Displaying 1 - 24 of 213 results.

Associate Commerce Minister Craig Foss today congratulated International Accreditation New Zealand (IANZ) on winning a Business Achievement Award from the New Zealand Business Excellence Foundation.

“I am pleased that this Crown entity has been recognised as a top performer.  It stands out – not just in its field, but right across the public and private sectors.  The state sector should be aiming for top marks for its work, and this shows just what can be achieved,” said Mr Foss.

  • Craig Foss
  • Commerce

Mrs Margaret Jane Hubbard has been removed from statutory management, effective from 5pm on 13 November 2011.

Commerce Minister Simon Power said he had received a report from the Registrar of Companies that it was no longer necessary to keep Mrs Hubbard in statutory management.

"The Registrar of Companies has advised me that in the opinion of the statutory managers, Mrs Hubbard is no longer so closely connected to the business of Aorangi Securities Ltd that she must remain under statutory management. The Registrar is also of this view.

  • Simon Power
  • Commerce

A bill that introduces criminal sanctions to deter hard-core cartel behaviour was introduced to Parliament today by Commerce Minister Simon Power.

“Cartels, by their nature, are secretive and often go undetected, causing substantial harm to businesses, consumers, and the government sector,” Mr Power said.

“Ultimately everyone suffers: increasing costs of production affect the competitiveness of companies in domestic and international markets, while consumers unwittingly pay inflated prices.

  • Simon Power
  • Commerce

A bill that tightens rules around company directors and company registration was introduced to Parliament today by Commerce Minister Simon Power.

“New Zealand has an international reputation as one of the best and most trusted places in the world to do business,” Mr Power said.

“However, that is threatened by overseas interests using New Zealand-registered shell companies to undertake criminal activity.

  • Simon Power
  • Commerce

A bill which overhauls securities law to improve financial market conduct and restore investor confidence in New Zealand’s financial markets was introduced to Parliament today by Commerce Minister Simon Power.

The 560-page Financial Markets Conduct Bill is the result of a comprehensive review of securities law and takes into account the work of the Capital Markets Development Taskforce, the effects of the global financial crisis, and the failure of finance companies.

  • Simon Power
  • Commerce

Commerce Minister Simon Power and Customs Minister Maurice Williamson today welcomed new powers to help crack down on people who import and sell counterfeit goods.

The Trade Marks Amendment Act and the Copyright Amendment Act, which come into force today, gives new powers to the Ministry of Economic Development and the Customs Service to investigate and prosecute people involved in the manufacture, importation, and sale of illegal goods.

  • Simon Power
  • Maurice Williamson
  • Commerce
  • Customs

Mr Speaker,

I have been surprised by some of the reaction I have had to my decision to retire. All sorts of motivations have been ascribed to my decision.

One of my cabinet colleagues – who is always concerned about how these sorts of things look for the Government – was keen to spread the rumour that the real reason could be traced to the existence of a series of incriminating photographs.

I was alarmed at the speed at which Murray McCully was able to invent such a scenario.

  • Simon Power
  • Commerce
  • Consumer Affairs
  • Deputy Leader of the House
  • Finance
  • Justice
  • Law Commission
  • Leader of the House

Commerce Minister Simon Power today announced proposals to simplify the financial reporting framework for small and medium-sized businesses and registered charities.

The proposed reforms follow on from a review of the financial reporting framework which found that the framework was overly costly and not meeting users’ needs or expectations.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today welcomed the unanimous passing of legislation that cuts compliance costs for businesses while cracking down on people who import and sell counterfeit goods.

Mr Power said the two bills, which make up the Trade Marks (International Treaties and Enforcement) Amendment Bill, are designed to cut compliance costs and make our trade marks system work better.

“The sale of counterfeit goods is a growing problem which is hurting the productivity and financial viability of businesses.

  • Simon Power
  • Commerce

Cabinet has approved regulations to support the licensing regime for trustees and statutory supervisors, Commerce Minister Simon Power announced today.

The Securities Trustees and Statutory Supervisors Act 2011 creates a licensing regime for all corporate trustees, including trustees of non-restricted KiwiSaver schemes and supervisors of retirement villages.

  • Simon Power
  • Commerce

It’s my pleasure to be here today.

I want to start by taking you back to the situation the Government found itself in when it first came into office in November 2008.

At that time we were all hearing stories of people who had, on the advice of financial advisers, diversified their life savings into a variety of finance companies.

And we all know how those stories ended.

When finance companies began to fall like dominos in 2006 and onwards, some $8.6 billion of investors’ money was put at risk.

  • Craig Foss
  • Commerce

Commerce Minister Simon Power today announced the appointment of Carl Blanchard and David Flacks as members of the Takeovers Panel.

They have been appointed for five-year terms.

“Mr Blanchard and Mr Flacks are both highly regarded in their sectors,” Mr Power said.

“They bring real-world experience and will strengthen the panel’s existing expertise.”

Mr Power thanked Pip Greenwood and David Quigg, who retired from the panel this month, for their contributions.

Background

  • Simon Power
  • Commerce

Commerce Minister Simon Power today welcomed the publication of information to help people comply with new copyright laws which will come into effect on 1 September.

The Copyright (Infringing File Sharing) Amendment Act 2011 repeals the controversial Section 92A of the Copyright Act and replaces it with a three-notice regime to deter illegal file sharing.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced the appointment of Sir Bruce Robertson as chair of the Financial Advisers Disciplinary Committee.

“I'm pleased to be able to appoint someone as capable and experienced as Sir Bruce to lead this committee,” Mr Power said.
Sir Bruce has been a member of the committee since its establishment last year, serving as acting chair since the resignation of David Mayhew in February.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today released the draft version of a bill that stems from the comprehensive review of securities law.

“I’m releasing this bill in draft form to ensure that decisions from this once-in-a-generation opportunity to re-write our securities law are enduring for years to come,” Mr Power said.

“The new legislation will play a crucial role in restoring confidence in our financial markets by providing better protections for mum and dad investors, and clearer rules for companies looking to raise capital.

  • Simon Power
  • Commerce

Good afternoon and thank you for your welcome.

I enjoy speaking to the Trans-Tasman Business Circle because I always get a huge amount out of sharing ideas with you, at the coalface of the extremely vital trade relationships with our biggest trading partner.

Some of you have probably heard me say that I haven't met an Australian I don't like, but it's true.

And I suspect it's a sentiment that's reciprocated – not for me specifically, but for New Zealanders generally.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced that internet service providers will be able to charge rights holders up to $25 for processing an allegation of copyright infringement.

The decision was made by Cabinet when considering technical regulations to underpin the Copyright (Infringing File Sharing) Amendment Act 2011, which comes into effect on 1 September.

“The Government decided that a fee of up to $25 fee was an appropriate compromise between what rights holders and the ISPs wanted.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced increased funding for the Commerce Commission to regulate electricity and gas lines, and airports.

Under Part 4 of the Commerce Act, the commission regulates the price and quality of goods and services in markets which are considered monopolies, and regulated suppliers pay the commission a levy.

“The current levels of funding for the commission need updating because they were set before comprehensive changes to Part 4 in 2008,” Mr Power said.

  • Simon Power
  • Commerce

Inventors in New Zealand and Australia can look forward to a faster, cheaper and more streamlined trans-Tasman patent process, as announced today by New Zealand Commerce Minister Simon Power, and Australian Innovation Minister Senator Kim Carr.

The Ministers have agreed to an implementation plan that will deliver a single application process for both countries by early 2013, and a single patent examination by June 2014.

  • Simon Power
  • Commerce

Commerce Minister Simon Power has announced the delegations for new Associate Commerce Minister Craig Foss.

"One of Mr Foss's main delegations will be the oversight of the Commerce Commission as ownership Minister and of ongoing operations of the Commerce Act," Mr Power said.

"I look forward to working with him as the Government continues its major reforms of regulation in the business sector to promote competition and increase participation in New Zealand's capital markets."

Mr Foss's other delegations are:

  • Simon Power
  • Commerce

Cabinet has agreed to update the Securities Regulations 2009, Commerce Minister Simon Power announced today.

The updated regulations, which come into force on Friday, replace the current text about financial advice required to be included in investment statements. This will align it with the Financial Advisers Act 2008, which comes fully into force on the same day.

“The regulations do not require immediate revision of investment statements already in use or those currently being prepared,” Mr Power said.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced the cross-appointment of Lynn Wood, chair of the Australian Financial Reporting Council (FRC), to New Zealand’s inaugural External Reporting Board (XRB).

The XRB supersedes the Accounting Standards Review Board (ASRB) and 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 begins operations on 1 July.

  • Simon Power
  • Commerce

Commerce Minister Simon Power today announced the final steps in implementing the financial adviser regime, which comes fully into force on Friday of next week.

They are in the form of minor technical regulations under the Financial Advisers Act, and were approved by Cabinet this week.

They reclassify a number of products that are considered less complex and less risky.

The following are now categorised as Category 2 products under the Act:

  • Simon Power
  • Commerce

If you were to ask me to say in a few words why financial literacy is important to me, it would be something like: "Because it contributes to the financial wellbeing of New Zealanders".

That's because it does what it says – the more financially literate we are, the better placed we are to make decisions that enhance our wellbeing. No matter who we are. That’s why summits such as this are so important.

  • Simon Power
  • Commerce