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Peter Radich and Leigh Pearson have been reappointed to the Broadcasting Standards Authority (BSA) announced Broadcasting Minister Craig Foss today.

Mr Radich has been reappointed as BSA Chair and Ms Pearson as a BSA member.

Peter Radich is the senior partner in a Blenheim-based legal practice. He is currently a member of the NZ Lawyers and Conveyancers Disciplinary Tribunal and is a former Coroner. He was previously the chair of the NZ Law Practitioners Disciplinary Tribunal.

Commerce Minister Craig Foss has welcomed the appointment of Tony Pigou to the Takeovers Panel.

Tony Pigou will succeed current member Colin Giffney on 7 January 2013.

“Mr Pigou will bring value and expertise to the position. As part of the Takeovers Panel he will play an important role in ensuring transparent and equitable takeover processes,” says Mr Foss.

Mr Pigou has been appointed for a five year term.

Broadcasting Minister Craig Foss has today announced the appointment of Kim Wicksteed as a member of the Broadcasting Commission (NZ On Air).

Mr Wicksteed is currently the principal of Advice Ltd, a business and marketing consultancy. He was previously the chief executive of Saatchi and Saatchi New Zealand.

Kim Wicksteed’s current directorships include Learning Media, Equinox IT and Frizzell Wines. He is an accredited member of the Institute of Directors.

Commerce Minister Craig Foss has congratulated two New Zealand companies for being among the first to register under the Madrid Protocol, a major international trade mark treaty.

“With the full implementation of the Madrid Protocol this week, New Zealand entrepreneurs can now protect their brands in up to 87 countries with just one application,” says Mr Foss.

Commerce Minister Craig Foss today welcomed the select committee report on the Companies and Limited Partnerships Amendment Bill. The Bill tightens New Zealand’s companies and limited partnerships registration regime to address misuse by overseas entities.

“I want to acknowledge the Commerce Select Committee’s comprehensive work in reviewing the draft legislation and considering views on the proposed changes to our company and limited partnerships laws.

Commerce Minister Craig Foss has released a discussion document on regulations to be made under the Financial Markets Conduct Bill.

“These regulations are part of the most significant reform of financial market regulation in a generation. They provide the detail needed to fully implement key aspects of the Financial Markets Conduct Bill,” says Mr Foss.

The discussion document covers a range of issues, including:

Commerce Minister Craig Foss has welcomed new regulations to help rein in unsolicited share offers and protect shareholders.

"Unsolicited or ‘low ball’ offers are a predatory tactic that damages the health and confidence of our capital markets," says Mr Foss.

Lowball offers are unsolicited approaches to shareholders offering to buy their shares or other securities. Offer letters put pressure on people to sell their shares quickly, often with little information and using unconventional business practices.

Education Minister Hekia Parata and Associate Minister Craig Foss today confirmed the site for a new primary school in the Queenstown area.

The three-hectare site in the Shotover development, adjacent to the Lake Hayes Estate, is located in an area expected to experience significant population growth in the next 15 years.

Hekia Parata said: “Confirmation of the agreement to purchase is excellent news. Queenstown is growing and the community needs extra schooling capacity. The Shotover site is well-located and will ensure young learners are well-catered for.

Associate Education Minister Craig Foss has welcomed confirmation that the Novopay payroll project will be the subject of an independent review.

“While the Ministry of Education’s new payroll project is still in its early stages, the number of issues resulting from the payroll transition has been unacceptable. The review will be comprehensive and thorough,” says Mr Foss.

The independent post implementation review will commence in early 2013.

A Bill that removes the requirement for smaller companies to produce complex financial statements has passed its first 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 are currently required to prepare financial statements.

Commerce Minister Craig Foss has released a discussion document on whether changes should be made to the default KiwiSaver provider arrangements.

“The Government is committed to ensuring that KiwiSaver is operating at an optimum level. To do so, the default provider scheme needs to be designed for investors’ best interests,” says Mr Foss.

“KiwiSaver has continued to grow rapidly since its introduction – in the past year about 17,500 New Zealanders have joined each month. This takes total membership to more than two million.

Broadcasting Minister Craig Foss today announced the appointment of Richard Long to the Board of Television New Zealand.

Mr Long has a career in journalism spanning more than thirty years.

He has been elected to various newspaper industry roles, including chair of the NZ Press Association editors’ liaison committee.

“Mr Long’s media career will enable him to contribute his lengthy practical experience to the work of the TVNZ Board,” says Mr Foss.

Commerce Minister Craig Foss today welcomed the introduction of new regulations to help rein in unsolicited ‘predatory’ share offers.
"Predatory or low ball offers damage the health of our capital markets," says Mr Foss.

Lowball offers are unsolicited approaches to shareholders offering to buy their shares or other securities. The offer letters put pressure on people to sell their shares quickly, often with little information and using unconventional business practices.

The Financial Markets Authority has today accredited a second accounting professional body under the Auditor Regulation Act 2011. CPA Australia can now license and regulate auditors and audit firms in New Zealand with oversight from the Financial Markets Authority.

"This is another important step in strengthening financial markets in New Zealand. Audit quality is a vital part of ensuring that investors can have confidence in the financial statements being produced by New Zealand companies," says Mr Foss.

Commerce Minister Craig Foss has welcomed the passage of a Bill that enables greater cooperation between the Commerce Commission and its international counterparts.

The Commerce Commission (International Co-operation, and Fees) Bill passed its third and final reading today.

“This Bill is another step towards creating a Single Economic Market with Australia,” says Mr Foss.

“The Commerce Commission will be able to provide investigative assistance to similar overseas regulators, such as the Australian Competition and Consumer Commission.

Proposed rules around the reporting of KiwiSaver funds have gone out for public consultation announced Commerce Minister Craig Foss today.

The draft KiwiSaver periodic disclosure regulations would require KiwiSaver schemes to report information on returns, fees and costs, assets and portfolio holdings, liquidity and liabilities, and key personnel.

The changes to disclosure rules were announced in Budget 2012 to further improve KiwiSaver and lift investor confidence.

Commerce Minister Craig Foss has asked the Commerce Select Committee to examine competition regimes for international shipping and international civil aviation.

Earlier this year, the New Zealand Productivity Commission released its report into International Freight Transport Services, which recommended changes to the competition regimes for international shipping and international civil aviation.

“The recommendations are closely related to the Commerce (Cartels and Other Matters) Amendment Bill,” says Mr Foss.

A further 150 schools will be ready for the ultra-fast broadband rollout as the next stage of the School Network Upgrade Project (SNUP) is announced.

Associate Minister of Education, Craig Foss says that upgrade work on 150 schools will start by the end of the year.

More than one third of eligible schools have already been upgraded, giving students access to a faster, better quality internet connection.

Commerce Minister Craig Foss today announced appointments to the Takeovers Panel.  

David Jones has been reappointed as Chairperson for a term of three years.  Sue Suckling has been reappointed as member for a term of five years. 

Peter Scott, who is a cross appointment with the Australian Takeovers Panel, has been reappointed for one year and five months and current member Andy Coupe has been appointed as Deputy Chairperson for four years and six months.

Commerce Minister Craig Foss has announced that New Zealand is closer to implementing a major trade mark treaty to help businesses protect their brands overseas.

Cabinet has agreed that regulations for the Madrid Protocol will be drafted and are expected to be in force by the end of the year.

“The Madrid Protocol will make it much easier for Kiwi business owners to register their trade marks in multiple countries.

Elisabeth Welson has been appointed to the Commerce Commission as an associate member, Commerce Minister Craig Foss announced today.

Ms Welson’s appointment is another step towards further strengthening the Commission’s membership and overall capability,” says Mr Foss.

Ms Welson’s term begins on 20 September 2012 for a period of four and a half years.

“I would also like to take the opportunity to acknowledge the contribution that outgoing member Gowan Pickering has made to the Commission,” says Mr Foss.

Background:

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.

Responsibility for Radio New Zealand’s Sound Archives (Sound Archives Nga Taonga Korero) is being transferred to the New Zealand Film Archive, announced the Arts, Culture and Heritage Minister, Chris Finlayson and Broadcasting Minister, Craig Foss today.

A transfer agreement has been signed, and takes effect from 1 October 2012.