International co-operation enhanced for Commerce Commission

A bill enabling greater co-operation between the Commerce Commission, its Australian counterpart, and other overseas regulators passed its first reading on a unanimous vote in Parliament last night.

The Commerce Commission (International Co-operation, and Fees) Bill enables the commission to share information with equivalent overseas agencies about unfair trading practices and anti-competitive behaviour.

Commerce Minister Simon Power said the proposals are part of the Single Economic Market Outcomes Framework announced by the New Zealand and Australian Prime Prime Ministers in August last year.

"The bill will allow a greater level of co-ordination and co-operation between the Commerce Commission and the Australian Competition and Consumer Commission," Mr Power said.

"Australia introduced similar legislation in 2007, enabling it to share information with us and other international regulators. It's important we reciprocate so information can go both ways.

"International co-operation between regulators is becoming increasingly important in the global marketplace. These changes will directly benefit New Zealand businesses and consumers, and help in the promotion of open, fair, and effective markets."

The bill also makes minor amendments to require the Commerce Commission to make refunds, where appropriate, and allow for fee exemptions for particular groups, including small businesses.