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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.

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.

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.”

Associate Education Minister Craig Foss has announced further funding of $2.66 million for the redevelopment of Te Karaka Area School, between Gisborne and Opotiki.

Te Karaka Area School opened following the merger of Waikohu College and Te Karaka School in 2011.

The roll of Te Karaka Area School has grown rapidly and several earthquake prone buildings on the Waikohu College have been identified.

Broadcasting Minister Craig Foss today announced the appointment of Therese Walsh to the board of Television New Zealand.

Ms Walsh was the Chief Operating Officer for Rugby New Zealand 2011 Limited, the company established by the NZRU and the NZ Government to deliver the Rugby World Cup Tournament in 2011.

“Ms Walsh’s commercial experience will be a great asset to the Board,” says Mr Foss.

Ms Walsh has recently been appointed as Head of NZ, ICC Cricket World Cup 2015.

Budget 2012 announced a nationwide school property review to help improve student achievement through a world-class education system.

Associate Education Minister Craig Foss has announced that New Zealand company Beca has been selected to conduct the review.

School property is the second-largest publicly owned estate, comprising more than 2,300 schools, 8,000 hectares and a replacement value of more than $19 billion.

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.