Commerce Minister Craig Foss today released a consultation paper on the Asia Region Funds Passport initiative, which will open up opportunities for cross-border offerings of managed funds.
The consultation paper is seeking feedback on detailed rules for the regime, such as investment and portfolio allocation restrictions. It has been prepared in conjunction with Australia, Korea, Singapore, Thailand and the Philippines
Commerce Minister Craig Foss today announced the appointment of Sarah-Jane Weir to the Copyright Tribunal for a term of three years.
“The breadth of Ms Weir’s expertise in a range of areas, particularly technology and telecommunications will make her an asset to the Tribunal,” says Mr Foss.
Ms Weir will join Professor Susy Frankel (chairperson), Paul Sumpter, Peter Dengate-Thrush, Jane Glover and Sarah Bacon as the current Tribunal members.
Commerce Minister Craig Foss is welcoming a new era for New Zealand’s financial markets as the Financial Markets Conduct Act comes into force today.
The once-in-a-generation reforms make up an integral part of the Government’s Business Growth Agenda to restore confidence in our financial markets.
Commerce Minister Craig Foss today announced the selection of nine KiwiSaver default providers for a seven year term starting 1 July 2014.
AMP, ANZ, ASB, BNZ, Grosvenor, KiwiBank, Mercer, Fisher Funds and Westpac have been appointed.
The selections follow a Request for Proposal process that began last year. The tenders were assessed by an independent panel according to a range of criteria including the provider’s organisational and investment capabilities and fee levels.
Commerce Minister Craig Foss today announced a revised Code of Professional Conduct for Authorised Financial Advisers, which will come into force on 1 May 2014.
“The Code which has been developed in consultation with New Zealand financial advisers will continue to restore confidence in the professionalism and integrity of the industry. Improving confidence in our financial markets is part of the Government’s Business Growth Agenda,” says Mr Foss.
The code sets out new standards and requirements for Authorised Financial Advisers in the following areas:
Commerce Minister Craig Foss and Revenue Minister Todd McClay today announced that the Financial Reporting Act, which changes financial reporting obligations for most companies, comes into effect on1 April 2014.
“Now is the time for small and medium-sized companies to make sure they understand how the changes affect their financial reporting obligations,” says Mr Foss.
Commerce Minister Craig Foss and Revenue Minister Todd McClay have announced the launch of an integrated Employer Registration service, making it easier for newly-formed companies to communicate with Government.
The Employer Registration (ER) service is available on the Companies Office website and means businesses will only need to supply key information to government once, saving time and expense.
Economic Development Minister Steven Joyce and Commerce Minister Craig Foss today formally launched the New Zealand Business Number (NZBN) at Xero in Wellington.
The NZBN is a core initiative of the Government’s Better Public Services for business (Result 9) programme, which is designed to make it easier for businesses to work with government. It is proposed that a single identifying number is assigned to all businesses, government agencies and commercial entities in New Zealand.
Commerce Minister Craig Foss has announced an exemption to cut compliance costs for employee share schemes as part of the Financial Markets Conduct Act implementation.
“New exemption rules will open up possibilities for employers to offer share purchase schemes, enabling employees to take an ownership stake in the business they work for. This creates a practical way for businesses, especially start-ups to attract and retain talent,” says Mr Foss.
Commerce Minister Craig Foss today tabled in Parliament the Government’s response to the Law Commission’s report A New Act for Incorporated Societies.
“The Law Commission has produced a comprehensive report, outlining a number of recommendations to modernise the Incorporated Societies Act 1908. The recommendations seek to improve guidance for people who run incorporated societies, including how to manage disputes.
Commerce Minister Craig Foss today announced Cabinet has approved regulations for crowd funding and peer-to-peer lending as part of the Government’s financial market overhaul.
Mr Foss has announced that there will be no investor caps for equity crowd-funding, other than the previously announced $2 million cap that a company can raise through crowd funding each year.
Commerce Minister Craig Foss has welcomed a Commerce Commission investigation into alleged anti-competitive conduct in the New Zealand supermarket sector.
“Concerning allegations have been made against a major New Zealand supermarket chain. Given the nature of these allegations I believe it is appropriate that the Commerce Commission formally investigates,” says Mr Foss.
Commerce Minister Craig Foss today announced the appointment of Graeme Mitchell as Chair of the External Reporting Board (XRB) for a five year term.
“Graeme Mitchell is currently deputy Chair of the XRB. He has significant governance experience and a comprehensive understanding of financial reporting for a range of entities in both the private and public sectors,” says Mr Foss.
Mr Mitchell replaces Kevin Simpkins whose appointment term expires on 28 February 2014.
Commerce Minister Craig Foss today announced the appointment of Sarah Bacon to the Copyright Tribunal for a term of three years.
“Mrs Bacon has a solid background in intellectual property and has extensive experience in court and tribunal proceedings,” says Mr Foss.
Mrs Bacon will join Professor Susy Frankel (Chairperson), Paul Sumpter, Peter Dengate-Thrush, Jane Glover and Warwick Smith as the current Tribunal members.
Background:
A Bill making the accounting and audit industry more efficient passed its first reading in parliament today.
The Accounting Infrastructure Reform Bill will promote competition and support an improved international outlook for the accounting industry in New Zealand.
“A robust audit industry provides improved assurance for users of financial statements. This will further build confidence in our financial markets as part of our Business Growth Agenda,” says Mr Foss.
Commerce Minister Craig Foss today announced the reappointment of John Lumsden as Chair of the Standards Council, and the reappointment of six members.
The reappointed members are Dr Sharon Kletchko, Fay Sowerby, Richard Gibbons, John Hannah, Vaughan Renner and Michael Wallmannsberger.
Commerce Minister Craig Foss today announced the reappointments of Dr Mark Berry as Chair and Sue Begg as Deputy Chair of the Commerce Commission.
“These reappointments will maintain continuity in the leadership of the Commerce Commission. This is particularly important as the Commission prepares to implement significant reforms in competition, consumer credit and consumer laws, as well as further progress a comprehensive regulatory work programme,” says Mr Foss.
Commerce Minister Craig Foss has released the second set of draft regulations to bring the Financial Markets Conduct (FMC) Act 2013 into effect.
“The FMC Act governs how financial products are promoted and sold and contributes to the Government’s Business Growth Agenda to build New Zealand’s capital markets and drive business growth,” says Mr Foss.
Commerce Minister Craig Foss has today released a discussion paper for public consultation on the Patents Act 2013.
“The paper focusses on regulations that will give effect to a more consistent, high quality patent examination process. The new legislation will strengthen the criteria for granting a patent to ensure genuine innovations, which are novel and useful, are protected,” says Mr Foss.
The Intellectual Property Office of New Zealand (IPONZ) is seeking feedback on proposed regulations, including:
Commerce Minister Craig Foss today announced the appointment of Jane Taylor as a member of the External Reporting Board (XRB) for a five year term.
“Jane Taylor has worked in various industries across the public and private sector and her blend of legal, financial and governance experience will be particularly valuable to the XRB as it continues to develop our financial reporting framework under the Financial Reporting Act 2013,” says Mr Foss.
Ms Taylor is succeeding Ralph Simpson who has resigned from the Board.
More than 200 New Zealand businesses have taken advantage of the Madrid Protocol in the 12-months since New Zealand signed up to the international trade-mark treaty announced Commerce Minister Craig Foss today.
New Zealand signed up to the Protocol in December 2013. The online system enables entrepreneurs to file an international trade mark application through the Intellectual Property Office of New Zealand (IPONZ) and automatically have their application recognised and processed for other jurisdictions,” says Mr Foss.
Commerce Minister Craig Foss has welcomed the creation of a new financial literacy consortium – The Exchange.
Major financial institutions will make up The Exchange’s membership. These members will meet to share relevant information about financial literacy projects and allocate resources as they see appropriate to improve financial literacy in New Zealand. The Exchange will cooperate with the Commission for Financial Literacy and Retirement Income with their on-going financial literacy strategy.
Commerce Minister Craig Foss today welcomed the appointment of Rob Everett as chief executive of the Financial Markets Authority.
“Mr Everett’s legal and compliance experience will have him well prepared for his role at the FMA and in facilitating the development of fair, efficient and transparent financial markets,” says Mr Foss.
Commerce Minister Craig Foss today released a discussion document seeking feedback on proposed licence fees for market services providers under the Financial Markets Conduct (FMC) Act 2013.
“The FMC Act is a key component of the Government’s Business Growth Agenda and will govern how financial products are promoted and sold,” says Mr Foss.
