The Associate Minister of Finance David Seymour has issued a new Ministerial directive letter to Land Information New Zealand (LINZ) to make consent processing timeframes faster under the Overseas Investment Act.
“New Zealand is currently rated as having the most restrictive foreign direct investment policy out of the OECD countries in the OECD Foreign Direct Investment Regulatory Restrictiveness Index.
“Processing times are currently too long, and this poses a barrier for investors. Budget 2024 started to get wasteful spending under control, but in order to have a strong growing economy New Zealand needs to be more welcoming to investment,” says Mr Seymour.
"Decisions on consent applications under the general benefit test take 89 days on average. This creates uncertainty and impacts the attractiveness of investing in New Zealand. This affects New Zealand businesses that rely on overseas investment for capital or for liquidity. With the new directive letter, we’re making things faster and removing bureaucracy.”
The directive letter sets an expectation that LINZ, the regulator for the Overseas Investment Act, will process 80 per cent of consent applications in half the statutory timeframes for decisions. LINZ will have the full statutory timeframe to process the remaining 20 per cent of consent applications to manage complex and higher-risk applications.
“To accomplish this objective, the directive letter directs LINZ to take a risk-based approach to verifying information and streamlining consent processes. This recognises that the majority of consent applications are low-risk and should be processed more efficiently.
“We’re introducing a principle that we welcome investment. In order for New Zealand to retain world class public services New Zealand needs to be the preferred destination for ideas, investment, talent.
“Reduced barriers to investment from people and businesses means greater prosperity for Kiwis. If we want world-leading businesses and public services, we need the money to pay for them. Today’s announcement is part of making this happen.
“These changes also bring balance to how applications are assessed by removing duplication across different parts of government. There’s no reason for LINZ to be assessing matters already covered by other domestic regulation, such as whether mergers will decrease competition, which is already assessed by the Commerce Commission.
“With the new letter, we’re removing bureaucracy to help make things faster. And with LINZ processing low-risk transactions more quickly, it can focus effort and resources on assessing higher-risk applications.”
“The new directive letter replaces the previous Government’s directive letter dated November 2021. Grant Robertson’s letter was 12 pages, ours is five pages. We’re getting out of the way.”
The letter is in force from today, and all applications assessed by LINZ from this date will be subject to the updated directive letter.
The Overseas Investment Regulations 2005 will be updated to include a new reporting requirement on the extent to which LINZ meets this new objective for timeframes.
The directive letter is part of a three-part process to better enable overseas investment. Firstly, fewer decisions be made by Ministers than before however, some high-risk decisions, including all national interest and national security transactions, will still be decided by Ministers. Secondly, the new letter has been introduced. The next step will be to rewrite the Overseas Investment Act.
The directive letter is available on the LINZ website: https://www.linz.govt.nz/our-work/overseas-investment-regulation/legislation-ministers-and-delegated-powers/new-ministerial-directives
Source: https://www.beehive.govt.nz/
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Trade Minister Todd McClay and Climate Change Minister Simon Watts travel to Singapore tomorrow to sign three Indo Pacific Economic Framework (IPEF) agreements.
IPEF’s 14 partners represent 40 per cent of global GDP and account for 50 per cent of New Zealand’s exports. They include critical markets for Kiwi exporters in Australia, Bruni Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, The Philippines, Singapore, Thailand, The United States, and Vietnam.
Minister McClay will participate in the full IPEF Ministerial meeting which includes discussions on a Indo-Pacific wide trade agreement. He will participate in the formal signing of the overarching IPEF Agreement and the Fair Economy Agreement.
These agreements focus on anti-corruption efforts and labour standards across the region along with increased international tax cooperation to shape a secure and transparent investment climate in the Indo-Pacific region.
“The third IPEF pillar focuses on increasing trade efficiency. The negotiation of this pillar presents further opportunities for New Zealand to work with partners to reduce Non-Tariff Barriers (NTBs) and drive greater certainty for exporters.
Working with IPEF countries to increase investment flows and trade will help New Zealand meet the aspirational target of doubling exports by value in 10 years,” Mr McClay says.
While at IPEF Minister McClay will also hold bilateral meetings with Ministers from Australia, Canada, Fiji, India, Indonesia, Japan, Singapore, and The United States.
Ministers lead trade and investment forum:
Minister Watts will participate in a Clean Economies Investors forum including a signing ceremony for the Clean Economy Agreement to increases cooperation on climate goals by mobilising investment in technologies and solutions for energy, industry and transport.
He will be joined by a select group of New Zealand clean tech companies that have been invited to pitch to the region’s top investors at the inaugural Clean Economy Investor Forum.
“The IPEF agreements and the investor forum reflect a growing consensus that technology, trade, and investment flows need to feature explicitly in a concerted regional response to climate change,” Mr Watts says.
“Workstreams on hydrogen and sustainable aviation fuel are among those already operating under the Clean Economy Agreement that have a lot to offer New Zealand,” Mr Watts says.
The NZUS Council has appointed Jonathan Mason as its Chair, succeeding Rosemary Banks who is departing to become New Zealand’s next Ambassador to the United States. Mr Mason is a professional independent director with vast experience in companies involved in the US market.
Mr Mason has extensive commercial experience, having worked in financial management positions across the dairy, forest products, oil and gas, and chemical industries in New Zealand and the USA. His experience in this field has been across a wide range of companies including Fonterra, Carter Holt Harvey, International Paper, ExxonMobil Corporation and Cabot Corporation.
Alongside his financial management background, Jonathan has ample experience in non-executive director positions on boards in both New Zealand and the USA, which have included Air New Zealand, Vector, Westpac NZ, Zespri Group and the World Wildlife Fund.
Jonathan also holds the position of Adjunct Professor of Management at the University of Auckland, with a focus on finance.
Mr Mason will soon be stepping down from the role of President of the American Chamber of Commerce in New Zealand.
Mr Mason said “as our third most important trading relationship supporting over $26 billion in two-way trade, the NZUS Council plays an important role in engaging with US government and business to protect and enhance our economic relationship with the USA.
“I’m happy to be appointed to the role and look forward to promoting better access for trade in goods and services and investment between the two countries”.
This change of Chair comes at a time when there is renewed focus on New Zealand’s relationship with the United States as a critically important trading partner, a source of investment, and new technologies.
The NZUS Council is a non-partisan and independent organisation committed to promoting all dimensions of New Zealand’s multi-faceted relations with the United States. The Council welcomes members from business, government, academia, and the expanding technology sector.
https://www.nzuscouncil.org/
Award winning New Zealand tech innovator, Fingermark, has secured a cornerstone investment from global water, hygiene and infection prevention leader, Ecolab. This investment includes a multimillion dollar capital injection that will support Fingermark’s rapidly rising global growth trajectory.
Luke Irving, Founder and Chief Executive of Fingermark, hailed the deal as transformative. “This is a true collaboration that will help both companies better serve global Quick Service Restaurant (QSR) customers and further establish Fingermark’s growing reputation,” said Irving. Fingermark is an industry leading computer vision and self ordering technology provider to some of the world’s largest Enterprise QSR brands. Their technology provides automation that supports restaurant processes to enhance profitability and competitiveness, reduce costs, mitigate labour shortages and meet heightened customer expectations. A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader with annual sales of $15 billion and 48,000 associates serving customers in more than 170 countries around the world. Ecolab’s innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets.
“For more than 100 years, Ecolab has worked to help our hospitality and foodservice customers achieve their operational and sustainability goals,” says Chris Loflin, Senior Vice President & General Manager Global QSR. “Teaming up with Fingermark will help us address modern operational challenges and begin delivering on the promise of AI and computer vision technology at scale for our global QSR customers.” “There is massive change in the Global QSR sector as the move to automation gathers pace,” Irving comments. “While this is just the start of our work with Ecolab, they see Fingermark as playing a critical role in the long-term strategies for the QSR market.” Irving says Fingermark’s growing success is also an endorsement of the New Zealand tech sector. “We may be on the edge of global markets but our work and that of others in the New Zealand tech sector are putting this country on the map,” Irving says. “The Prime Minister and Minister of Trade have both set ambitious goals around growing exports and attracting foreign investment and I believe our tech sector is going to deliver on those targets – look at what we’ve done here, and the best is still to come.”
At the latest AmCham awards, where Fingermark won the DHL Express Success & Innovation Award for Technology Exporter of the Year to the United States, the judges noted the company’s dedication, innovation, and capacity to succeed on a global scale.
The judging criteria included showcasing a deep passion for achieving business success, fostering innovation and harnessing marketing opportunities, with Fingermark exemplifying these characteristics, as well as the power of innovation, collaboration, and determination, said the judges. Source: https://fingermark.ai/
Auckland, New Zealand: Scott Technology (NZX:SCT) is to strengthen its expertise and drive further innovation in the North American protein market as it seeks to capitalize on the vast opportunities this region offers.
A key driver of this investment is the expansion of its world leading BladeStop safety bandsaw product line to include the T300, a saw specifically designed for the instore meat cutting of the supermarket sector. Independent research indicates that the total addressable market for the T300 retail saw in the U.S. is approximately 25,000 units which includes leading retailers such as Albertsons and Kroger.
In addition to the BladeStop expansion, Scott Technology's proprietary Poultry Trusser product has gained significant traction in the market. Sales have been secured with three of North America's largest poultry processors, demonstrating strong market adoption. Despite this success, there remains a substantial untapped market for this product.
“With Scott’s strong pedigree of bringing world-leading automation technologies to market, we continue see large opportunities ahead in the North American red meat and poultry sectors. The poultry trussing product is well into its commercialisation phase with orders building upon the early rollouts into the Costco processing network. Our recently released T300 BladeStop saw is now being launched into the leading US supermarket chains where retailers undertake meat cutting activities instore” commented John Kippenberger, Scott Technology Chief Executive.
To support Scott Technology's growth in the North American protein market, the company is pleased to announce the Executive appointment of Mark Host as Vice President of Sales – Global Protein. Based in the U.S, Mark will lead the global sales efforts for the protein sector, leveraging his extensive experience and expertise to drive growth and strengthen Scott Technology's market position.
“We are delighted to have Mark Host join the group executive team in this newly created role. Marks appointment will see an important injection of sales leadership and protein industry experience into North America.”
Mark brings a proven track record of sales growth, market and product development, and team leadership. He has over 25 years of experience across multiple food processing categories where he has helped processors implement solutions to increase worker safety, improve processing yields, and grow profitability.
Mark comes to Scott from Pearson Packaging Systems, a market leader in secondary packaging and robotic automation, where he was the VP of Sales. Prior to that, Mark served as VP of Global Sales at Bettcher Industries, a global protein processing supplier, where he led the acceleration of the business, the launch of new products, and grew both direct and distributor markets. These strategic moves highlight Scott Technology's focus on innovation, market expansion, and leadership in the North American market, positioning the company for continued success and growth.
Source: https://scottautomation.com/
Australian private equity firm Potentia Capital Management through its vehicle Admetus has paid $92.2 million ($2.10 a share), for an 18.45 per cent stake in Vista Group after deals done over the weekend.
Potentia is in discussion with the Vista board, although it is understood a full offer is not in the wings.
A further 10.60 million shares in the listed cinema software specialist will be acquired from Jarden Securities, with settlement due on Friday, Admetus said in a filing with the NZX.
The deals were arranged mostly through Jarden.
The holdings, together with on-market trades today, are expected to take Potentia to a 19.9 per cent stake.
At $2.10, the price was a 26c or a 14 per cent premium to Friday’s closing price.
The offer price values Vista at 40 times its 2024 earnings before interest, tax, depreciation and amortisation, and values the company in total at around $500m.
Admetus also said it had entered an agreement to pay sellers of Vista stock an “escalation payment” should it decide to take the company over at a higher price.
When ownership reaches 20 per cent, certain obligations under the New Zealand rules take effect regarding full and partial takeovers.
The main sellers were Spheria Asset Management, a smaller company investment specialist, and WAM (Wilson Asset Management), an ASX-listed investment company.
Both parties sold their entire stakes.
The company was founded by Murray Holdaway in 1996.
Holdaway started Madison Systems, which became New Zealand’s largest IBM reseller.
After Madison was involved with two cinema system developments, Holdaway formed Vista, which went on to dominate the global market for movie theatre management software.
Vista debuted on the NZX in 2014 at $2.40 a share, giving it a market cap at the time of $191m.
On Friday, Holdaway received the New Zealand Hi-Tech “Flying Kiwi” award at the New Zealand Hi-Tech Awards.
“As co-founder of Vista Group, Murray played a leading role in taking Vista Group from a small, New Zealand-founded company to the largest cinema software company in the globe with a leading global market share,” the company said.
“Murray led Vista Group to international success, with offices established in 10 locations worldwide, customers in over 110 countries, and eight software acquisitions to date in international territories.”
In 2015, Vista Group was named the IPO of the year and in 2016 Vista Group won the PwC Hi-Tech Company of the Year award at the New Zealand Hi-Tech Awards.
Source: https://www.nzherald.co.nz/
Australasia’s hospitality tech pioneers – HungryHungry and MOBI – have merged to create a new powerhouse in the local market and to take on new markets, especially the USA.
The new company combines HungryHungry's expertise in hospitality-focused software with MOBI's enterprise-grade mobile technology solutions, services over 4,000+ venues across 15 countries including Australia, New Zealand, Canada and the USA.
The new entity creates a unique combination of consumer facing technology to drive new customers for venues while also offering a white label technology platform that allows brands to effectively engage with customers and generate lasting brand loyalty for their own brand.
With MOBI founder Tarik Mallett having exited the business in 2022, the new company will be led by HungryHungry Co-Founders Shannon Hautot and Mark Calabro, who have extensive experience in powering the hospitality industry with Point of Sale (POS) software and digital ordering platforms, including their first business OrderMate, which they sold to former ASX company MSL Solutions in 2021.
Shannon Hautot, Co-Founder and CEO, said, “We have enormous admiration for MOBI founder, Tarik Mallett, who spent 12 years creating a solid business with a great culture and we’re excited to announce the coming together of HungryHungry and MOBI.
“Having been in this space for over two decades It’s a rare opportunity to witness two strong, established and profitable companies come together with a vision of combining forces to deliver massive value for customers.
“We may be the underdogs in our space, having only raised a fraction of outside capital compared with some of our peers, but that means we've had to be very efficient and respectful with how we spend our investors’ money.
“We share a genuine desire to create a powerful, sustainable market leader in the hospitality sector, that will act as a growth engine to stimulate the industry, whilst continuing to lead with innovation and integrity. Together with MOBI, we are better positioned than ever to innovate, scale, and meet the evolving needs of the global hospitality industry, both SMB and Enterprise, with big plans to sprint past our competitors.”
Mark Calabro, Co-Founder and Head of Partnerships, added, “Shannon and I were inspired to start our first business, OrderMate, through a love of food, dining out and technology.
“Fast forward to 2021 when we sold OrderMate - we were even more inspired to innovate and go again. Our journey has been driven by a passion and commitment to delivering the most innovative technology driven solutions that align with the evolving needs of the hospitality industry. As we join forces with MOBI we look forward to the next chapter including the launch of our game changing payments product, HungryPay - a product which leans into a service-centric industry that is hospitality, whilst having product market fit for countries like the US which are all about staff taking orders and tipping.”
Brodie Arnhold, Chairman of HungryHungry and now Chairman of the group said, “It is great to have two profitable businesses come together in a move that will further consolidate the market and create significant value for shareholders of both companies. Being EBITDA positive, cashflow positive and debt free, means we can really strategically target new products, new markets and look at further M&A opportunities for growth.”
Mark Vivian, Partner at Movac and a major investor in MOBI, said, “With a rich history in venture capital investment in New Zealand, we're always on the lookout for tech opportunities that have the potential to disrupt the status quo.
“Since first investing in MOBI in 2019, we've seen the business grow from a New Zealand online ordering platform to a global hospitality tech leader. The merger is the logical next step in the evolution of both companies, as it creates a new entity with significant critical mass, an impressive global customer base, and a full product offering to better serve a range of hospitality customers and their guests. With further innovation and global expansion, the future is an exciting one."
About HungryHungry
HungryHungry is an award winning, end-to-end ordering and payment hospitality tech platform co-founded in 2019 by Mark Calabro and Shannon Hautot, each with 20+ years’ experience in Point Of Sale (POS) and integrated technology solutions for the hospitality industry. They launched their first business Point of Sale company, OrderMate, in 2003. In the years that followed they grew their customer base to over 2,500 venues across Australia, NZ and the UAE, building a successful business that was acquired in 2021 by MSL Solutions.
HungryHungry is on a mission to deliver innovative, tech-driven solutions that help venue owners increase revenue, lower costs, and access valuable data insights to enhance customer loyalty and inform ways of delivering better experiences. It operates as a standalone product to place, fulfill and record all food and beverage orders in multi-segments across indoor and outdoor dining, fast service, high volume delivery venues, hotel and room service, pick up and collect at counter ordering, kiosk solutions, multi-area restaurants and cafes.
About MOBI
Founded in 2010, MOBI is the market leader in the mid-market enterprise category in Australia, New Zealand & Canada, processing over $500m in customer transactions. With a presence in more than 3000 restaurants and hospitality businesses across Australia, New Zealand, Canada, and the U.S, MOBI’s enterprise-grade solutions focus on helping clients increase revenue, improve customer experience, and regain control of their customer relationships. Originating as an online ordering solution for Order Ahead & Pick-up, MOBI has expanded product offerings to now include Branded Storefronts, Mobile Apps for iOS and Android, AI-driven guest experiences, White-Labelled Delivery, Marketplace Order Aggregation, Order with Google, Order at Table, Personalised Loyalty and over 120 powerful integrations.
Source: https://www.mobihq.com/
The world's largest restaurant franchisee operator is acquiring New Zealand's Wendy's burger outlets (Wendco NZ Ltd)
The San Francisco-based business generates more than US$4.5 billion in annual sales, according to its website.
Flynn Group also expanded into Australia last year with plans to open 200 Wendy's restaurants across the Tasman by 2034.
"Operated by the Lendich family since 1988, the Wendy's New Zealand franchise business has grown to include more than 20 Wendy's restaurants from Auckland in the north to Dunedin in the south," the franchisee said.
"With the purchase, Flynn is now the sole franchisee for The Wendy's Company in Australia and New Zealand and will be working closely with the brand's team to scale and develop in both countries."
Flynn Group, founded in 1999, has more than 2600 restaurants and gyms in the US and Australia, and employs over 75,000 people, according to its website.
"The acquisition of the Wendy's New Zealand business represented a compelling opportunity to continue our growth ambitions internationally and to expand our strong partnership with the much-loved Wendy's brand," Flynn Group chief operating officer Ron Bellamy said.
"Wendco New Zealand has a proud 35-year track record of delighting customers and we are honoured to carry that tradition forward. Our immediate priority will be to collaborate with the existing team to determine how we can best leverage our scale and capabilities to build on their success as we enter this next chapter of growth together.
"To help ensure strong continuity for all 500 of Wendco New Zealand's employees as well as its partners and suppliers, Flynn plans to retain the current operations and support teams and looks forward to creating job and career advancement opportunities as the Wendy's brand expands in this market." Source: https://www.newshub.co.nz/
AgriZeroNZ is doubling down on efforts to deliver a methane vaccine with an investment in U.S. ag-biotech start-up, ArkeaBio.
The JV has invested NZD $9.9million (USD $6m) to accelerate ArkeaBio’s development of a methane vaccine for ruminant animals, including cows, sheep and deer, with an initial focus on cattle.
It is the JV's second investment in vaccine development, having already invested in the New Zealand research programme.
AgriZeroNZ chief executive Wayne McNee, says the JV is backing two vaccine projects to increase the chance of delivering the highly sought-after, world-first solution.
"A methane vaccine for ruminant animals is internationally recognised as the ‘holy grail’ to deliver methane reduction at low cost and mass scale. It could be one of the best long-term options to really shift the dial on agricultural emissions in New Zealand without compromising farm profitability, as well as a powerful tool globally.
“It would be a particularly useful tool for our grass-fed animals and a good fit for our pastoral farms as vaccination is already commonly used to support animal health.
“We’re really pleased to be supporting ArkeaBio and its innovative approach to develop this important solution to help farmers curb emissions," Wayne McNee said.
ArkeaBio is based in Boston and led by Kiwi expat, Colin South.
The start-up recently completed US$26.5m Series A venture financing to support process development, trial expansion, and defining path to market. This financing was led by existing investor, Breakthrough Energy Ventures (BEV), with new investments from AgriZeroNZ, The Grantham Foundation for the Protection of the Environment, Rabo Ventures, Overview Capital, and The 51 Food & AgTech Fund.
South said they are pleased to have AgriZeroNZ join its round, which provides both funding and a close relationship with an important and motivated early market for their global solution.
"A vaccine is the lowest cost path to global scale enteric methane reduction and is applicable to cattle worldwide. This singular solution, distributed globally with large-scale adoption, can change the trajectory of global warming and demonstrate a path to meeting major climate mitigation goals. The funds raised in this Series A financing will play a pivotal role in expanding the research, development and deployment of the vaccine, including large-scale field trials and engagement along the supply chain.
"We look forward to working with AgriZeroNZ and the members of the innovative Kiwi farming environment to make world-leading progress in reducing enteric methane emissions," Colin South, CEO ArkeaBio.
A vaccine would be a critical tool to help farmers achieve the JV's ambition of reducing agricultural emissions by 30 per cent by 2030.
McNee says this is crucial for New Zealand, to meet global customer targets, protect trade agreements and support the country's climate goals.
"The work to develop a methane vaccine is pioneering, complex and challenging. We’re proud to be working with two world-leading research teams to support and accelerate their work for farmers in New Zealand and around the globe," Wayne McNee.
AgriZeroNZ is half owned by the New Zealand government, with the other half owned by major agribusiness companies – The a2 Milk Company, ANZ Bank New Zealand, ANZCO Foods, ASB Bank, Fonterra, Rabobank, Ravensdown, Silver Fern Farms and Synlait.
These shareholders are providing $183 million for AgriZeroNZ to achieve its ambition.
Since being established on 1 February 2023 the JV has committed over $29 million to accelerate development of emissions reduction tools for Kiwi farmers. Other investments include funding for a methane inhibiting bolus, novel probiotics, low emissions pasture and construction of a greenhouse gas testing facility. Source: https://www.agrizero.nz/
The Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today.
“The medicines and products we are talking about are critical to New Zealanders’ health. We want cost-effective access to the right products, to support health outcomes, and to ensure there aren’t unnecessary barriers for our exporters,” Ms Costello says.
“The current Medicines Act is out of date, but the TPA was not the solution. It would have over-regulated some products and imposed unnecessary costs on consumers, businesses and exporters.
“In repealing the Act, the Government is listening to the concerns of industry and consumers.
“Industry groups considered their products would be over-regulated, particularly lower risk products, such as some natural health products. Consumers, importers and practitioners, told us that over-regulation could make these products more expensive or unavailable and I am not confident the Act would have improved approval times for new medicines.
“To provide certainty to industry, consumers and practitioners the TPA will be repealed in full. It is my intention that the repeal Bill passes before the end of the year.”
Most provisions in the Act were intended to come into force 1 September 2026. As the Act will be repealed before this date, the repeal will not require businesses or practitioners to change the way they currently work and operate and there will be no disruption to consumers.
“The Government will now develop a modern, risk proportionate regulatory regime for medicines and medical devices, and a separate modernised regime for natural health products,” Ms Costello says.
“The new regime needs to back our innovators and health practitioners and to provide timely access to new and promising therapies. As well as improving peoples’ health, the right system will take the pressure off our general practitioners and our hospital system.”
Later this year, the Government will consider proposals for new legislation that will streamline the way in which new medicines are approved and ensure that regulation supports innovation in health and medical products and economic growth.
“There will be engagement with key groups through this process. I hope we can build on some of the work that has already been done in this area and look forward to hearing from consumers, industry, and practitioners so that we develop the best possible law and frameworks.”
Repealing the TPA are commitments in the National-New Zealand First and National-ACT coalition agreements.
Media contact: Richard Ninness +64 21 807 136
Editor’s notes:
The Therapeutic Products Bill was introduced to the House on 30 November 2022 and the Therapeutics Act 2023 received Royal Assent on 26 July 2023.
Therapeutic products covered by the Act included medicines, medical devices (such as bandages, hospital beds and surgical equipment) and natural health products.
In 2023, the Health Select Committee considering the Bill reviewed more than 16,500 submissions and heard submissions from more than 300 organisations and individuals. Over 95% of submissions opposed the Bill, mostly due to the inclusion of natural health products.
The regulatory regime required to support the TPA, including the creation of a new regulatory agency and IT systems, had still to be developed and this work was unfunded. Until new legislation is passed, the Medicines Act and Dietary Supplement Regulations which are currently in place will continue to apply. Source: https://www.beehive.govt.nz/
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