The creation of a new super regulator for the financial markets is being fast tracked at the expense of the Securities Act review.
A spokesman for Commerce Minister Simon Power has confirmed that the discussion document on the Securities Act review has been delayed at least a month. It was due to be published by the end of this month.
But Mr Powers' office says it will now not be available until at least the end of May.
That's because officials working on the review have been pulled across to work on the setting up of the new regulator, the Financial Markets Authority, which the government has promised will be established by early next year.
Chapman Tripp securities lawyer Roger Wallis says both the Financial Markets Authority and the Securities Act are important and complementary packages that are needed to restore confidence in market reguators.
He says one should not be given priority over the other.
Mr Wallis says it's critical that any agency has a clear set of objectives about what it will enforce and that there is timely and visible enforcement of key regulatory matters.