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Commerce Minister Craig Foss welcomed the Law Commission’s report into incorporated societies.

“I would like to thank the Law Commission for its thorough review of the Incorporated Societies Act 1908,” says Mr Foss.

“The legislation is more than a century old, and I thank the Commission for suggesting ways to replace it with a modern Act.

“The Commission has made a series of recommendations to which I will give careful consideration,” says Mr Foss.

Commerce Minister Craig Foss has launched a Trans-Tasman smartphone app today, allowing consumers in New Zealand and Australia to search more than 2.5 million registered companies using their smartphone.

The Companies Office has partnered with the Australian Securities and Investments Commission (ASIC) to develop NZAUConnect.  The NZAUConnect app enables users to obtain information from the Australian and New Zealand Companies Registers along with the Australian Business Names Register.

Commerce Minister Craig Foss has welcomed the launch of QR codes and Company Badges as the Companies Office continues to make company information accessible online.

A Bill that removes the requirement for smaller companies to produce complex financial statements has passed its second 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 – regardless of their size – are currently required to prepare financial statements.

A Bill to strengthen the companies and limited partnerships registration regime has passed its second reading announced Commerce Minister Craig Foss.

The Companies and Limited Partnerships Amendment Bill will address the misuse of New Zealand’s registration scheme by overseas entities and tightens the criteria for company registration.

New KiwiSaver disclosure rules giving New Zealanders better information to compare Kiwisaver funds come into force tomorrow says Commerce Minister Craig Foss.

Retail KiwiSaver schemes will be required to publish consistent and comparable information about their funds. Previously there have been no specific reporting requirements on KiwiSaver schemes to disclose information about the performance of their funds.

“These changes allow KiwiSaver members to directly and easily compare funds and make an informed investment choice,” says Mr Foss.

The Government has decided on regulations needed to bring the Financial Markets Conduct (FMC) Bill into force, Commerce Minister Craig Foss announced today.

“These regulations are part of the most significant reform of financial market regulation in a generation. The FMC Bill is a key pillar in the Capital Markets work stream of the Government’s Business Growth Agenda. The Bill is aimed at increasing investment in our capital markets so our firms can grow.

Commerce Minister Craig Foss has today announced reforms to three areas of regulation regarding accounting and auditing services in New Zealand.

These reforms are to be included in an Accounting Infrastructure Reform Bill which will be introduced to Parliament later in 2013.

“This Bill will encourage efficiency, competition and give the New Zealand accounting market a more international outlook,” says Mr Foss.

The reforms will:

Commerce Minister Craig Foss has welcomed the 2013 Financial Knowledge and Behaviour survey at the Financial Literacy Summit in Auckland today.

“Improving financial literacy is vitally important. The study launched today shows that while New Zealanders have the knowledge to make good financial decisions; they often do not act on this knowledge. Many continue to make poor decisions when it comes to their personal finances,” says Mr Foss.

Commerce Minister Craig Foss today announced Diane Maxwell is to be appointed as Commissioner for the Commission of Financial Literacy and Retirement Income.

“Ms Maxwell was appointed as the interim Commissioner in March on secondment from the Financial Markets Authority. I’m pleased to announce her permanent appointment today,” says Mr Foss.

Ms Maxwell has been appointed for a three year term from 1 July 2013.

Commerce Minister Craig Foss today announced that low-risk credit union savings accounts and term deposits would be re-categorised to improve access to financial advice. The changes come into force today.

The move will cut regulation, allowing all types of financial advisers to provide personalised advice on these simple products.

Commerce Minister Craig Foss today released a Supplementary Order Paper (SOP) to strengthen the Companies and Limited Partnerships Amendment Bill.

The Bill tightens New Zealand’s companies and limited partnerships registration regime and addresses misuse by overseas entities.

“The changes I am introducing today implement the Commerce Select Committee’s recommendations to give the Registrar of Companies more power to identify the true owner of a company,” says Mr Foss.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.