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A draft Bill to update the law governing incorporated societies is being released today for public consultation, Commerce and Consumer Affairs Minister Paul Goldsmith says.

“There are over 23,000 incorporated societies currently operating across New Zealand,” Mr Goldsmith says.

“From the Aro Valley Citizens Advice Bureau to the Akaroa Croquet Club, incorporated societies make a huge contribution to our communities in culture, sport, recreation and community activities.

Primary Industries Minister Nathan Guy and Commerce and Consumer Affairs Minister Paul Goldsmith have welcomed the Commerce Commission’s release of a draft report on the state of competition in New Zealand’s dairy industry today. 

The report was commissioned by the two Ministers on 2 June 2015 as required under the Dairy Industry Restructuring Act 2001. That Act allowed the formation of Fonterra, and includes provisions to promote contestability in New Zealand’s farm gate and factory gate dairy markets to ensure their efficient operation. 

Minister of Commerce and Consumer Affairs Paul Goldsmith today introduced a Bill to establish a single trans-Tasman patent attorney regime.

The Patents (Trans-Tasman Patent Attorneys, and Other Matters) Amendment Bill is the first significant update to the New Zealand patent profession in 60 years. 

“This Bill  would see patent attorneys benefit from significant time and cost savings through the establishment of a single joint registration regime allowing them to seamlessly practice in both Australia and New Zealand,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith today introduced a Bill that enables geographical indicators for wines and spirits to be registered in New Zealand.

A geographical indication indicates that a wine or spirit comes from a specific region and possesses particular qualities or characteristics as a result.

The Bill amends the Geographical Indications (Wines and Spirits) Registration Act which was passed in 2006 but never brought into force.

Commerce Minister Paul Goldsmith today released a discussion document which seeks feedback on whether New Zealand should join an international treaty aimed at making more published material available for people with print disabilities.

The Marrakesh Treaty to Facilitate Access to Published Works for Persons who are Blind, Visually Impaired, or otherwise Print Disabled, was concluded in June 2013 and will come into effect once ratified by 20 countries.

From today all New Zealand companies must have at least one director that either lives in New Zealand, or lives in Australia and is a director of a company incorporated in Australia.

This is part of a raft of changes under the Companies Amendment Act 2014 which came into force on 1 May 2015.

Commerce and Consumer Affairs Minister Paul Goldsmith says those that haven’t complied with this requirement risk being removed from the Companies Register.

Commerce and Consumer Affairs Minister Paul Goldsmith has acknowledged the appointment of Sacha Judd and the reappointment of Simon Horner and Roger Wallis to the Takeovers Panel.

The Takeovers Panel carries out enforcement functions under the Takeovers Act 1993 and administers the Takeovers Code.  As regulator of the corporate takeovers market, the Panel has an important role in helping to achieve the Government’s goals of ensuring transparent and equitable takeover processes.

A Bill that will strengthen New Zealand’s standards and accreditation system has passed its final reading in Parliament today, Commerce and Consumer Affairs Minister Paul Goldsmith says.

The Standards and Accreditation Bill aims to ensure that the New Zealand’s standards and accreditation system is viable, well-functioning, and meets the needs of business, regulators, and consumers into the future.

A study by the Government will look at how creative industries are using copyright and designs rules in a changing technological environment, Minister of Commerce and Consumer Affairs Paul Goldsmith says.

“Rapidly evolving technologies are generating new opportunities and challenges in the creative sector,” Mr Goldsmith says.

“The Creative Sector Study will help us deepen our understanding of how the industry currently uses the copyright and design regimes to protect their creative material.

A report by the Commerce Commission provides a useful snapshot of issues affecting consumers and competition levels in 2014, Minister of Commerce and Consumer Affairs Paul Goldsmith says.

“I welcome this report by the Commerce Commission,” Mr Goldsmith says.

“The annual Consumer Issues 2015 report gives an overview of areas where there was a risk of harm to consumers as of 2014, and identifies emerging risks.

Justice Minister Amy Adams and Minister of Commerce and Consumer Affairs Paul Goldsmith have announced a new appointment to the Motor Vehicle Disputes Tribunal.

Wellington barrister Jason McHerron has been appointed an adjudicator to the Tribunal for a five-year term.

“Mr McHerron is a highly respected barrister who brings a wealth of experience to this role. His skills and knowledge will see him make a good contribution to the Tribunal,” Ms Adams says. 

Commerce and Consumer Affairs Minister Paul Goldsmith will travel to the Philippines tomorrow to represent the New Zealand Government at the Asia-Pacific Economic Cooperation (APEC) Ministers Meeting on structural reform.

“Structural reform looks to open up trade and markets by removing any behind-the-border barriers to doing business. These barriers could be regulations, government policies or institutional frameworks which act as obstacles to trade and investment between countries,” Mr Goldsmith says.

New research into secondary school students’ understanding of money and how to manage it has been welcomed by Education Minister Hekia Parata and Commerce and Consumer Affairs Minister Paul Goldsmith.

A study undertaken by the Commission for Financial Capability has shown that many teachers think students’ money management skills are low, while in contrast students are confident they know how to manage their money.

The Commission has released the research during Money Week to highlight the importance of helping young people make informed choices about money.

Empowering people to be better with money is the key focus for Money Week, says Commerce and Consumer Affairs Minister Paul Goldsmith.

“By building the financial capability of our families and communities we can help people better shape their lives, reduce debt and hardship, and achieve their goals,” Mr Goldsmith says.

“Getting people thinking about money and how to manage it, from day-to-day budgeting to long term planning are some of the things being discussed in events and activities across the country this week.” 

Minister of Commerce and Consumer Affairs Paul Goldsmith today announced that a test will be introduced into New Zealand’s anti-dumping regime to better balance consumer interests with those of the manufacturers threatened by dumped imports.

“We want to ensure that we have a competitive market where consumers get the best value for their money. These decisions aim to strike a balance between encouraging competition, while protecting manufacturers from dumping,” Mr Goldsmith says.

Minister of Commerce and Consumer Affairs Paul Goldsmith today announced that the share trading platform Unlisted will be granted an exemption from the licensing requirements of the Financial Markets Conduct Act.

“In making this decision, I have considered the risks and benefits of allowing Unlisted to operate as an unlicensed market,” Mr Goldsmith says.

“Unlisted will be allowed to continue as a trading platform with a number of conditions in place to help reduce the risks of it operating as an unlicensed market.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced two reappointments to the Takeovers Panel and three reappointments to the Disciplinary Committee under the Financial Advisers Act.

David Jones has been reappointed as Takeovers Panel Chairperson for one further year, starting on 1 October. Richard Hunt, who is a member cross-appointed from the Australian Takeovers Panel, has been reappointed to the Takeovers Panel for a further term until April 2018.

Minister for Senior Citizens Maggie Barry and Minister of Commerce and Consumer Affairs Paul Goldsmith today welcomed a survey highlighting the importance of all New Zealanders planning for their retirement.

The joint survey by the Commission for Financial Capability (CFFC) and the Financial Markets Authority (FMA) shows many older New Zealanders don’t yet know how they will reach their retirement goals.

“Planning for a secure financial future is important for all New Zealanders, not only those heading towards retirement,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith today said there has been a strong response from New Zealanders on the review of financial advice legislation.

“In May the Government released an issues paper as a part of a review of the Financial Advisers Act and Financial Service Providers Act,” Mr Goldsmith says.

“We want to increase consumer confidence in financial advisers and the advice they give, so that people can make informed decisions about their money.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced two new appointments to the Commerce Commission.

“I am pleased to announce the Governor-General has appointed Dr Jill Walker as a member of the Commerce Commission for a five year term, starting on 1 December 2015,” Mr Goldsmith says.

“I am also pleased to appoint Mr Graham Crombie as an associate member of the Commerce Commission for a five year term, starting on 20 July.”

Commerce and Consumer Affairs Minister Paul Goldsmith today announced a Government Statement on Building Financial Capability in New Zealand, which supports New Zealanders getting ahead financially.

“At the moment almost a third of New Zealanders have low levels of financial knowledge,” Mr Goldsmith says.

“If we can improve their financial capability we can improve the wellbeing of our families and communities.

“Financial capability allows people to better shape their lives, avoid hardship, and meet their goals.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the first listing on NZX’s new securities market, called NXT.

“NXT is a simpler, lower cost securities market aimed at making it easier for smaller businesses to list and raise capital,” says Mr Goldsmith.

“There are a large number of smaller and mid-sized businesses that need an injection of capital to be able to innovate, grow and create jobs,” he says. “I am pleased to see NZX succeed in getting this market off the ground.”

Commerce and Consumer Affairs Minister Paul Goldsmith today announced three new appointments to the Financial Markets Authority Board.

“I am pleased to announce that the Governor-General has appointed Campbell Stuart, William Stevens and Mark Todd as new members of the Financial Markets Authority (FMA) for terms of three to five years, starting on 8 June 2015,” Mr Goldsmith says. 

Minister of Commerce and Consumer Affairs Paul Goldsmith welcomes new rules that will better protect borrowers taking effect from Saturday 6 June.

“A new era in consumer lending begins this Saturday where all lenders must meet responsible lending obligations and consumers have access to better information to help them make better borrowing choices,” Mr Goldsmith says.