Printed from: http://www.seccom.govt.nz/publications/documents/nz-aus/04.shtml?print=true on Wed 25 November 2009

 

Securities Commission New Zealand Australian Securities and Investment Commission.

 

OFFERING SECURITIES IN NEW ZEALAND AND AUSTRALIA UNDER MUTUAL RECOGNITION

January 2009

D. HOW WILL ASIC, NZCO AND THE NZSC WORK TOGETHER?

Key points

  1. The NZCO, NZSC and ASIC have established arrangements for cooperation and information sharing in administering the mutual recognition scheme.
  2. ASIC and the NZCO have entered into a Memorandum of Understanding (MOU) for the exchange of information, data for companies carrying on business on both sides of the Tasman and mutual assistance. In addition to this, ASIC and the NZCO and NZSC have established protocols for cooperation between the authorities in administering the mutual recognition scheme. These protocols describe how ASIC, the NZCO and the NZSC intend to cooperate and share information under the mutual recognition scheme.
  3. ASIC and the NZSC have established arrangements for cooperation and information sharing in the administration of the mutual recognition scheme. For example, the arrangements deal with notification by one regulator to the other if they initiate enforcement action against an issuer, where a complaint is made against an issuer, or where changes are made to offer documents.

KEY TERMS

Term Meaning in this document
ASIC Australian Securities and Investments Commission
Australian securities law Corporations Act 2001 (Cth) of Australia and regulations made under that Act
Australian Corporations Act Corporations Act 2001 (Cth) of Australia
home jurisdiction The country in which the issuer of the securities is domiciled
host jurisdiction The country in which the foreign offer of securities is being made
host regulator The relevant regulator in the country in which the foreign offer of securities is being made
mutual recognition scheme The trans-Tasman mutual recognition scheme for offers of securities as contained in the law stated in paragraph 6
NZCO New Zealand Registrar of Companies
NZ mutual recognition regulations Securities (Mutual Recognition of Securities Offerings-Australia) Regulations 2006 (NZ)
NZSC New Zealand Securities Commission
NZ securities law Securities Act 1978 of New Zealand and regulations made under that Act
PDS A Product Disclosure Statement under the Australian Corporations Act
recognised offer An offer of securities by a New Zealand issuer into the Australian market
regulated offer An offer of securities by an Australian issuer into the New Zealand market
NZ Securities Act Securities Act 1978 of New Zealand

RELATED INFORMATION

Headnotes

securities; offerings; trans-Tasman; mutual recognition; New Zealand; offer document; information sharing; managed investment schemes; collective investment schemes; disclosure document; recognised offer; regulated offer; fundraising; issuers; entry requirements; ongoing requirements; offering conditions; notification requirements; product disclosure statement (PDS)

Legislation

Corporations Act 2001 (Cth) of Australia, Pt 2D.6, Ch 2L, Ch 5C, Ch 6D, Pt 7.6, Pt 7.7, Pt 7.8, Pt 7.9, Ch 8, s921A(2)(a), 1017G, 1200A, 1200D, 1200G, 1200N, 1200P, 1200Q; Corporations Amendment Regulations 2008 (No.2) (Cth) of Australia; Corporations Regulations 2001 (Cth) of Australia, reg 8.2.01, 8.2.02, 8.2.03

Securities Act 1978 of New Zealand, Pt 2, Pt 5, s35, 38B, 58, 73(1)(c), 76; Securities (Mutual Recognition of Securities Offerings-Australia) Regulations 2008 of New Zealand, reg 3, 6(3), 13(1), 13(2), 13(3), 13(4)

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