17 October 2012: The New Zealand Commerce Commission and Australian Competition and Consumer Commission have announced the passing of legislation arising out of the Commerce Commission (International Co-operation, and Fees) Act.
The Act enables cooperation between both agencies on trans-Tasman competition, consumer and telecommunications issues. The Act also provides for renewal of the Commerce Commission’s cooperation arrangement with the ACCC.
The Chair of NZ’s Commerce Commission, Dr Mark Berry issued following statement:
Lots of companies operating in New Zealand also operate in Australia, and vice versa. The provisions of the Act mean that we can share information and resources more readily with each other to be more effective in our individual markets. We have always had a productive working relationship with the ACCC and I look forward to that continuing.
ACCC Chairman Rod Sims stated that:
The Act reflects similar powers under Australian law and will strengthen the already close working relationship between the ACCC and NZCC. In the ACCC’s view, Australia and New Zealand’s approach now sets the global standard for ensuring regulators are empowered to cooperate to address cross border competition, consumer and telecommunications issues.
You can read more about the Commerce Commission (International Co-operation, and Fees) Act from the ACCC here.