acceptable.”

Feedback:  rachnal@fijisun.com.fj



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