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Commerce Minister Craig Foss has welcomed the second reading of the Patents Bill.

“This Bill makes important progress towards helping drive innovation in New Zealand. The changes will overhaul sixty-year legislation and create a balanced patent system,” says Mr Foss.

“The Patents Bill will better align New Zealand’s law with overseas markets, making it easier for Kiwi businesses to export and grow.

Commerce Minister Craig Foss has welcomed the report back from the Commerce Select Committee on the Financial Markets Conduct Bill.

“This Bill is critical to restoring investor confidence in New Zealand’s financial markets. It makes improvements to the ability of businesses to raise capital, whilst ensuring the unscrupulous are held to account,” says Mr Foss.

The Commission for Financial Literacy and Retirement Income has launched the first annual Money Week today.

“The week-long focus on financial education is a great initiative to lift financial literacy in New Zealand,” says Commerce Minister Craig Foss.

More than one hundred free events will take place over the next week, encouraging New Zealanders to take a closer look at how they manage their finances.

Commerce Minister Craig Foss has welcomed progress towards updating patent law following the release of a supplementary order paper (SOP).

The Government’s SOP introduces a minor amendment to the Patents Bill to clarify whether computer programs are patentable.

Under the amendment, computer programs as such would not be eligible for patent protection.

However, inventions that make use of embedded computer programs will be patentable.

Council members, Chief Executive Chin, and distinguished guests – tena koutou.

I am honoured to be here today to recognise the commendable and exceptional work of those who have contributed to standards development in New Zealand.

I would also like to acknowledge my Parliamentary colleague, the Honourable Lianne Dalziel, for the work she has done in this area in her previous role as Commerce Minister.

I understand that there are over 2000 volunteers who freely offer their time and expertise to Standards New Zealand.

A Bill that overhauls financial reporting rules and cuts compliance costs for small and medium-sized companies has been introduced by Commerce Minister Craig Foss.

The Financial Reporting Bill was introduced to Parliament today. A Supplementary Order Paper has also been released.

“The Bill will cut the compliance burden faced by many of New Zealand’s small and medium-sized companies,” says Mr Foss

A Bill designed to encourage pro-competitive collaboration passed its first reading in Parliament today, says Commerce Minister Craig Foss.

“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.

“Collaborative arrangements can help businesses innovate and tap into overseas markets. This is especially important for an export-focused country like New Zealand,” says Mr Foss.

A Bill aimed at tightening the criteria for company registration passed its first reading in parliament today, says Commerce Minister Craig Foss.

The Companies and Limited Partnerships Amendment Bill requires every company registered in New Zealand to have an NZ-resident agent who will be held responsible if the company fails to comply with its reporting and record-keeping obligations.

Commerce Minister Craig Foss today announced three new appointments to the Copyright Tribunal.

Professor Graeme Austin, Jane Glover, and Warwick Smith have been appointed for a term of one year commencing 1 August 2012.

“I am pleased to announce the appointment of all three new members,” says Mr Foss. “Their knowledge and expertise in the areas of information technology and copyright law will be very useful to the Tribunal, now and into the future.”

Commerce Minister Craig Foss today announced the appointment of Graeme Mitchell as the deputy chairperson of the External Reporting Board (XRB).

“Mr Mitchell’s background is in auditing and the not-for-profit sector, he also has extensive governance experience,” says Mr Foss.

Commerce Minister Craig Foss today announced the appointment of Graeme Mitchell as the deputy chairperson of the External Reporting Board (XRB).

“Mr Mitchell’s background is in auditing and the not-for-profit sector, he also has extensive governance experience,” says Mr Foss.

New levies for the Financial Markets Authority (FMA), External Reporting Board (XRB), and a new fee structure for the Companies Office have been announced by Commerce Minister, Craig Foss.

“New Zealand needs well-functioning capital markets to provide a vital source of finance to help our businesses grow,” says Mr Foss.

The levies will provide $16.4 million in funding for the FMA and $3.66 million for the XRB annually.

Commerce Minister Craig Foss today welcomed targeted consultation ahead of the introduction of new measures to rein in unsolicited ‘predatory’ share offers.

“Predatory or low ball offers are not only a risk to those they mislead, they also weaken the trust investors have in our capital markets,” says Mr Foss.

Commerce Minister Craig Foss today announced the reappointment of Tracey Berry, Simon Hassan and Peter Houghton as members of the Disciplinary Committee.

Mrs Berry has been appointed for five years, Mr Hassan for four years, and Mr Houghton for a term of three years. Their new terms begin on 2 June.

Thank you for the introduction and for inviting me to speak today. Based on the calibre of presenters and the agenda for the next two days, this year’s conference will no doubt provide some challenging and stimulating discussion around competition law, policy and regulation in New Zealand.

I would like to start by explaining the government’s key policy objectives, because these drive the reforms. 

At the broadest level, the government has four key policy objectives for the next three years.

These are:

Budget 2012 makes changes that will further improve KiwiSaver and lift investor confidence, Finance Minister Bill English and Commerce Minister Craig Foss say.

Commerce Minister Craig Foss has congratulated the Intellectual Property Office of New Zealand (IPONZ) on its world-leading online registration system.

“This new system is the best in the world. It removes the need for paper filing, cuts down on processing times, reduces compliance burdens and introduces much greater capabilities for Kiwi entrepreneurs,” says Mr Foss.

More than 4520 trade mark applications and 365 design applications have been lodged since the site went live three months ago.

A transitional auditor licencing scheme was welcomed by Commerce Minister Craig Foss when it came into force today.

“Trustworthy and transparent auditing is essential to creating a culture that encourages Kiwis to invest,” says Mr Foss.

The Auditor Regulation Act establishes a new licencing regime for major audits, such as the audits of issuers, banks and insurers”

The Act comes into force on 1 July 2012.

Commerce Minister Craig Foss has welcomed the 10-year anniversary of the Personal Property Securities Register.

“Ten years ago New Zealand became the first country to launch a fully-electronic online securities register,

“In the decade since, the PPSR has proved to be a vital tool for businesses, allowing them to register leased goods or collateral and protect these goods in case their customers go bankrupt,

“There are now almost six million personal property statements on the register” says Mr Foss.

Commerce Minister, Craig Foss has released a discussion paper calling for higher levels of transparency and accountability from New Zealand’s largest charities.

“Charities in New Zealand do excellent work. Most are staffed with volunteers and deserve the donations they receive,” says Mr Foss.

“The changes under consideration will only affect the largest 20 per cent of charities in New Zealand and leave smaller charities unaffected,” says Mr Foss.

Minister of Commerce, Craig Foss met with Australian Parliamentary Secretary to the Treasurer, Bernie Ripoll in Sydney today to discuss progress towards realising the long term vision of creating a seamless trans-Tasman business environment.

Mr Foss and Mr Ripoll welcomed further progress towards a Trans-Tasman Single Economic Market (SEM) following the release of the Trans-Tasman Outcomes Implementation Group biannual report.

New Zealand is a step closer to joining an international protocol that will make it easier for entrepreneurs to protect their ideas, Commerce Minister Craig Foss announced today.

Mr Foss met with the Director General of the World Intellectual Property Organisation, Mr Francis Gurry at Parliament today, to discuss New Zealand’s accession to the Madrid Protocol.

Commerce Minister Craig Foss today announced the reappointment of James Hill as the Deputy Chairperson of the Testing Laboratory Registration Council.

“Mr Hill has strong governance experience as a director and chairperson of numerous private and public sector boards. He has also been acting as the Council chairperson since September 2011” says Mr Foss.

Mr Hill’s second term of three years commences on 1 April 2012.

Commerce Minister Craig Foss has welcomed the findings of a Commerce Select Committee inquiry into finance company failures and says the government supports the general nature of its recommendations.

“The Commerce Select Committee has done an excellent job of investigating issues relating to finance company failures and made sensible recommendations,” says Mr Foss.