Commerce Minister Craig Foss has today tabled a supplementary order paper (SOP) to the Companies and Limited Partnerships Amendment Bill.

“This Bill will further progress the Government’s Business Growth Agenda by lifting confidence in our capital markets. The SOP amends provisions criminalising certain directors’ duties,” says Mr Foss.

The SOP includes two changes to the offence that criminalises the duty to not trade recklessly:

A Bill removing the requirement for small and medium sized companies to produce complex financial statements has passed its third 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.

Commerce Minister Craig Foss has welcomed the launch of an online tool making it easier to compare the fees and performance of different KiwiSaver funds.

“The Sorted KiwiSaver Fund Finder website allows users to compare fees, past performance and service levels of different KiwiSaver funds to make an informed decision about which fund best suits their individual circumstances,” says Mr Foss.

Commerce Minister Craig Foss today announced the government will introduce changes that will enable the accounting and audit industry to be more agile in an increasingly competitive environment.

“The Accounting Infrastructure Reform Bill is part of the government’s Business Growth Agenda to improve regulation and promote healthy financial reporting frameworks.

“The accounting and audit industry will be better supported to meet a broader range of business and community needs,” says Mr Foss.

A bill that will require insolvency practitioners to be registered and meet minimum requirements has passed its second reading in Parliament, Commerce Minister Craig Foss announced.

“The Insolvency Practitioners Bill is aimed at improving the integrity of our financial system and investor confidence in our markets by ensuring that all corporate insolvencies are carried out professionally and efficiently and with the skills required for the job,” Mr Foss says.

The Government is proposing increased transparency, simplified compliance, changes to anti-dumping duties and tariff concessions to bring down the cost of home building materials, Housing Minister Dr Nick Smith and Commerce Minister Craig Foss announced today.

Commerce Minister Craig Foss today released for consultation the first set of draft regulations to bring the Financial Markets Conduct (FMC) Act 2013 into effect.

The new regulations will govern how financial products are promoted and sold to support confident and informed market participation.

A Request for Proposal (RFP) for the provision of KiwiSaver default schemes has been released, Commerce Minister Craig Foss announced today.

Commerce Minister Craig Foss today announced Government approval to implement a single application process and single examination process for New Zealand and Australian patent applications.

The single trans-Tasman processes for patent application, along with the passing of the Patents Bill, are part of the Government’s Business Growth Agenda initiatives to encourage and support innovative industries.

Commerce Minister Craig Foss has welcomed the publication of the first KiwiSaver disclosure statements under new regulations that require providers to disclose fund information into an easy-to-understand format.

From today, providers are required to present their disclosure statements online in a simplified format which will allow members to check how their funds are performing.

Commerce Minister Craig Foss today announced the reappointment of Jane Glover and Warwick Smith to the Copyright Tribunal for a further three years.

“Jane Glover and Warwick Smith are experts in the areas of copyright and intellectual property and have been strong contributors on matters before the Tribunal,” says Mr Foss.

The Minister thanked Graeme Austin who recently resigned from the Tribunal.

“I would like to thank Mr Austin for his commitment to the Tribunal, and wish him well for the future,” says Mr Foss.

KiwiSaver default providers will retain the conservative investment approach because that is the most appropriate choice when the Government is taking decisions about other people’s private savings, Finance Minister Bill English and Commerce Minister Craig Foss say.

The ministers today announced a raft of decisions about KiwiSaver default provider arrangements following a comprehensive review which was agreed when KiwiSaver was launched in 2007.

A Bill that will continue a temporary ban on the parallel importation of films for commercial use passed its third reading in Parliament today.

Commerce Minister Craig Foss says The Copyright (Parallel Importing of Films) Amendment Bill will reduce the current ban period of nine months to five months from a film’s international release.

“The current commercial ban prevents importing films for commercial use for nine months after their international cinema release is due to expire at the end of next month,” says Mr Foss.

Commerce Minister Craig Foss today announced changes to maintain and strengthen the development and delivery of New Zealand Standards.

The announcement follows a review of New Zealand’s Standards system last year. The purpose of the review was to ensure New Zealand has an independent and sustainable standards system.

Commerce Minister Craig Foss today welcomed the roll-out of new standardised KiwiSaver disclosure statements and urged KiwiSaver members to check how their schemes are performing in the new easy-to-understand format.

“From October, KiwiSaver providers are required to publish quarterly and annual reports illustrating the performance of their schemes in a consistent way. This standardised reporting will help Kiwis decide whether their scheme is best for their individual circumstances,” Mr Foss says.

Associate Minister of Finance Jonathan Coleman and Commerce Minister Craig Foss welcome the signing of the Asia Region Funds Passport Statement of Intent at the APEC Finance Ministers meeting.

“The Asia Region Funds Passport is an excellent initiative that will provide real benefits to New Zealand and other countries in the region,” says Dr Coleman.

Commerce Minister Craig Foss today announced two reappointments to the Takeovers Panel. 

Andy Coupe has been reappointed as a member for a term of three years and six months and Murdo Beattie has been reappointed as a member for a term of five years.

“I am pleased that these current panel members have accepted a further term. The Takeovers Panel’s work is highly regarded and its contribution to the regulatory environment for business is invaluable,” says Mr Foss.

Charities with annual expenditure of $500,000 or more will be required to have their financial statements reviewed by a qualified accountant, Minister of Commerce Craig Foss and Community and Voluntary Sector Minister Jo Goodhew announced today.

Charities with annual expenditure over $1 million will be required to have their financial statements audited.

“These changes will improve the quality of financial reporting among charities and result in greater confidence that financial statements are reliable,” says Mr Foss.

Commerce Minister Craig Foss is congratulating all involved in Money Week 2013 as the event comes to a close.

The theme of Money Week 2013 is ‘Make a date with your money’ and approximately 300 events have taken place around New Zealand to mark the event.

The Commission for Financial Literacy and Retirement Income has launched Money Week 2013 following the success of its inaugural event last year.

The 550,000 New Zealand businesses on the Companies Register will be issued a unique New Zealand Business Number (NZBN) by the end of 2013 making it easier to interact with Government, Economic Development Minister Steven Joyce and Commerce Minister Craig Foss announced today.

“Having a single business number means that by 2016 businesses will only have to provide government with their information once, which will be automatically shared across government departments,” Mr Joyce says.

Commerce Minister Craig Foss has today welcomed the passage of major law reform aimed at improving financial market conduct and restoring investor confidence in New Zealand’s financial markets.

“The passage of the Financial Markets Conduct Bill today is a significant milestone and the result of a comprehensive review of securities law.  It addresses the lessons from the global financial crisis and the failure of finance companies and also picks up many of the recommendations of the Capital Market Development Taskforce,” says Mr Foss.

Commerce Minister Craig Foss has welcomed the modernisation of New Zealand’s patents laws as the Patents Bill passes its third reading in Parliament today.

“This Bill is marks a significant step towards driving innovation in New Zealand, it replaces sixty year-old legislation and introduces a patent system suited for the 21st century,” says Mr Foss.

Commerce Minister Craig Foss today announced three commerce appointments. Elisabeth Welson has been appointed to the Commerce Commission and Hon Sir Bruce Robertson, KNZM and Michael Behrens, QC have been appointed as Cease and Desist Commissioners.