Bill allows Commerce Commission to cooperate internationally

A Bill enabling greater cooperation between the Commerce Commission, its Australian counterpart, and other overseas regulators was introduced into Parliament today by Commerce Minister Lianne Dalziel.

The Commerce Commission (International Co-operation, and Fees) Bill allows the Commission and its equivalent overseas agencies to share information and assist each other in investigations of unfair trading practices and anti-competitive behaviour.

"International cooperation between regulators is becoming increasingly important in the global marketplace. This Bill will directly benefit New Zealand businesses and consumers and assist the promotion of open and dynamic markets," Lianne Dalziel said.

"The proposals are part of the government’s work towards supporting a Single Economic Market with Australia. Australia introduced similar legislation last year, enabling it to share information with us and other international regulators. It is important that we reciprocate as the most tangible benefits will come from improved cooperation with our Tasman neighbour.

"The Bill will strengthen the Commission’s ability to share information and provide investigative assistance which, in turn, will make overseas regulators more likely to help us. It is this mutual assistance that will ultimately promote the operation of fair and effective markets – and that is good for our consumers and businesses."

The Bill also makes minor amendments to require the Commission to make refunds, where appropriate, and allow for fee exemptions for particular groups including small businesses.