Regulatory Impact and Compliance Cost Statement
37. Regulatory Impact Statements ("RIS") and Business Compliance Cost Statements ("BCCS") are attached as Appendix C (for amending the Trade Marks Act to implement the Madrid system) and Appendix D (for amending the Trade Marks Regulations to facilitate conversion of Third Schedule registrations into the Nice Classification). All comply with Cabinet Office requirements.
38. Implementing the Madrid system in New Zealand would provide businesses with a simplified and potentially cheaper process for obtaining and maintaining trade mark protection overseas. The extent of any reduction in compliance costs would vary, but if a business did use the Madrid system it would be able to reduce and, in some cases, eliminated sources of compliance costs such as: making separate applications or requests in each country; paying separate fees in each of the currencies of those countries; complying with individual language requirements (i.e. translation services); and employing the services of a trade mark agent in each country.
39. Based on the information provided in the attached RIS/BCCS documents, the Regulatory Impact Analysis Unit considers that the disclosure of information is adequate, and the level of analysis is appropriate given the likely impacts of the proposals.
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