Displaying 25 - 48 of 213 results.

The Government is to target unscrupulous credit companies that prey on unwary consumers, the Minister of Commerce and Consumers Affairs, Simon Power, announced today.

He told the Financial Literacy Summit in Wellington that he is organising a financial summit that will look at ways to tackle the problem.

"It's time to make changes in the area of consumer credit.

"There are gaps in the system that allow the unscrupulous to take advantage of the unwary when it comes to access to consumer finance in these tough economic times.

  • Simon Power
  • Commerce
  • Consumer Affairs

Commerce Minister Simon Power today released a draft bill which aims to clarify the law around hard-core cartel behaviour and introduce criminal penalties.

Mr Power said the Commerce (Cartels and Other Matters) Bill is being consulted on before it is introduced to Parliament to ensure it adequately supports pro-competitive business arrangements.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today released a discussion document on third-party funding options for the Financial Markets Authority, the External Reporting Board, the Companies Office, and the Insolvency Trustee Service.

“New Zealand needs well-functioning financial markets to entice investors back so businesses have access to the capital they need to grow, and a key component of that is for the regulators to be at the top of their game,” Mr Power said.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced further Cabinet decisions on the review of securities law.

They include:

• A system to regulate securities exchanges.
• Licensing regimes for specific financial sector participants: fund managers, independent trustees of workplace superannuation schemes, derivatives dealers, and peer-to-peer lenders.
• More details about penalties under the liability framework in the event of a breach of financial markets laws.

  • Simon Power
  • Commerce

The Government’s new regulatory framework for financial markets contributes to Budget 2011’s focus on savings and investment.

“Over the past two and a half years, my priority in the commerce portfolio has been to put in place a regulatory framework that attracts investors back to our capital markets,” Commerce Minister Simon Power says.

“The Government has committed extra resources to ensure investors have access to the information they need to make informed decisions about their investments.

  • Simon Power
  • Commerce
  • Budget 2011

Commerce Minister Simon Power today announced the re-appointment of six members of the Standards Council.

The Standards Council is a Crown entity, which through Standards New Zealand develops, adopts, and publishes New Zealand standards. It has up to 12 members.

Mr Power said Richard Gibbons, John Hannah, Sharon Kletchko, Vivian Kloosterman, Vaughan Renner, and Michael Wallsmannsberger have been re-appointed for one-year terms.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today welcomed Parliament’s passing of the Auditor Regulation and External Reporting Bill.

“This bill is an important piece of the regulatory jigsaw to restore investor confidence in our financial markets, after the Registrar of Companies identified audit failure as a contributing factor in the collapse of finance companies,” Mr Power said.

The bill now forms two separate Acts.

  • Simon Power
  • Commerce

The Government is to move the Retirement Commissioner into the Commerce portfolio as part of its focus on improving financial literacy for mum and dad investors.

Commerce Minister Simon Power announced this tonight in a speech to the Institute of Finance Professionals NZ awards dinner in Auckland.

Mr Power said the prevalence of ‘low-ball', or unsolicited offers in recent months showed that financial literacy is an area which the Government should be focused on.

  • Simon Power
  • Commerce

I’d like to acknowledge Labour MP Lianne Dalziel, Reserve Bank Governor Alan Bollard, FMA chief executive Sean Hughes and the FMA board, members of the FMA Establishment Board, and members of the board of Infinz. It's a pleasure to be here at this event again.

My thanks to Infinz for the invitation to speak at an awards ceremony which celebrates excellence and achievement in the finance industry.

  • Simon Power
  • Commerce

Commerce Minister Simon Power leaves tomorrow for talks on single economic market issues with Australian Ministers, MPs, and business leaders.

He will meet Attorney-General Robert McClelland, Parliamentary Secretary to the Treasurer David Bradbury, and MPs Joe Hockey and Malcolm Turnbull.

“This trip follows up on my trip in September last year where I had talks with members of the new Australian Government,” Mr Power said.

  • Simon Power
  • Commerce

The Financial Markets Authority officially opened for business today, almost a year to the day after Commerce Minister Simon Power announced its formation.

The FMA takes over the functions of the Securities Commission and Government Actuary which are being disestablished, and consolidates other regulatory functions from the Ministry of Economic Development.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today released a discussion document on the content of regulations in the Copyright (Infringing File Sharing) Amendment Act, which became law last week.

The Act puts into place the three-notice regime to deter illegal file sharing which will come into force on 1 September.

The discussion document seeks input into regulations on:

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced the appointment of Howard Duff as a member of the Testing Laboratory Registration Council, for a term of three years.

The Crown entity is responsible for accrediting testing laboratories, radiology services, and inspection bodies.

“Mr Duff understands the importance of quality systems to business to underpin safety, innovation, and trade,” Mr Power said.

“His broad professional experience will make him a valued member of the council.”

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced Cabinet approval for the operating budget for the Financial Markets Authority, which begins operation on 1 May.

The budget for 2011/12 will be $24 million, increasing to $28 million in 2013/14 to reflect the emphasis on market intelligence, investigation and enforcement, and some additional transition costs.

The budget for 2014/15 and beyond will be about $26 million – an increase of around 44 per cent over the $18 million budget for the current regulators.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced relief for earthquake-affected Cantabrians who have KiwiSaver accounts by making it easier for them to withdraw their contribution.

“Apart from the obvious physical and emotional damage, February’s earthquake has seen many people suffer financially,” Mr Power said.

“The Government was concerned that some people may have been unable to make an early withdrawal of their KiwiSaver contributions under the significant financial hardship rules of the KiwiSaver regime.

  • Simon Power
  • Commerce
  • Earthquake Recovery

A bill that puts in place a three-notice regime to deter illegal file sharing was passed in Parliament today.

Commerce Minister Simon Power said the Copyright (Infringing File Sharing) Amendment Bill repeals Section 92A of the Copyright Act and replaces it with a new process to deal with online copyright infringements.

“This issue has a long and chequered history and I would like to thank all submitters for their help in shaping the Government’s online copyright regime.

  • Simon Power
  • Commerce

New Zealand and Australian inventors and patent attorneys are being invited to have their say to simplify the rules for the patent attorney profession.

Calling for comments on a discussion paper proposing a single body to regulate patent attorneys in both countries, New Zealand Commerce Minister Simon Power and Australian Innovation Minister Senator Kim Carr said it was important that government regulations took into account the needs of the patent attorneys and innovators who use them.

  • Simon Power
  • Commerce

Parliament today unanimously passed a bill that plugs gaps that were exposed by the finance company collapses of recent years.

The Securities Trustees and Statutory Supervisors Bill requires all corporate trustees, including those for non-restricted KiwiSaver schemes, to be licensed, along with certain statutory supervisors, including those for retirement villages.

  • Simon Power
  • Commerce

Commerce Minister Simon Power has confirmed that the Financial Markets Authority (FMA) will be up and running on 1 May, after the bill to establish it was passed by a unanimous vote in Parliament today.

The Financial Markets (Regulators and KiwiSaver) Bill establishes the new single market conduct regulator, which will take over the functions of the Securities Commission and Government Actuary which are being disestablished, and consolidates other regulatory functions fragmented across the Ministry of Economic Development.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced a high-powered board to run the soon-to-be established Financial Markets Authority (FMA).

The FMA, which is expected to be up and running early next month, will be the single market conduct regulator for New Zealand’s financial markets.

The FMA is designed to restore the confidence of mum and dad investors in the financial markets by actively and consistently enforcing financial laws.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced the makeup of the soon-to-be established External Reporting Board (XRB).

The XRB supersedes the Accounting Standards Review Board (ASRB) but will have a much broader range of powers. It will be responsible for all aspects of financial reporting, and for accounting and auditing standards-setting. It will begin on 1 July.

Members of the board are: Simon Carey, Neil Cherry, Annabel Cotton, Michele Embling, Graeme Mitchell, Ralph Simpson, and Ken Warren.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today welcomed the Commerce Select Committee’s report on the Auditor Regulation and External Reporting Bill.

The bill establishes a new licensing regime for major audits, such as the audits of banks, insurance companies, and companies listed on the stock exchange. It will not impact on audits of small and medium-size companies and non-profit entities.

  • Simon Power
  • Commerce

Financial advisers affected by February’s earthquake will have more time to fully comply with the financial adviser regime, Cabinet has decided.

Commerce Minister Simon Power said new regulations made under the Canterbury Earthquake Response and Recovery Act will provide relief for advisers who have their place of business in the Canterbury region.

  • Simon Power
  • Commerce
  • Earthquake Recovery

Cabinet has approved further regulations under the Financial Advisers Act 2008, Commerce Minister Simon Power announced today.

The regulations are designed to simplify implementation of the new financial adviser regime by providing greater certainty for industry as to the scope and obligations of the Financial Advisers Act, and will help minimise unnecessary compliance costs.

They provide technical detail in several areas. Specifically, they provide:

  • Simon Power
  • Commerce