Parliament's Primary Production Select Committee started hearing submissions on Monday on proposed changes to the Dairy Industry Restructuring Act.
The Government has introduced a bill that would put the process that Fonterra uses to set the farm gate milk price under greater scrutiny, by requiring it to be monitored by the Commerce Commission.
It also paves the way for Fonterra to introduce a plan to allow farmer shareholders to trade shares with each other.
That plan includes a shareholders fund which would allow farmers to sell the dividend rights but not the voting rights to some of their shares, to outside investors.
Fonterra and the Farmers Shareholders Council were the first to present their submissions to the select committee.