Parliament has given a third reading to the Arbitration Amendment Bill. It will come into force on the day after the date on which it receives the Royal assent.
A Private Member's Bill by Paul Foster-Bell, the bill was taken over by National MP Andrew Bayly after Mr Foster-Bell retired. It was drawn from the ballot and introduced into Parliament on 9 March 2017.
The bill was referred to the Justice select committee on 10 May 2017. An interim report from the committee on 18 April 2018 sought further feedback, and the final report on 1 October 2018 recommended passage of the bill with amendments.
The bill amends the Arbitration Act 1996 and is intended to clarify jurisdictional challenges and the setting aside and enforcement provisions in article 34 of Schedule 1.
Provisions relating to validation of arbitration provisions in trust deeds were in the original bill, but have now been left to the Trusts Bill, currently at its second reading stage.