Portfolio: Commerce

Select Committee reports back on Financial Reporting Bill

Admin — Wed, 22 May 2013 01:28:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has welcomed the Commerce Select Committee report on a bill to cut the financial reporting burden for smaller companies. The Financial Reporting Bill removes the requirement for smaller companies to produce complex financial statements. It allows shareholders of small and medium sized companies to decide whether the company must prepare financial statements. ...

Select Committee reports back on Cartels Bill

Beehive — Tue, 14 May 2013 03:33:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today welcomed the Commerce Select Committee report on a Bill to encourage pro-competitive collaboration. The Commerce (Cartels and Other Matters) Amendment Bill promotes economic growth by enabling pro-competitive collaboration between firms, while also deterring hard-core cartel conduct. “This Bill forms an important part of the Government’s Business Growth Agenda and our ambitious goal to increase the ratio of exports to GDP to 40 per cent by 2025,” says Mr Foss. ...

Residential construction costs to be scrutinised

Beehive — Sat, 11 May 2013 08:57:00 +0000

Nick Smith | Commerce

A market study into residential construction costs has been released today for public input by the Government. “The costs of building a house in New Zealand are too high as identified by the Productivity Commission’s report. This issues paper and market study is about identifying why some house construction costs are as much as 30 per cent more expensive than Australia and how we can get costs down,” Housing Minister Dr Nick Smith said. Commerce Minister Craig Foss said the issues paper is primarily focused on improving competition and productivity. ...

Minister supports NZ software innovation

Admin — Wed, 08 May 2013 23:12:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has today released a supplementary order paper (SOP) to clarify issues around the patentability of computer programmes in the Patents Bill. “Following consultation with the NZ software and IT sector, I am pleased to be further progressing the Patents Bill with this SOP. These changes ensure the Bill is consistent with the intention of the Commerce Select Committee recommendation that computer programs should not be patentable,” says Mr Foss. ...

FMA marks two-year milestone

Admin — Tue, 30 Apr 2013 23:11:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has congratulated the Financial Markets Authority (FMA) on two years of operation. “The FMA was established by the Government in 2011 with a clear mandate to be a visible and proactive enforcement agency operating in the financial sector while facilitating the development of fair, efficient, and transparent financial markets,” says Mr Foss. ...

Simon Allen reappointed Chair of FMA

Beehive — Tue, 23 Apr 2013 02:40:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has welcomed the reappointment of Simon Allen as Chair of the Financial Markets Authority (FMA). “I am delighted Mr Allen has been reappointed. He has been very successful in guiding the FMA through its initial period of operation since 1 May 2011. “Over this time, the FMA has gained credibility from the public and the industry and has delivered on its role of rebuilding confidence in our financial markets following the global financial crisis. ...

FMC Bill strengthened

Admin — Sun, 21 Apr 2013 23:53:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today announced further changes to strengthen the Financial Markets Conduct (FMC) Bill. “The FMC Bill is a key pillar in the Government’s Business Growth Agenda. It will introduce a new era of financial market regulation that ensures investors are better informed and offered better protections,” says Mr Foss. A Supplementary Order Paper (SOP) introduced today enhances the once-in-a-generation rewrite of securities law. ...

Exporters to benefit from shipping regulation changes

Beehive — Mon, 08 Apr 2013 04:40:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today announced that international shipping to and from New Zealand will be regulated under the Commerce Act, improving oversight and delivering competitive outcomes for exporting industries. Mr Foss says the changes agreed to by Cabinet will remove the 25-year-old sea shipping regulatory regime and bring the industry into line with general competition law. ...

Appointment to Takeovers Panel

Admin — Wed, 03 Apr 2013 22:14:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has welcomed the appointment of Tina Symmans to the Takeovers Panel. Ms Symmans will be appointed for a period of five years. “Ms Symmans brings a wealth of expertise to the role. Her experience in capital markets and project management will be a real asset to the Panel. “I would like to also acknowledge the work of Keith Taylor who is leaving the Takeovers Panel after seven years,” says Mr Foss. ...

New trans-Tasman patent attorney regime

Beehive — Tue, 02 Apr 2013 02:40:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss and Australia’s Minister for Industry and Innovation Greg Combet have signed an arrangement to establish a new trans-Tasman patent attorney regime. The trans-Tasman arrangement will deliver better outcomes for patent attorneys and innovators by providing consistent qualification requirements and professional standards in both Australia and New Zealand. The arrangement covers patent attorney registration, governance and discipline and is based on the application of Australia’s existing patent attorney regime to New Zealand. ...

New KiwiSaver rules make comparing funds easier

Beehive — Mon, 01 Apr 2013 20:02:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today released new disclosure rules that will give New Zealanders better information to compare KiwiSaver funds. The KiwiSaver disclosure regulations will require KiwiSaver schemes to regularly report on fund performance, fees, asset allocation and other matters in a simple and standardised form. ...

Minister to lead business delegation to Manila

Admin — Fri, 15 Mar 2013 01:30:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss will be leading a delegation of New Zealand businesses to the Asia Development Bank (ADB) in the Philippines next week. Mr Foss will be accompanied by 16 New Zealand companies, as part of the first New Zealand Trade and Enterprise (NZTE) trade mission to the ADB Business Opportunities Fair. ...

Discussion document on changes to delivery of standards

Admin — Wed, 13 Mar 2013 22:12:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has released a discussion document seeking feedback on proposals to improve New Zealand’s standards system. “Standards are an important component of a productive and competitive economy. They contribute to the development of healthy, safe and efficiently-made products, and support our exporters by ensuring New Zealand standards are consistent with those of our key trading partners,” says Mr Foss. The discussion document focuses on three proposals: ...

Interim Commissioner appointed

Admin — Tue, 12 Mar 2013 04:47:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today announced Diane Maxwell has been appointed to the position of Retirement Commissioner for three months. ...

Improving the financial service provider regime

Admin — Mon, 11 Mar 2013 21:20:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today announced Cabinet had agreed to strengthen the financial service providers registration regime. “The regime makes information about providers available and ensures consumers have access to free dispute resolution services,” says Mr Foss. The rules include new powers to investigate providers and prevent their registration, or remove them from the register. ...

Business Growth Agenda Building Capital Markets progress report

Beehive — Wed, 27 Feb 2013 04:36:00 +0000

Bill English | Commerce

Business Growth Agenda Building Capital Markets progress report Business Growth Agenda – Building Capital Markets The sixth and final Business Growth Agenda report outlines more than 50 initiatives to show how the government is strengthening New Zealand’s capital markets, so they can support businesses to grow and create jobs. ...

International competition enforcement arrangement signed

Beehive — Wed, 27 Feb 2013 03:39:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today welcomed the signing of a co-operation arrangement between the Commerce Commission and the Australian Competition and Consumer Commission (ACCC). ...

Drive to complete capital markets overhaul

Admin — Tue, 26 Feb 2013 21:26:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss says the Government is progressing a comprehensive set of reforms this year to restore investor confidence and encourage investment. “From street corner loan sharks to large investment funds, the Government is rewriting the rules for the full spectrum of credit and investment law. This regulatory overhaul will help restore investor and consumer confidence. ...

Improved access to advice for credit union members

Beehive — Mon, 25 Feb 2013 21:58:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today announced the re-categorisation of low-risk credit union savings products, in a move to cut regulation and improve consumer access to financial advice. “The current categorisation of certain low-risk credit union savings products imposes stricter regulation and unnecessary costs when providing personalised advice. These costs can restrict consumer access to advice on these products. ...

Revised proposals on auditing for charities

Admin — Wed, 20 Feb 2013 20:42:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has today released a second discussion document on measures to improve financial accountability in the charities sector. The discussion document lays out audit and assurance requirements for large and medium-sized charities. It follows a consultation on tentative proposals last year. “The consultation showed widespread support for improved auditing and assurance of financial statements and agreement that these measures would increase accountability in the charities sector. ...

Continuing drive to restore investor confidence

Beehive — Thu, 14 Feb 2013 03:11:00 +0000

Craig Foss | Commerce

The Financial Markets Conduct Bill passed its second reading in parliament today. Commerce Minister Craig Foss says the FMC Bill provides a once-in-a-generation opportunity to make New Zealand’s financial markets more efficient. “Vibrant financial markets that work for all market participants are crucial to New Zealand’s future prosperity,” says Mr Foss. ...

Appointment to the Takeovers Panel

Beehive — Fri, 14 Dec 2012 02:14:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has welcomed the appointment of Tony Pigou to the Takeovers Panel. Tony Pigou will succeed current member Colin Giffney on 7 January 2013. “Mr Pigou will bring value and expertise to the position. As part of the Takeovers Panel he will play an important role in ensuring transparent and equitable takeover processes,” says Mr Foss. Mr Pigou has been appointed for a five year term. ...

Trademark treaty a boost for exporters

Admin — Wed, 12 Dec 2012 22:15:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has congratulated two New Zealand companies for being among the first to register under the Madrid Protocol, a major international trade mark treaty. “With the full implementation of the Madrid Protocol this week, New Zealand entrepreneurs can now protect their brands in up to 87 countries with just one application,” says Mr Foss. ...

Company registration changes welcomed

Admin — Tue, 11 Dec 2012 00:30:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today welcomed the select committee report on the Companies and Limited Partnerships Amendment Bill. The Bill tightens New Zealand’s companies and limited partnerships registration regime to address misuse by overseas entities. “I want to acknowledge the Commerce Select Committee’s comprehensive work in reviewing the draft legislation and considering views on the proposed changes to our company and limited partnerships laws. ...

FMC Regulations discussion document released

Beehive — Mon, 10 Dec 2012 21:21:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has released a discussion document on regulations to be made under the Financial Markets Conduct Bill. “These regulations are part of the most significant reform of financial market regulation in a generation. They provide the detail needed to fully implement key aspects of the Financial Markets Conduct Bill,” says Mr Foss. The discussion document covers a range of issues, including: ...

Lowball share offer regulations in force

Admin — Sun, 02 Dec 2012 20:28:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has welcomed new regulations to help rein in unsolicited share offers and protect shareholders. "Unsolicited or ‘low ball’ offers are a predatory tactic that damages the health and confidence of our capital markets," says Mr Foss. Lowball offers are unsolicited approaches to shareholders offering to buy their shares or other securities. Offer letters put pressure on people to sell their shares quickly, often with little information and using unconventional business practices. ...

Financial Reporting Bill passes first reading

Admin — Tue, 27 Nov 2012 20:26:00 +0000

Craig Foss | Commerce

A Bill that removes the requirement for smaller companies to produce complex financial statements has passed its first reading in Parliament. The Financial Reporting Bill allows shareholders of small and medium sized companies to decide whether the company must prepare financial statements says Commerce Minister Craig Foss. “More than half a million companies are registered in New Zealand and all of them are currently required to prepare financial statements. ...

KiwiSaver discussion document released

Administrator — Mon, 12 Nov 2012 20:47:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss has released a discussion document on whether changes should be made to the default KiwiSaver provider arrangements. “The Government is committed to ensuring that KiwiSaver is operating at an optimum level. To do so, the default provider scheme needs to be designed for investors’ best interests,” says Mr Foss. “KiwiSaver has continued to grow rapidly since its introduction – in the past year about 17,500 New Zealanders have joined each month. This takes total membership to more than two million. ...

New regulations target lowball share offers

Administrator — Thu, 01 Nov 2012 20:07:00 +0000

Craig Foss | Commerce

Commerce Minister Craig Foss today welcomed the introduction of new regulations to help rein in unsolicited ‘predatory’ share offers. "Predatory or low ball offers damage the health of our capital markets," says Mr Foss. Lowball offers are unsolicited approaches to shareholders offering to buy their shares or other securities. The offer letters put pressure on people to sell their shares quickly, often with little information and using unconventional business practices. ...

Minister welcomes CPA Australia accreditation

Administrator — Wed, 17 Oct 2012 22:14:00 +0000

Craig Foss | Commerce

The Financial Markets Authority has today accredited a second accounting professional body under the Auditor Regulation Act 2011. CPA Australia can now license and regulate auditors and audit firms in New Zealand with oversight from the Financial Markets Authority. "This is another important step in strengthening financial markets in New Zealand. Audit quality is a vital part of ensuring that investors can have confidence in the financial statements being produced by New Zealand companies," says Mr Foss. ...