Law changes to allow New Zealand's Commerce Commission to pass on information to overseas regulators are on the way.A bill to give the commission much wider powers was introduced to the House just before the last election but has not thus far even proceed
Law changes to allow New Zealand’s Commerce Commission to pass on information to overseas regulators are on the way.
A bill to give the commission much wider powers was introduced to the House just before the last election but has not thus far even proceeded to the first reading phase.
This week however the Commerce Commission (International Co-operation and Fees) bill moved up Parliament’s order paper and should shortly to go select committee.
The bill allows the New Zealand Commerce Commission to provide information it has acquired through its investigation powers within New Zealand to overseas regulators if there is an applicable government co-operation agreement between New Zealand and that other country.
The change has been a long time coming: the issue was first put on the work programme by New Zealand and Australian ministers of commerce in 2003.
The Australians have already had the necessary legislation for three years.
At present the Commerce Commission cannot pass on overseas regulators any information acquired using its compulsory powers to
“This in turn limits the willingness of overseas regulators to provide assistance to the Commission, as cross-jurisdictional assistance tends to be based on mutual assistance,” says the policy statement attached to the bill.
The select committee is likely to call for submissions on the bill.
