Displaying 1 - 24 of 145 results.

Commerce Minister Craig Foss today welcomed the Financial Markets Authority (FMA) approval of new rules for NZX’s growth market.

Mr Foss granted an exemption in July to allow the new growth market to operate with an alternative disclosure regime.

“I am pleased to see the rules have now been formally approved by the FMA. The aim is to reduce the barriers to capital-raising for New Zealand’s smaller and high-growth businesses and provide new opportunities for investors,” Mr Foss says.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss says new rules coming into force today will protect New Zealand’s international reputation as a trusted place to do business.

The Limited Partnerships Amendment Act takes effect today requiring all limited partnerships to have a general partner who lives in New Zealand or an enforcement country.  This person can be held responsible if a partnership fails to comply with its obligations. 

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today welcomed the launch of The Exchange website – a platform to support and deliver financial literacy programmes.

“The Exchange website allows community organisations, banks and others in the finance sector to work together to help Kiwis make better financial decisions,” Mr Foss says.

“By working together we will see more innovative and practical ideas reach the people who need it the most.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today welcomed the modernisation of New Zealand patent laws.

The Patent Regulations 2014, under the Patents Act 2013, was today published in the New Zealand Gazette. The legislation comes into force on 13 September and replaces the Patents Act 1953.

“This legislation will bring New Zealand patent law into the 21st century with a more consistent, high quality patent examination process,” Mr Foss says.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today announced further steps to simplify and encourage participation in New Zealand’s capital markets.

“Cabinet this week signed off on a number of policy decisions to come into force under the Financial Market Conduct Act on December 1,” Mr Foss says.

“The decisions include new disclosure requirements to improve investor literacy, confidence and participation in financial markets.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today welcomed New Zealand’s first equity crowd-funding and peer-to-peer lending licences.

“The Financial Markets Conduct Act, passed in August last year, made crowd-funding and peer-to-peer lending possible.  It is fantastic to see the first licences come through,” Mr Foss says.

The Financial Markets Authority issued the licences after a thorough assessment of each organisation’s licencing application.

  • Craig Foss
  • Commerce

Police Minister Anne Tolley and Commerce Minister Craig Foss today welcomed an updated memorandum of understanding (MOU) between the Financial Markets Authority (FMA) and the Serious Fraud Office (SFO).

Mrs Tolley, as the Minister responsible for the SFO, says continued coordination and cooperation between the two agencies will improve efficiency and effectiveness.

“This MOU will enable faster and more effective prosecutions by streamlining processes to avoid duplication and make the most of each agency’s resources.”

  • Craig Foss
  • Anne Tolley
  • Police
  • Commerce

Commerce Minister Craig Foss says changes are underway to give credit unions improved legal status and promote innovation, efficiency and accountability in the industry.

“Better regulation is a top priority for this Government.  We will soon introduce legislation to update the Friendly Societies and Credit Unions Act 1982,” Mr Foss says.

“Credit Unions play a valuable role in our communities and financial sector.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today announced four reappointments to various independent Crown entities and statutory bodies. 

“I am pleased to announce the Governor-General has reappointed Pat Duignan as a member of the Commerce Commission.  Mr Duignan has been on the Commission since 2009 and has valuable experience in the corporate finance sector,” Mr Foss says.

The Governor-General also reappointed Michele Embling and Simon Carey to the External Reporting Board. Ms Embling has been appointed deputy chairperson. 

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today welcomed the introduction of a Bill to strengthen the development and delivery of New Zealand Standards.

“The Standards and Accreditation Bill is part of the Government’s Business Growth Agenda and follows a comprehensive review to ensure our Standards system is independent and sustainable,” Mr Foss says.

“Standards play a key role in sectors such as construction and energy safety. They create confidence in products and underpin health and safety and environmental management.”

  • Craig Foss
  • Commerce

The goal of a single business number for all kiwi businesses to use in their dealings with Government agencies has moved a big step closer with a decision that all key government agencies that work regularly with businesses will be required to recognise and use the new New Zealand Business Number by the end of 2017.

The Government will introduce legislation early in the next term that will confirm the deadline and extend the ability to allocate the New Zealand Business Number (NZBN) beyond registered companies to all New Zealand business entities.

  • Craig Foss
  • Steven Joyce
  • Economic Development
  • Commerce

Commerce Minister Craig Foss today announced he is granting a ministerial exemption to allow NZX to establish a new growth market with an alternative disclosure regime.

“An alternative disclosure regime will make it easier for firms to manage their disclosure obligations internally,” Mr Foss says.

The exemption, recommended by the Ministry of Business, Innovation and Employment (MBIE), is supported by The Financial Markets Authority (FMA).

  • Craig Foss
  • Commerce

Commerce and Consumer Affairs Minister Craig Foss today welcomed a range of new measures to strengthen the financial service provider registration and dispute resolution regime.

“We have made improvements to the financial service provider registration rules and introduced new powers to allow the Financial Markets Authority (FMA) to block the registration of financial service providers if needed,” Mr Foss says.

“The registration changes will help prevent misuse of the register by dodgy individuals trying to exploit New Zealand’s good name.

  • Craig Foss
  • Consumer Affairs
  • Commerce

Commerce Minister Craig Foss says nine KiwiSaver default providers start their seven year appointment today, offering lower fees for investors.

The default providers - AMP, ANZ, ASB, BNZ, Grosvenor, Kiwi Wealth, Mercer, Fisher Funds and Westpac - were appointed in March after a competitive tender process and assessment by an independent panel.

“A default fund aims to provide stable returns and build confidence while members consider what type of investment best suits their individual circumstances,” Mr Foss says.

  • Craig Foss
  • Commerce

Import tariffs on a range of building products will be temporarily suspended from tomorrow – a measure which is expected to reduce housing costs and increase competition in the residential construction sector, Housing Minister Dr Nick Smith and Commerce Minister Craig Foss announced this afternoon.

  • Craig Foss
  • Nick Smith
  • Housing
  • Commerce

Commerce Minister Craig Foss today welcomed the passing of a bill to protect New Zealand’s international reputation as a trusted place to do business.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today announced appointments to the Testing Laboratory Registration Council, Standards Council and board of the Joint Accreditation System of Australia and New Zealand (JAS-ANZ).

Paul Connell has been appointed Chair of the Testing Laboratory Registration Council, while Lindsey Lawton, Howard Duff and John Boshier have been appointed as members. Mr Boshier has also been appointed as a member of the Standards Council.

  • Craig Foss
  • Commerce

We are pleased to announce the cross-appointments of Mr David Oliver Jones MNZM to the Australian Takeovers Panel and Mr Richard Hunt to the New Zealand Takeovers Panel. 

Mr Jones is currently the Chair of the New Zealand Takeovers Panel and will now also be a member of the Australian Takeovers Panel. Mr Hunt will join as a member of the New Zealand Takeovers Panel and continue to serve as a member of the Australian Takeovers Panel.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today announced changes to the regulation of discretionary investment management services (DIMS) to ensure investors are well protected and the regulatory regime works for smaller players.

DIMS include any service where the provider decides which financial products to buy or sell on behalf of their client, without having to get their client’s agreement to the transaction.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today released a discussion paper seeking feedback on options for introducing a bounded public interest test into New Zealand’s anti-dumping regime.

“The development of a public interest test is part of the Government’s on-going work to improve housing affordability.  It follows the removal of duties and tariffs on imported building material, as announced in the budget,” Mr Foss says.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss today welcomed the Commerce Select Committee report on a Bill to improve the efficiency and effectiveness of the accounting and audit industries.

“The Accounting Infrastructure Reform Bill is part of the Government’s Business Growth Agenda to improve regulation and promote healthy financial reporting frameworks,” Mr Foss says.

It builds on the changes initiated by the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

  • Craig Foss
  • Commerce

Commerce Minister Craig Foss is welcoming feedback on the content of financial product disclosure statements.

The third exposure draft of regulations under the Financial Markets Conduct Act 2013 was today released for public consultation.

“The Government is continuing to drive a cultural change within the finance sector with a renewed focus on simple, meaningful and more accessible information for investors,” Mr Foss says.

  • Craig Foss
  • Commerce

Duties on plasterboard, reinforcing steel bar and wire nails and tariffs on building products like roofing, cladding, insulation, paints, electrical and plumbing fittings will be removed temporarily to increase competition and improve housing affordability.

“Reducing the costs of building materials is an important part of the Government’s programme to improve housing affordability,” Housing Minister Dr Nick Smith says.

  • Craig Foss
  • Nick Smith
  • Housing
  • Commerce
  • Budget 2014

Commerce Minister Craig Foss today announced appointments to the Commerce Commission and Financial Markets Authority (FMA).

Anna Rawlings joins the Commerce Commission in early June and will bring extensive experience in competition law, industry regulation, and consumer protection. 

“Her appointment is particularly timely given changes to consumer legislation which the Commission will be implementing,” says Mr Foss. 

  • Craig Foss
  • Commerce