Achieving Sustainable Development Goal 8 in Small Island Developing States by Capital Raising Law Reform: Case Study of Fiji

  • Gordon Walker
  • Alma Pekmezovic
Part of the The World of Small States book series (WSS, volume 3)


Beginning in the mid-1990s, a wave of company and securities regulation law reform flowed from New Zealand across the South Pacific. The model for reform was the Companies Act 1993 (NZ) and, to a lesser extent, the now repealed Securities Act 1978 (NZ). The Kingdom of Tonga was the first to adopt a version of the New Zealand Companies Act in the Companies Act 1995 (Tonga). Papua New Guinea looked to the New Zealand model in the Companies Act 1997 (PNG) and the Securities Act 1997 (PNG). Four other jurisdictions followed New Zealand: Samoa; Niue; the Solomon Islands, and, the Republic of Vanuatu. Some aspects of the New Zealand design architecture were especially influential such as the placing of machinery provisions in schedules, the abolition (in PNG and Tonga) of the private company/public company distinction and the carving out of securities regulation into a discrete statute following the example of the Securities Act 1978 (NZ) in PNG and Samoa.


  1. Ardic OP et al (2011) Small and Medium Enterprises: A Cross-Country Analysis with a New Data Set 5. World Bank, Working Paper No. 5538. Available at [] (last accessed 2 June 2017)
  2. Arrunada B (2013) Institutional foundations for impersonal exchange: theory and policy of contractual registries. University of Chicago Press, ChicagoGoogle Scholar
  3. Asian Development Bank (2011) The Millennium Development Goals in Pacific Island Countries: Taking Stock, Emerging Issues, and the Way Forward. Available at: (last accessed 2 June 2017)
  4. Asian Development Bank (2015) Fiji-Building Inclusive Institutions for Sustained Growth iii. Available at (last accessed 4 August 2016)
  5. Bates S, Angeon V (2015) Promoting the sustainable development of small Island developing states: insights from vulnerability and resilience analysis. Reg Dev 42:22–27Google Scholar
  6. Beck T (2007) Financing constraints of SMEs in developing countries: Evidence, determinants and solutions. Available at: (last accessed 2 Dec 2017)
  7. Beck T et al (2011) Is Small Beautiful? Financial Structure, Size and Access to Finance 2. World Dev., Working Paper No. 5806. Available at [].13–14 (last accessed 4 Aug 2016)
  8. Burn L, Greene E (2016) What are capital markets and what are they for? Capital Markets Law J 340 11(3):344–346CrossRefGoogle Scholar
  9. Caribbean Environment Programme (2002) The 2002 Convention for Cooperation in the Protection and Sustainable Development of the Marine and Coastal Environment of the Northeast Pacific 18 February 2002. Available at (last accessed 4 Aug 2016)
  10. Cordonier Segger MC, Khalfan A (2004) Sustainable development law: principles, practices & prospects. Oxford University Press, OxfordCrossRefGoogle Scholar
  11. Dell M et al (2014) What do we learn from the weather? The new climate-economic literature. J Econ Lit 52(3):740–798CrossRefGoogle Scholar
  12. French D (2005) International law and policy of sustainable development. Manchester University Press, ManchesterGoogle Scholar
  13. Gerrard MB, Wannier GE (eds) (2013) Threatened Island Nations. Legal implications of rising seas and a changing climate. Cambridge University Press, CambridgeGoogle Scholar
  14. International Monetary Fund (2013) Asia and Pacific Small States: Raising Potential Growth and Enhancing Resilience to Shocks 9. Available at: (last accessed 2 Dec 2017)
  15. International Monetary Fund (2015) Macroeconomic Developments and Selected Issues in Small Developing States. Available at: (last accessed 2 Dec 2017)
  16. Jiggins J (1989) How poor women earn income in sub-Saharan Africa and what works against them. World Dev 17(7):953–963CrossRefGoogle Scholar
  17. Kloke-Lesch A (2015) The G20 and the Sustainable Development Goals (SDGs): Reflections on Future Roles and Tasks. In Third Annual G20 Think Tank Summit: Global Governance and Open Economy. Available via Sustainable Development Solutions Network Germany at (last accessed 4 Dec 2017)
  18. Maume P, Walker G (2011) A new financial markets law for New Zealand. Company Secur Law J 29:455–458Google Scholar
  19. Maynard T (1997) The future of California’s Blue Sky Law. Loyola Los Angeles Law Rev 30:1573–1586Google Scholar
  20. Panapase G (2015) Bank sets reforms for loans. The Fiji Times Online, 28 February 2015Google Scholar
  21. Pekmezovic A, Walker G (2015) Equity crowdfunding in New Zealand. Company Secur Law J 33:62–69Google Scholar
  22. Pekmezovic A, Walker G (2016) The global significance of crowdfunding: solving the SME funding problem and democratizing access to capital. William Mary Bus Law Rev 7(2):347–458Google Scholar
  23. Sharma P, Gounder N (2012) Obstacles to bank financing of micro and small enterprises: empirical evidence from the Pacific with some policy implications. Asia-Pac Dev J 19(2):349–375Google Scholar
  24. South Pacific Stock Exchange (SPSE) (2014) Annual ReportGoogle Scholar
  25. United Nations (1994) Report of the Global Conference on the Sustainable Development of Small Island Developing States, Bridgetown, Barbados, 25 April-6 May 1994 (United Nations publication, Sales No. E.94.I.18 and corrigenda), chap. I, resolution 1, annex I. Available at (last accessed 2 Dec 2017)
  26. United Nations (2002) UN World Summit for Sustainable Development: Plan of Implementation, World Summit for Sustainable Development, vol. UN Doc. A/CONF.199/L.1. Available at: (last accessed 24 April 2017)
  27. United Nations (2005) Report of the International Meeting to Review the Implementation of the Programme of Action for the Sustainable Development of Small Island Developing States, Port Louis, Mauritius, 10-14 January 2005 (United Nations publication, Sales No. E.05.II.A.4 and corrigendum), chap. I, resolution 1, annex I. Available at (last accessed 2 Dec 2017)
  28. United Nations (2010) A/RES/65/2 - Outcome document of the High-level Review Meeting on the implementation of the Mauritius Strategy for the Further Implementation of the Programme of Action for the Sustainable Development of Small Island Developing States (2010) Available at (last accessed 2 Dec 2017)
  29. United Nations (2014a) Report of the Committee of Experts on Sustainable Development Financing, at 25, U.N. Doc. A/69/315. Available at [] (last accessed 2 Dec 2017)
  30. United Nations (2014b) UNDP Small, So Simple? Complexity in Small Island Developing States. 5. Available at (last accessed 2 Dec 2017)
  31. United Nations (2015a) High-level Political Forum on Sustainable Development. Small Island Developing States Face ‘Unique’ Sustainability Challenges Requiring ‘Special’ Attention to Meet Post-2015 Agenda Goals, High-level Forum Hears (1 July 2015). Available at: (last accessed 3 Dec 2017)
  32. United Nations (2015b) Transforming our world: the 2030 agenda for sustainable development. Available at: (last accessed 3 Dec 2017).
  33. Walker G, Fox M (1999) Closing the loop: SMEs and securities regulation in New Zealand. N Z Law J 275Google Scholar
  34. Walker G, Pekmezovic A (2013) Legal transplanting: international financial institutions and secured transactions law reform in South Pacific Island Nations. N Z Univ Law Rev 25(3):560–586Google Scholar
  35. Walker G et al (2016) Equity crowdfunding in Australia. Company Secur Law J 34(3):243–250Google Scholar
  36. Whiteside B (2012) Assisting and developing small businesses in Fiji. SuvaGoogle Scholar
  37. World Bank (2015) Small and Medium Enterprises (SMEs) Finance. Press Release. Available at (last accessed 3 Dec 2017)
  38. World Bank. AidFlows Data. Available at: (last accessed 3 Dec 2017)
  39. World Commission on Environment and Development (The Brutland Commission) Report (1987) Our common future. Oxford University Press, OxfordGoogle Scholar

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Gordon Walker
    • 1
  • Alma Pekmezovic
    • 2
  1. 1.La Trobe University, School of LawMelbourneAustralia
  2. 2.Bucerius Law SchoolHamburgGermany

Personalised recommendations