Commerce Commission sets guidelines for international information requests

The Commerce Commission has today released its guidelines for Overseas Requests for Compulsorily Acquired Information and Investigative Assistance.

The guidelines explain how the Commission deals with requests from recognised overseas regulators made under a co-operation agreement for this type of information. The information must be in relation to competition, fair trading or consumer credit law, or to the regulation of telecommunications.

Amendments to the Commerce Act 1986, the Fair Trading Act 1986, the Credit Contracts and Consumer Finance Act 2003 and the Telecommunications Act 2001 empower the Commission to use its powers to gather information for a recognised overseas regulator, allow the Commission to provide information it has already gathered using its powers, and assist a recognised overseas regulator in performing that regulator’s functions.

The Commerce Commission’s General Manager Competition, Kate Morrison, says that co-operation between competition and consumer regulators throughout the world increases the likelihood that illegal conduct will be effectively dealt with and will improve the efficiency of investigations. The amendments to the legislation were about facilitating this cooperation.

“These guidelines are now about the Commission being open and transparent about the process we will follow and the factors we will think about when responding to requests from overseas regulators. Many of these factors are set out in the legislation but we think that this transparency is important.”

“Before responding to a request, the Commission must be satisfied that there is a cooperation arrangement in force with the regulator requesting the information. Currently, the only cooperation agreement in place which allows this sharing of information is between the Commission and the ACCC.

“We must also be satisfied that providing the information will or will be likely to assist that regulator perform its functions or exercise its powers, and will not significantly prejudice New Zealand’s international trade interests. We will consider whether responding to the request will substantially affect our ability to perform any of our own statutory functions.

“We are also very aware of the confidentiality of information. We can and may impose conditions on, among other things, the storage, use and access to information we provide to overseas regulators,” said Ms Morrison.

To read the guidelines: http://www.comcom.govt.nz/guidelines-for-overseas-requests-for-compulsorily-acquired-information-and-investigative-assistance/