Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Commerce Commission committed to consultation

Media Release

12 March 2001/23


Commerce Commission committed to consultation on changes in responsibilities

Proposed changes to the Commerce Commission's responsibilities will impact across the economy. The Commission is committed to wide ranging consultation about how it will implement these changes.

Commission Chair John Belgrave made the comments today at the Utility Convention in Auckland.

Mr Belgrave said that the proposed amendments to the Commerce Act-including changes to rules surrounding business acquisitions, when price controls might be used, what would constitute misuse of a substantial degree of market power, penalty levels and what legal action would be possible against individuals-would have effects across the economy.

In addition, there will be effects throughout the economy from the Commission's new responsibilities in electricity and telecommunications.

"These are key industries that all modern economies rely on," Mr Belgrave said. "What happens in these industries impacts on the whole economy.

"We are already working with business and consumer groups to help them, and us, prepare for the changes, and we are committed to continuing consultation as the new legislation is finalised."

In telecommunications, the Commission has started a series of meetings with each of the major companies and consumer interrests. The purpose is to identify what each company sees as the major issues and concerns, focusing particularly on the change to a the new environment.

The Commission's electricity industry information gathering and consultation process, as part of its section 54 price control inquiry, began in October. Discussion papers on the key issues of price control methodologies and asset valuation methodologies will be published soon. The Commission's website, www.comcom.govt.nz, includes the details of the Commission's work with this industry.

Extensive information about the Commission's price control study of airfield activities at Auckland, Wellington and Christchurch Airports is also available from its website. The Commission expects to issue a critical issues paper this month after proposed changes to the price control provisions of the Comemrce Act are reported back to Parliament.

The Commission has published a discussion paper on the proposed changes to the business acquisitions regime, and will publish a draft of its revised Business Acquisitions Guidelines as soon as possible after amendments to the Act are made. The Guidelines explain the Commission's procedures, when parties should consider applying for clearance or authorisation and when the Commission will consider intervening in an acquisition.

"The amendments proposed for New Zealand's competition law are the biggest changes since the Act was passed in 1986," Mr Belgrave said. "The Commission will have to change its own processes to ensure that they are in line with the new law. We will work through our changes with business and consumer groups, and we aim to make the transition to the new regime as smooth as possible."

Copies of Mr Belgrave's speech are available from the Commission's website and in hard copy from reception at its Wellington office, Level 7 Landcrop House 101 Lambton Quay.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>